Madison Square Garden (NYSE:MSGS) Hits New 1-Year High – Still a Buy?

The Madison Square Garden Company (NYSE:MSGS)’s share price reached a new 52-week high on Monday . The stock traded as high as $397.00 and last traded at $377.3750, with a volume of 1347 shares changing hands. The stock had previously closed at $384.68.

Wall Street Analyst Weigh In

Several analysts recently weighed in on MSGS shares. Weiss Ratings upgraded shares of Madison Square Garden from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, March 27th. 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. Susquehanna lifted their target price on shares of Madison Square Garden from $404.00 to $429.00 and gave the company a “positive” rating in a report on Thursday, May 28th. Wall Street Zen downgraded shares of Madison Square Garden from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Finally, Guggenheim lifted their target price on shares of Madison Square Garden from $422.00 to $470.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Three equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $356.80.

Madison Square Garden Stock Performance

The company has a market cap of $9.04 billion, a PE ratio of -403.46 and a beta of 0.61. The company’s 50-day simple moving average is $351.20 and its 200 day simple moving average is $306.61.

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 the consensus estimate of $0.56 by ($1.39). The business had revenue of $432.20 million for the quarter, compared to the consensus estimate of $429.66 million. The firm’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.59) earnings per share. 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

Several institutional investors have recently modified their holdings of the company. DGS Capital Management LLC lifted its position in shares of Madison Square Garden by 4.8% during the 1st quarter. DGS Capital Management LLC now owns 832 shares of the company’s stock worth $267,000 after purchasing an additional 38 shares during the last quarter. Salomon & Ludwin LLC lifted its position in shares of Madison Square Garden by 33.1% during the 4th quarter. Salomon & Ludwin LLC now owns 157 shares of the company’s stock worth $40,000 after purchasing an additional 39 shares during the last quarter. Allworth Financial LP lifted its position in shares of Madison Square Garden by 26.5% during the 4th quarter. Allworth Financial LP now owns 196 shares of the company’s stock worth $51,000 after purchasing an additional 41 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Madison Square Garden by 35.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 162 shares of the company’s stock worth $52,000 after purchasing an additional 42 shares during the last quarter. Finally, Cibc World Market Inc. lifted its position in shares of Madison Square Garden by 2.3% during the 4th quarter. Cibc World Market Inc. now owns 1,924 shares of the company’s stock worth $498,000 after purchasing an additional 43 shares during the last quarter. 68.94% of the stock is owned by hedge funds and other 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.