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

The Madison Square Garden Company (NYSE:MSGS) hit a new 52-week high during trading on Monday . The company traded as high as $348.20 and last traded at $346.3380, with a volume of 189843 shares. The stock had previously closed at $330.13.

Analyst Ratings Changes

A number of brokerages have recently commented on MSGS. Seaport Research Partners upgraded shares of Madison Square Garden from a “neutral” rating to a “buy” rating and set a $430.00 price target for the company in a report on Friday, April 10th. JPMorgan Chase & Co. lifted their price target on shares of Madison Square Garden from $240.00 to $305.00 and gave the stock an “overweight” rating in a report on Friday, February 6th. 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 report on Wednesday. Wall Street Zen upgraded shares of Madison Square Garden from a “strong sell” rating to a “hold” rating in a report on Saturday, February 14th. Finally, 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. Three investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, Madison Square Garden currently has a consensus rating of “Hold” and a consensus target price of $334.80.

Madison Square Garden Stock Up 3.4%

The stock has a market capitalization of $8.37 billion, a PE ratio of -373.78 and a beta of 0.59. The business’s fifty day moving average is $325.17 and its 200-day moving average is $281.14.

Madison Square Garden (NYSE:MSGS) last announced its quarterly earnings results on Friday, May 8th. The company reported ($0.83) earnings per share for the quarter, missing analysts’ consensus estimates of $0.56 by ($1.39). The business had revenue of $432.20 million for the quarter, compared to analysts’ expectations of $429.66 million. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter last year, the business posted ($0.59) earnings per share. As a group, sell-side analysts anticipate that The Madison Square Garden Company will post -0.34 EPS for the current fiscal year.

Insiders Place Their Bets

In other Madison Square Garden news, Director Charles P. Dolan sold 5,659 shares of Madison Square Garden stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $325.26, for a total transaction of $1,840,646.34. Following the transaction, the director directly owned 435 shares of the company’s stock, valued at $141,488.10. The trade was a 92.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 19.07% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. JPMorgan Chase & Co. lifted its position in shares of Madison Square Garden by 11.8% during the third quarter. JPMorgan Chase & Co. now owns 117,905 shares of the company’s stock worth $26,764,000 after purchasing an additional 12,412 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in shares of Madison Square Garden by 30.6% during the third quarter. Envestnet Asset Management Inc. now owns 15,776 shares of the company’s stock worth $3,581,000 after purchasing an additional 3,700 shares in the last quarter. Citigroup Inc. lifted its position in shares of Madison Square Garden by 294.7% during the third quarter. Citigroup Inc. now owns 39,718 shares of the company’s stock worth $9,016,000 after purchasing an additional 29,656 shares in the last quarter. TD Asset Management Inc acquired a new position in shares of Madison Square Garden during the third quarter worth $2,052,000. Finally, Assetmark Inc. lifted its position in shares of Madison Square Garden by 65,330.8% during the third quarter. Assetmark Inc. now owns 8,506 shares of the company’s stock worth $1,931,000 after purchasing an additional 8,493 shares in the last quarter. 68.94% of the stock is owned by institutional investors and hedge funds.

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.