Madison Square Garden (NYSE:MSGS) Price Target Raised to $220.00

Key Points

• Morgan Stanley has raised its price target for Madison Square Garden (NYSE:MSGS) from $215.00 to $220.00, suggesting a potential upside of 14.18% from the current stock price.
• Other analysts have varied opinions, with JPMorgan lowering their target to $230.00 while Guggenheim maintains a target of $314.00, resulting in a consensus rating of "Moderate Buy".
• Madison Square Garden's stock saw a 1.4% decline recently, closing at $192.69, despite an earnings report that beat estimates with revenue of $203.96 million.

Madison Square Garden (NYSE:MSGS - Get Free Report) had its price objective raised by investment analysts at Morgan Stanley from $215.00 to $220.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an "equal weight" rating on the stock. Morgan Stanley's target price would suggest a potential upside of 14.18% from the stock's current price.

A number of other research analysts have also commented on the company. JPMorgan Chase & Co. lowered their price objective on Madison Square Garden from $240.00 to $230.00 and set an "overweight" rating on the stock in a report on Monday, May 5th. Guggenheim reissued a "buy" rating and set a $314.00 price objective on shares of Madison Square Garden in a report on Tuesday, May 6th. Finally, Susquehanna began coverage on Madison Square Garden in a research note on Monday, April 28th. They issued a "positive" rating and a $254.00 price target on the stock. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $253.60.

Madison Square Garden Stock Down 1.4%

NYSE MSGS traded down $2.72 during trading hours on Wednesday, hitting $192.69. The company had a trading volume of 312,116 shares, compared to its average volume of 151,896. Madison Square Garden has a fifty-two week low of $173.26 and a fifty-two week high of $237.99. The firm has a market cap of $4.63 billion, a P/E ratio of 920.28 and a beta of 0.79. The business has a fifty day simple moving average of $201.10 and a 200-day simple moving average of $198.24.

Madison Square Garden (NYSE:MSGS - Get Free Report) last announced its earnings results on Tuesday, August 12th. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.26) by $0.19. Madison Square Garden had a negative return on equity of 1.76% and a net margin of 0.45%. The business had revenue of $203.96 million during the quarter, compared to analysts' expectations of $151.00 million. During the same quarter last year, the business posted $1.06 earnings per share. The company's quarterly revenue was down 10.3% on a year-over-year basis. Equities analysts forecast that Madison Square Garden will post 0.73 EPS for the current fiscal year.

Hedge Funds Weigh In On Madison Square Garden

A number of hedge funds and other institutional investors have recently modified their holdings of MSGS. T. Rowe Price Investment Management Inc. increased its stake in Madison Square Garden by 1,854.0% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 498,607 shares of the company's stock valued at $112,526,000 after acquiring an additional 473,090 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of Madison Square Garden by 523.2% in the 1st quarter. Victory Capital Management Inc. now owns 347,800 shares of the company's stock valued at $67,724,000 after acquiring an additional 291,989 shares during the last quarter. Norges Bank bought a new stake in shares of Madison Square Garden in the 2nd quarter valued at about $39,215,000. GAMMA Investing LLC lifted its stake in shares of Madison Square Garden by 14,886.7% in the 1st quarter. GAMMA Investing LLC now owns 137,278 shares of the company's stock valued at $26,731,000 after acquiring an additional 136,362 shares during the last quarter. Finally, Balyasny Asset Management L.P. lifted its stake in shares of Madison Square Garden by 89.1% in the 4th quarter. Balyasny Asset Management L.P. now owns 127,556 shares of the company's stock valued at $28,787,000 after acquiring an additional 60,112 shares during the last quarter. Hedge funds and other institutional investors own 68.94% of the company's stock.

Madison Square Garden Company Profile

Madison Square Garden Sports Corp. operates as a professional sports company in the United States. The company owns and operates a portfolio of assets that consists of the New York Knickerbockers of the National Basketball Association (NBA) and the New York Rangers of the National Hockey League. Its other professional franchises include development league teams, the Hartford Wolf Pack of the American Hockey League and the Westchester Knicks of the NBA G League.

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