Madison Square Garden (NYSE:MSGS) Sets New 1-Year High – Time to Buy?

Shares of The Madison Square Garden Company (NYSE:MSGS) reached a new 52-week high during 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 Ratings Changes

Several equities analysts recently weighed in on MSGS shares. Guggenheim raised their target price on shares of Madison Square Garden from $422.00 to $470.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Citigroup increased their price objective on shares of Madison Square Garden from $355.00 to $360.00 and gave the company a “neutral” rating in a report on Wednesday, May 13th. Seaport Research Partners raised their price objective on Madison Square Garden from $430.00 to $435.00 and gave the company a “buy” rating in a research report on Wednesday, May 27th. Susquehanna lifted their target price on Madison Square Garden from $404.00 to $429.00 and gave the stock a “positive” rating in a report on Thursday, May 28th. Finally, Wall Street Zen downgraded Madison Square Garden from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. Three investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $356.80.

Madison Square Garden Stock Up 0.1%

The stock’s 50 day moving average is $344.94 and its 200-day moving average is $300.85. The company has a market cap of $9.25 billion, a PE ratio of -413.10 and a beta of 0.61.

Madison Square Garden (NYSE:MSGS) last issued its quarterly earnings data on Friday, May 8th. The company reported ($0.83) EPS for the quarter, missing analysts’ consensus estimates of $0.56 by ($1.39). The business had revenue of $432.20 million for the quarter, compared to analyst estimates of $429.66 million. The firm’s quarterly revenue was up 1.9% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.59) earnings per share. On average, analysts anticipate that The Madison Square Garden Company will post -0.5 EPS for the current fiscal year.

Institutional Investors Weigh In On Madison Square Garden

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

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.