Citigroup Forecasts Strong Price Appreciation for Madison Square Garden (NYSE:MSGS) Stock

Madison Square Garden (NYSE:MSGS) had its price target hoisted by Citigroup from $285.00 to $290.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s price target indicates a potential upside of 20.23% from the stock’s previous close.

A number of other equities research analysts have also weighed in on MSGS. Zacks Research raised shares of Madison Square Garden from a “strong sell” rating to a “hold” rating in a report on Monday, October 13th. JPMorgan Chase & Co. boosted their price objective on shares of Madison Square Garden from $230.00 to $240.00 and gave the stock an “overweight” rating in a research note on Monday, November 3rd. BTIG Research assumed coverage on Madison Square Garden in a report on Tuesday, October 7th. They issued a “neutral” rating for the company. Wolfe Research lowered Madison Square Garden from an “outperform” rating to a “hold” rating in a research report on Monday. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Madison Square Garden in a research report on Monday, December 8th. Five equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Madison Square Garden presently has a consensus rating of “Hold” and a consensus price target of $261.33.

Madison Square Garden Stock Up 2.5%

Shares of MSGS opened at $241.20 on Tuesday. The stock has a market cap of $5.79 billion, a PE ratio of -246.12 and a beta of 0.66. Madison Square Garden has a 12-month low of $173.26 and a 12-month high of $243.71. The business has a 50-day simple moving average of $222.87 and a two-hundred day simple moving average of $210.84.

Madison Square Garden (NYSE:MSGS) last released its quarterly earnings results on Friday, October 31st. The company reported ($0.37) earnings per share for the quarter, topping the consensus estimate of ($1.04) by $0.67. Madison Square Garden had a negative return on equity of 1.76% and a negative net margin of 2.31%.The company had revenue of $39.45 million for the quarter, compared to analysts’ expectations of $41.41 million. During the same period in the previous year, the business posted ($0.31) earnings per share. The business’s quarterly revenue was down 26.0% compared to the same quarter last year. On average, equities research analysts expect that Madison Square Garden will post 0.73 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Farther Finance Advisors LLC lifted its stake in Madison Square Garden by 5,450.0% in the third quarter. Farther Finance Advisors LLC now owns 111 shares of the company’s stock valued at $25,000 after buying an additional 109 shares during the period. Salomon & Ludwin LLC bought a new position in shares of Madison Square Garden in the third quarter valued at $27,000. Accredited Wealth Management LLC lifted its position in Madison Square Garden by 524.0% in the 3rd quarter. Accredited Wealth Management LLC now owns 156 shares of the company’s stock valued at $35,000 after acquiring an additional 131 shares in the last quarter. Fifth Third Bancorp lifted its holdings in shares of Madison Square Garden by 59.5% in the second quarter. Fifth Third Bancorp now owns 185 shares of the company’s stock valued at $39,000 after purchasing an additional 69 shares in the last quarter. Finally, Hantz Financial Services Inc. purchased a new position in Madison Square Garden during the 3rd quarter worth $80,000. 68.94% of the stock is owned by institutional investors.

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.