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

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

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on MSGS. JPMorgan Chase & Co. raised their price target on shares of Madison Square Garden from $400.00 to $450.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 21st. Zacks Research lowered Madison Square Garden from a “hold” rating to a “strong sell” rating in a report on Thursday, July 16th. Weiss Ratings reissued a “hold (c-)” rating on shares of Madison Square Garden in a research report on Wednesday, June 24th. Guggenheim boosted their target price on Madison Square Garden from $470.00 to $522.00 and gave the company a “buy” rating in a research note on Thursday, July 23rd. Finally, Seaport Research Partners upped their price target on Madison Square Garden from $430.00 to $435.00 and gave the company a “buy” rating in a research report on Wednesday, May 27th. Four investment 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, Madison Square Garden presently has an average rating of “Hold” and an average target price of $442.40.

Madison Square Garden Stock Up 4.9%

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

Institutional Investors Weigh In On Madison Square Garden

Several institutional investors have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD lifted its holdings in shares of Madison Square Garden by 67.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 699,378 shares of the company’s stock worth $180,895,000 after buying an additional 282,318 shares in the last quarter. Reinhart Partners LLC. purchased a new position in Madison Square Garden during the fourth quarter valued at approximately $55,586,000. Norges Bank bought a new stake in Madison Square Garden during the 4th quarter worth approximately $51,107,000. TOMS Capital Investment Management LP increased its holdings in Madison Square Garden by 82.7% during the 4th quarter. TOMS Capital Investment Management LP now owns 329,705 shares of the company’s stock worth $85,278,000 after acquiring an additional 149,205 shares during the period. Finally, Millennium Management LLC lifted its stake in Madison Square Garden by 182.0% in the 4th quarter. Millennium Management LLC now owns 131,123 shares of the company’s stock worth $33,915,000 after purchasing an additional 84,628 shares in the last quarter. 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.