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

The Madison Square Garden Company (NYSE:MSGS)’s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $413.38 and last traded at $410.2620, with a volume of 60239 shares traded. The stock had previously closed at $393.47.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. JPMorgan Chase & Co. raised their price target on shares of Madison Square Garden from $400.00 to $450.00 and gave the company an “overweight” rating in a research report on Tuesday, July 21st. Wall Street Zen raised Madison Square Garden from a “sell” rating to a “hold” rating in a research note on Saturday, July 18th. Seaport Research Partners raised their target price on Madison Square Garden from $430.00 to $435.00 and gave the company a “buy” rating in a report on Wednesday, May 27th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Madison Square Garden in a research report on Wednesday, June 24th. Finally, Zacks Research downgraded Madison Square Garden from a “hold” rating to a “strong sell” rating in a report on Thursday, July 16th. Four research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $442.40.

Madison Square Garden Trading Up 4.9%

The stock’s 50-day simple moving average is $388.18 and its 200-day simple moving average is $345.35. The firm has a market capitalization of $9.94 billion, a P/E ratio of -443.95 and a beta of 0.62.

Institutional Trading of Madison Square Garden

A number of hedge funds have recently bought and sold shares of MSGS. Aster Capital Management DIFC Ltd purchased a new stake in shares of Madison Square Garden during the 4th quarter valued at $26,000. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Madison Square Garden by 67.1% in 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 last quarter. SJS Investment Consulting Inc. boosted its holdings in shares of 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 during the last quarter. Global Retirement Partners LLC grew its position in Madison Square Garden by 1,150.0% during the fourth 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 period. Finally, Salomon & Ludwin LLC grew its position in Madison Square Garden by 33.1% during the fourth quarter. Salomon & Ludwin LLC now owns 157 shares of the company’s stock valued at $40,000 after buying an additional 39 shares during the period. 68.94% of the stock is currently 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.