Susquehanna Issues Positive Forecast for Madison Square Garden (NYSE:MSGS) Stock Price

Key Points

• Susquehanna raised its price target on Madison Square Garden Sports from $388 to $404 and kept a positive rating, implying about 13.6% upside from the current price.
• Other analysts have also been adjusting targets higher, including Seaport Research Partners and Guggenheim, though the overall consensus remains Hold with an average target price of $338.
• The company recently reported mixed quarterly results: revenue came in slightly above expectations and rose 1.9% year over year, but EPS missed estimates by a wide margin.

Madison Square Garden (NYSE:MSGS - Get Free Report) had its target price hoisted by Susquehanna from $388.00 to $404.00 in a report issued on Thursday,Benzinga reports. The firm currently has a "positive" rating on the stock. Susquehanna's price target would suggest a potential upside of 13.56% from the company's current price.

MSGS has been the topic of a number of other research reports. Citigroup increased their target price on Madison Square Garden from $355.00 to $360.00 and gave the company a "neutral" rating in a research note on Wednesday. Weiss Ratings upgraded Madison Square Garden from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Friday, March 27th. JPMorgan Chase & Co. increased their target price on Madison Square Garden from $240.00 to $305.00 and gave the company an "overweight" rating in a report on Friday, February 6th. Seaport Research Partners upgraded shares of Madison Square Garden from a "neutral" rating to a "buy" rating and set a $430.00 target price on the stock in a report on Friday, April 10th. Finally, Guggenheim lifted their target price on shares of Madison Square Garden from $355.00 to $401.00 and gave the company a "buy" rating in a report on Tuesday, April 21st. Three analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $338.00.

Madison Square Garden Price Performance

Shares of MSGS opened at $355.76 on Thursday. Madison Square Garden has a 1-year low of $186.00 and a 1-year high of $348.89. The company has a market capitalization of $8.56 billion, a P/E ratio of -383.88 and a beta of 0.59. The firm's 50 day simple moving average is $325.17 and its 200 day simple moving average is $281.14.

Madison Square Garden (NYSE:MSGS - Get Free Report) last issued its quarterly earnings results on Friday, May 8th. The company reported ($0.83) EPS for the quarter, missing analysts' consensus estimates of $0.56 by ($1.39). The firm had revenue of $432.20 million for the quarter, compared to analysts' expectations of $429.66 million. Madison Square Garden's revenue was up 1.9% on a year-over-year basis. During the same quarter last year, the firm earned ($0.59) earnings per share. On average, equities analysts anticipate that Madison Square Garden will post -0.34 earnings per share for the current year.

Insider Buying and Selling at Madison Square Garden

In related news, Director Charles P. Dolan sold 5,659 shares of the firm's stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $325.26, for a total value of $1,840,646.34. Following the transaction, the director owned 435 shares of the company's stock, valued at approximately $141,488.10. This trade represents a 92.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 19.07% of the stock is owned by company insiders.

Institutional Investors Weigh In On Madison Square Garden

A number of institutional investors have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD increased its stake in Madison Square Garden by 67.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 699,378 shares of the company's stock worth $180,895,000 after acquiring an additional 282,318 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its holdings in shares of Madison Square Garden by 8.2% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 648,515 shares of the company's stock worth $167,739,000 after buying an additional 49,412 shares during the last quarter. Gamco Investors INC. ET AL lifted its holdings in shares of Madison Square Garden by 1.1% in the 4th quarter. Gamco Investors INC. ET AL now owns 613,391 shares of the company's stock valued at $158,654,000 after acquiring an additional 6,873 shares during the last quarter. State Street Corp increased its stake in Madison Square Garden by 3.0% during the fourth quarter. State Street Corp now owns 538,404 shares of the company's stock worth $139,258,000 after acquiring an additional 15,656 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its stake in shares of Madison Square Garden by 0.4% during the 3rd quarter. Victory Capital Management Inc. now owns 455,042 shares of the company's stock worth $103,295,000 after acquiring an additional 1,688 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 NYSE: MSGS is a leading sports and entertainment holding company focused on professional sports franchises and related media assets. The company owns and operates teams such as the NBA's New York Knicks, the NHL's New York Rangers and the WNBA's New York Liberty. Through these flagship franchises, MSG Sports offers a range of products and services including ticketing, premium seating and sponsorship opportunities, targeting fans in the New York metropolitan area and beyond.

In addition to team operations, Madison Square Garden Sports Corp holds a majority stake in MSG Networks, a regional cable network that broadcasts live sporting events, news and original programming.

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