Madison Square Garden (NYSE:MSGS – Free Report) had its target price raised by Guggenheim from $401.00 to $422.00 in a research note released on Friday morning,Benzinga reports. They currently have a buy rating on the stock.
MSGS has been the topic of several other research reports. 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 research note on Friday, April 10th. Weiss Ratings upgraded shares of Madison Square Garden from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, March 27th. JPMorgan Chase & Co. boosted their target price on shares of Madison Square Garden from $240.00 to $305.00 and gave the company an “overweight” rating in a research note on Friday, February 6th. Wall Street Zen upgraded shares of Madison Square Garden from a “strong sell” rating to a “hold” rating in a research note on Saturday, February 14th. Finally, Susquehanna boosted their target price on shares of Madison Square Garden from $388.00 to $404.00 and gave the company a “positive” rating in a research note on Thursday. Three equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, Madison Square Garden presently has a consensus rating of “Hold” and an average price target of $342.20.
View Our Latest Report on MSGS
Madison Square Garden Price Performance
Madison Square Garden (NYSE:MSGS – Get Free Report) last announced its quarterly earnings results on Friday, May 8th. The company reported ($0.83) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($1.39). The business had revenue of $432.20 million for the quarter, compared to analysts’ expectations of $429.66 million. Madison Square Garden’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.59) earnings per share. Analysts predict that Madison Square Garden will post -0.5 earnings per share for the current fiscal year.
Insider Transactions at Madison Square Garden
In related news, Director Charles P. Dolan sold 5,659 shares of the company’s stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $325.26, for a total transaction of $1,840,646.34. Following the transaction, the director owned 435 shares in the company, valued at $141,488.10. This represents a 92.86% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 19.07% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD lifted its position in Madison Square Garden by 67.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 699,378 shares of the company’s stock worth $180,895,000 after buying an additional 282,318 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its position in Madison Square Garden by 8.2% during 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 in the last quarter. Gamco Investors INC. ET AL lifted its position in Madison Square Garden by 1.1% during the 4th quarter. Gamco Investors INC. ET AL now owns 613,391 shares of the company’s stock worth $158,654,000 after buying an additional 6,873 shares in the last quarter. State Street Corp lifted its position in Madison Square Garden by 3.0% during the 4th quarter. State Street Corp now owns 538,404 shares of the company’s stock worth $139,258,000 after buying an additional 15,656 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its position in 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 buying an additional 1,688 shares in the last quarter. Institutional investors and hedge funds own 68.94% of the company’s stock.
About Madison Square Garden
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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