Madison Square Garden (NYSE:MSGS) Given New $220.00 Price Target at Morgan Stanley

Madison Square Garden (NYSE:MSGS) had its price target raised by research analysts at Morgan Stanley from $215.00 to $220.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s price target points to a potential upside of 14.09% from the stock’s current price.

A number of other equities analysts have also weighed in on the company. Susquehanna started coverage on Madison Square Garden in a research note on Monday, April 28th. They issued a “positive” rating and a $254.00 price objective for the company. JPMorgan Chase & Co. dropped their price objective on Madison Square Garden from $240.00 to $230.00 and set an “overweight” rating for the company in a research note on Monday, May 5th. Finally, Guggenheim reaffirmed a “buy” rating and issued a $314.00 price objective on shares of Madison Square Garden in a research note on Tuesday, May 6th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $253.60.

Madison Square Garden Stock Down 0.9%

NYSE MSGS opened at $192.84 on Wednesday. The firm has a market cap of $4.63 billion, a price-to-earnings ratio of -209.61 and a beta of 0.79. The business has a 50-day moving average price of $201.28 and a 200-day moving average price of $198.02. Madison Square Garden has a twelve month low of $173.26 and a twelve month high of $237.99.

Madison Square Garden (NYSE:MSGS) last released its quarterly earnings data on Tuesday, August 12th. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.42) by $0.35. The firm had revenue of $203.96 million during the quarter, compared to analyst estimates of $151.00 million. Madison Square Garden had a negative return on equity of 1.76% and a negative net margin of 2.16%. The business’s quarterly revenue was down 10.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.06 earnings per share. Research analysts expect that Madison Square Garden will post 0.73 EPS for the current fiscal year.

Institutional Investors Weigh In On Madison Square Garden

A number of hedge funds have recently made changes to their positions in the company. Raymond James Financial Inc. lifted its position in shares of Madison Square Garden by 3.0% in the second quarter. Raymond James Financial Inc. now owns 19,030 shares of the company’s stock worth $3,976,000 after buying an additional 547 shares in the last quarter. Worldquant Millennium Advisors LLC purchased a new stake in shares of Madison Square Garden in the second quarter worth about $516,000. Occudo Quantitative Strategies LP lifted its position in shares of Madison Square Garden by 372.8% in the second quarter. Occudo Quantitative Strategies LP now owns 6,681 shares of the company’s stock worth $1,396,000 after buying an additional 5,268 shares in the last quarter. Quantinno Capital Management LP lifted its position in shares of Madison Square Garden by 64.5% in the second quarter. Quantinno Capital Management LP now owns 55,124 shares of the company’s stock worth $11,518,000 after buying an additional 21,617 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its position in shares of Madison Square Garden by 9.5% in the second quarter. The Manufacturers Life Insurance Company now owns 234,657 shares of the company’s stock worth $49,032,000 after buying an additional 20,277 shares in the last quarter. 68.94% of the stock is currently owned by hedge funds and other institutional investors.

About Madison Square Garden

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.