Madison Square Garden (NYSE:MSGS) Hits New 12-Month High – What’s Next?

The Madison Square Garden Company (NYSE:MSGS) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $398.16 and last traded at $398.8720, with a volume of 44135 shares changing hands. The stock had previously closed at $392.98.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Weiss Ratings reiterated a “hold (c-)” rating on shares of Madison Square Garden in a research note on Wednesday. Wall Street Zen cut Madison Square Garden from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Citigroup increased their price target on Madison Square Garden from $355.00 to $360.00 and gave the company a “neutral” rating in a research report on Wednesday, May 13th. Susquehanna boosted their target price on shares of Madison Square Garden from $429.00 to $430.00 and gave the company a “positive” rating in a research note on Tuesday, June 23rd. Finally, Guggenheim increased their price target on Madison Square Garden from $422.00 to $470.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Three investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Madison Square Garden presently has an average rating of “Hold” and an average price target of $357.00.

Madison Square Garden Stock Up 1.1%

The firm has a market cap of $9.57 billion, a P/E ratio of -427.13 and a beta of 0.61. The company has a fifty day simple moving average of $358.13 and a 200-day simple moving average of $314.89.

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

Institutional Investors Weigh In On Madison Square Garden

A number of large investors have recently modified their holdings of MSGS. Aster Capital Management DIFC Ltd purchased a new position in Madison Square Garden in the 4th quarter worth approximately $26,000. Caitong International Asset Management Co. Ltd increased its stake in Madison Square Garden by 67.1% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 122 shares of the company’s stock worth $32,000 after buying an additional 49 shares during the period. SJS Investment Consulting Inc. lifted its holdings in Madison Square Garden by 488.2% in the 1st quarter. SJS Investment Consulting Inc. now owns 100 shares of the company’s stock worth $32,000 after buying an additional 83 shares in the last quarter. Global Retirement Partners LLC boosted its position in Madison Square Garden by 1,150.0% in the 4th quarter. Global Retirement Partners LLC now owns 125 shares of the company’s stock valued at $32,000 after buying an additional 115 shares during the last quarter. Finally, Accredited Wealth Management LLC grew its stake in shares of Madison Square Garden by 524.0% during the third 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. Institutional investors and hedge funds own 68.94% of the company’s stock.

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.