Madison Square Garden (NYSE:MSGS) Sets New 1-Year High – Here’s Why

The Madison Square Garden Company (NYSE:MSGS)’s stock price reached a new 52-week high during trading on Tuesday . The company traded as high as $368.88 and last traded at $364.83, with a volume of 12483 shares traded. The stock had previously closed at $353.87.

Analysts Set New Price Targets

MSGS has been the topic of a number of research analyst reports. Susquehanna boosted their target price on Madison Square Garden from $388.00 to $404.00 and gave the stock a “positive” rating in a research report on Thursday, May 14th. Wall Street Zen downgraded Madison Square Garden from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. JPMorgan Chase & Co. boosted their target price on Madison Square Garden from $240.00 to $305.00 and gave the stock an “overweight” rating in a research report on Friday, February 6th. Guggenheim boosted their target price on Madison Square Garden from $401.00 to $422.00 and gave the stock a “buy” rating in a research report on Friday, May 15th. Finally, Weiss Ratings upgraded Madison Square Garden from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, March 27th. Three analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $342.20.

Madison Square Garden Stock Up 2.0%

The stock’s 50 day moving average is $330.82 and its 200-day moving average is $288.41. The company has a market cap of $8.70 billion, a PE ratio of -388.29 and a beta of 0.59.

Madison Square Garden (NYSE:MSGS) last issued its quarterly earnings data 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 business had revenue of $432.20 million during the quarter, compared to the consensus estimate of $429.66 million. During the same quarter in the prior year, the firm earned ($0.59) earnings per share. Madison Square Garden’s revenue was up 1.9% compared to the same quarter last year. 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. JPMorgan Chase & Co. increased its position in Madison Square Garden by 11.8% during the third quarter. JPMorgan Chase & Co. now owns 117,905 shares of the company’s stock valued at $26,764,000 after acquiring an additional 12,412 shares during the last quarter. Envestnet Asset Management Inc. increased its position in Madison Square Garden by 30.6% during the third quarter. Envestnet Asset Management Inc. now owns 15,776 shares of the company’s stock valued at $3,581,000 after acquiring an additional 3,700 shares during the last quarter. Gabelli Funds LLC increased its position in Madison Square Garden by 0.9% during the fourth quarter. Gabelli Funds LLC now owns 394,292 shares of the company’s stock valued at $101,984,000 after acquiring an additional 3,607 shares during the last quarter. Citigroup Inc. increased its position in Madison Square Garden by 294.7% during the third quarter. Citigroup Inc. now owns 39,718 shares of the company’s stock valued at $9,016,000 after acquiring an additional 29,656 shares during the last quarter. Finally, M&T Bank Corp increased its position in Madison Square Garden by 1,394.6% during the fourth quarter. M&T Bank Corp now owns 16,396 shares of the company’s stock valued at $4,241,000 after acquiring an additional 15,299 shares during the last quarter. 68.94% of the stock is owned by institutional investors.

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.