Madison Square Garden (NYSE:MSGS) Hits New 1-Year High – Should You Buy?
by Danessa Lincoln · The Markets DailyThe Madison Square Garden Company (NYSE:MSGS – Get Free Report)’s share price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $397.00 and last traded at $377.3750, with a volume of 1347 shares trading hands. The stock had previously closed at $384.68.
Analysts Set New Price Targets
MSGS has been the topic of a number of recent research reports. Wall Street Zen lowered Madison Square Garden from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. Seaport Research Partners lifted their target price 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. Guggenheim lifted their target price on Madison Square Garden from $422.00 to $470.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Citigroup lifted their target price on Madison Square Garden from $355.00 to $360.00 and gave the company a “neutral” rating in a research report on Wednesday, May 13th. Finally, Weiss Ratings raised Madison Square Garden from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, March 27th. Three analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $356.80.
Get Our Latest Stock Analysis on Madison Square Garden
Madison Square Garden Stock Down 2.1%
The stock has a 50 day simple moving average of $349.12 and a two-hundred day simple moving average of $304.47. The stock has a market capitalization of $9.07 billion, a P/E ratio of -404.85 and a beta of 0.61.
Madison Square Garden (NYSE:MSGS – Get Free Report) last posted 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 during the quarter, compared to analysts’ expectations of $429.66 million. The firm’s quarterly revenue was up 1.9% on a year-over-year basis. During the same period last year, the company posted ($0.59) EPS. Sell-side analysts predict that The Madison Square Garden Company will post -0.5 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently made changes to their positions in MSGS. Aster Capital Management DIFC Ltd bought a new position in shares of Madison Square Garden during the 4th quarter worth approximately $26,000. Caitong International Asset Management Co. Ltd boosted its stake in shares of Madison Square Garden by 67.1% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 122 shares of the company’s stock worth $32,000 after acquiring an additional 49 shares during the period. SJS Investment Consulting Inc. boosted its stake in shares of Madison Square Garden by 488.2% during the 1st quarter. SJS Investment Consulting Inc. now owns 100 shares of the company’s stock worth $32,000 after acquiring an additional 83 shares during the period. Global Retirement Partners LLC boosted its stake in shares of Madison Square Garden by 1,150.0% during the 4th quarter. Global Retirement Partners LLC now owns 125 shares of the company’s stock worth $32,000 after acquiring an additional 115 shares during the period. Finally, Accredited Wealth Management LLC boosted its stake in shares of Madison Square Garden by 524.0% during the 3rd quarter. Accredited Wealth Management LLC now owns 156 shares of the company’s stock worth $35,000 after acquiring an additional 131 shares during the period. 68.94% of the stock is currently owned by 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.