Madison Square Garden (NYSE:MSGS) Sets New 12-Month High – Should You Buy?

The Madison Square Garden Company (NYSE:MSGS)’s share price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $393.83 and last traded at $392.17, with a volume of 782 shares traded. The stock had previously closed at $386.23.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on MSGS. Seaport Research Partners lifted their target price on shares of Madison Square Garden from $430.00 to $435.00 and gave the company a “buy” rating in a report on Wednesday, May 27th. Citigroup increased their price target on Madison Square Garden from $355.00 to $360.00 and gave the company a “neutral” rating in a report on Wednesday, May 13th. Weiss Ratings upgraded Madison Square Garden from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, March 27th. Guggenheim upped their target price on Madison Square Garden from $422.00 to $470.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Finally, Susquehanna increased their target price on Madison Square Garden from $404.00 to $429.00 and gave the company a “positive” rating in a research note on Thursday, May 28th. Three research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $356.80.

Madison Square Garden Stock Performance

The business’s fifty day simple moving average is $342.10 and its 200 day simple moving average is $298.48. The stock has a market cap of $9.40 billion, a price-to-earnings ratio of -418.57 and a beta of 0.61.

Madison Square Garden (NYSE:MSGS) 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 company had revenue of $432.20 million during the quarter, compared to analysts’ expectations of $429.66 million. During the same period in the prior year, the company earned ($0.59) earnings per share. The business’s revenue was up 1.9% compared to the same quarter last year. As a group, analysts forecast that The Madison Square Garden Company will post -0.5 EPS for the current fiscal year.

Institutional Trading of Madison Square Garden

Several institutional investors have recently added to or reduced their stakes in MSGS. Amundi lifted its position in shares of Madison Square Garden by 4.7% during the first quarter. Amundi now owns 5,643 shares of the company’s stock worth $1,091,000 after purchasing an additional 252 shares during the last quarter. Millennium Management LLC increased its holdings in Madison Square Garden by 8.0% in the first quarter. Millennium Management LLC now owns 27,147 shares of the company’s stock valued at $5,286,000 after buying an additional 2,006 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in Madison Square Garden by 28.2% during the first quarter. Goldman Sachs Group Inc. now owns 24,807 shares of the company’s stock valued at $4,830,000 after buying an additional 5,452 shares in the last quarter. United Services Automobile Association bought a new position in Madison Square Garden during the 1st quarter worth approximately $210,000. Finally, Empowered Funds LLC grew its position in shares of Madison Square Garden by 10.8% in the 1st quarter. Empowered Funds LLC now owns 2,055 shares of the company’s stock worth $400,000 after acquiring an additional 200 shares in the last quarter. 68.94% of the stock is owned by institutional investors and hedge funds.

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.