JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Madison Square Garden (NYSE:MSGS) Stock

Madison Square Garden (NYSE:MSGS) had its target price boosted by analysts at JPMorgan Chase & Co. from $400.00 to $450.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 13.24% from the company’s previous close.

Other analysts have also recently issued research reports about the stock. Morgan Stanley raised shares of Madison Square Garden from an “equal weight” rating to an “overweight” rating and set a $450.00 price objective on the stock in a report on Wednesday, July 15th. Wall Street Zen raised shares of Madison Square Garden from a “sell” rating to a “hold” rating in a research report on Saturday, July 18th. Zacks Research lowered shares of Madison Square Garden from a “hold” rating to a “strong sell” rating in a research note on Thursday, July 16th. Weiss Ratings reissued a “hold (c-)” rating on shares of Madison Square Garden in a research report on Wednesday, June 24th. Finally, Seaport Research Partners upped their price objective on shares of Madison Square Garden from $430.00 to $435.00 and gave the company a “buy” rating in a research note on Wednesday, May 27th. Four analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $432.00.

Madison Square Garden Stock Performance

NYSE:MSGS opened at $397.38 on Tuesday. Madison Square Garden has a 1 year low of $188.60 and a 1 year high of $411.73. The stock has a market cap of $9.57 billion, a P/E ratio of -427.29 and a beta of 0.61. The stock has a 50-day simple moving average of $378.71 and a 200-day simple moving average of $333.35.

Madison Square Garden (NYSE:MSGS) last issued its earnings results on Friday, May 8th. The company reported ($0.83) earnings per share for the quarter, missing the consensus estimate of $0.56 by ($1.39). The firm had revenue of $432.20 million during the quarter, compared to analyst estimates of $429.66 million. The business’s quarterly revenue 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. On average, equities research analysts predict that Madison Square Garden will post -0.18 EPS for the current year.

Institutional Trading of Madison Square Garden

A number of large investors have recently bought and sold shares of MSGS. JPMorgan Chase & Co. lifted its position in Madison Square Garden by 11.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 117,905 shares of the company’s stock worth $26,764,000 after acquiring an additional 12,412 shares during the period. Gabelli Funds LLC grew its stake in shares of Madison Square Garden by 0.9% in the 4th quarter. Gabelli Funds LLC now owns 394,292 shares of the company’s stock valued at $101,984,000 after purchasing an additional 3,607 shares during the last quarter. M&T Bank Corp increased its holdings in shares of Madison Square Garden by 1,394.6% in the fourth quarter. M&T Bank Corp now owns 16,396 shares of the company’s stock valued at $4,241,000 after purchasing an additional 15,299 shares during the period. Assetmark Inc. increased its holdings in shares of Madison Square Garden by 38.7% in the fourth quarter. Assetmark Inc. now owns 11,794 shares of the company’s stock valued at $3,051,000 after purchasing an additional 3,288 shares during the period. Finally, Gamco Investors INC. ET AL raised its stake in shares of Madison Square Garden by 1.1% during the fourth quarter. Gamco Investors INC. ET AL now owns 613,391 shares of the company’s stock worth $158,654,000 after purchasing an additional 6,873 shares during the last quarter. Institutional investors and hedge funds 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.