Madison Square Garden (NYSE:MSGS) Sets New 12-Month High – Time to Buy?

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

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Susquehanna upped their target price on Madison Square Garden from $429.00 to $430.00 and gave the company a “positive” rating in a research report on Tuesday, June 23rd. Wall Street Zen downgraded shares of Madison Square Garden from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. Citigroup lifted their price target on shares of Madison Square Garden from $355.00 to $360.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 13th. Guggenheim increased their price objective 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. Finally, Seaport Research Partners raised their price objective on shares of Madison Square Garden from $430.00 to $435.00 and gave the stock a “buy” rating in a report on Wednesday, May 27th. Three equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Madison Square Garden has a consensus rating of “Hold” and a consensus price target of $357.00.

Madison Square Garden Stock Up 1.1%

The company has a market capitalization of $9.57 billion, a P/E ratio of -427.13 and a beta of 0.61. The business has a 50 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 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 company had revenue of $432.20 million for the quarter, compared to analysts’ expectations of $429.66 million. The firm’s revenue was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.59) EPS. Equities analysts forecast that The Madison Square Garden Company will post -0.5 EPS for the current fiscal year.

Institutional Investors Weigh In On Madison Square Garden

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MSGS. JPMorgan Chase & Co. lifted its holdings in shares of Madison Square Garden by 11.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 117,905 shares of the company’s stock valued at $26,764,000 after buying an additional 12,412 shares during the last quarter. Gabelli Funds LLC boosted its position in shares of Madison Square Garden by 0.9% during the fourth quarter. Gabelli Funds LLC now owns 394,292 shares of the company’s stock worth $101,984,000 after purchasing an additional 3,607 shares in the last quarter. M&T Bank Corp lifted its stake in Madison Square Garden by 1,394.6% in the 4th 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 in the last quarter. Citigroup Inc. boosted its holdings in shares of Madison Square Garden by 294.7% during the 3rd quarter. Citigroup Inc. now owns 39,718 shares of the company’s stock worth $9,016,000 after buying an additional 29,656 shares during the period. Finally, Assetmark Inc. raised its holdings in Madison Square Garden by 38.7% in the 4th quarter. Assetmark Inc. now owns 11,794 shares of the company’s stock valued at $3,051,000 after acquiring an additional 3,288 shares during the period. Hedge funds and other institutional investors 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.