Madison Square Garden (NYSE:MSGS) Hits New 12-Month High – What’s Next?

The Madison Square Garden Company (NYSE:MSGS) hit a new 52-week high on Wednesday . The company traded as high as $278.49 and last traded at $278.0070, with a volume of 144546 shares changing hands. The stock had previously closed at $270.88.

Analysts Set New Price Targets

A number of brokerages have commented on MSGS. Citigroup increased their price target on shares of Madison Square Garden from $285.00 to $290.00 and gave the company a “buy” rating in a research report on Tuesday, December 16th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Madison Square Garden in a report on Monday, December 29th. BTIG Research initiated coverage on shares of Madison Square Garden in a research report on Tuesday, October 7th. They issued a “neutral” rating on the stock. Wolfe Research lowered shares of Madison Square Garden from an “outperform” rating to a “hold” rating in a research report on Monday, December 15th. Finally, JPMorgan Chase & Co. raised their price objective on Madison Square Garden from $230.00 to $240.00 and gave the company an “overweight” rating in a research note on Monday, November 3rd. Five research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $261.33.

Madison Square Garden Trading Up 2.6%

The company has a market capitalization of $6.68 billion, a P/E ratio of -283.68 and a beta of 0.63. The stock’s fifty day moving average is $236.76 and its 200 day moving average is $219.47.

Madison Square Garden (NYSE:MSGS) last released its quarterly earnings data on Friday, October 31st. The company reported ($0.37) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.04) by $0.67. The firm had revenue of $39.45 million during the quarter, compared to analysts’ expectations of $41.41 million. Madison Square Garden’s revenue was down 26.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.31) EPS. On average, analysts expect that The Madison Square Garden Company will post 0.73 EPS for the current fiscal year.

Institutional Investors Weigh In On Madison Square Garden

Several institutional investors and hedge funds have recently bought and sold shares of MSGS. Amundi raised its holdings in shares of Madison Square Garden by 4.7% during the first quarter. Amundi now owns 5,643 shares of the company’s stock valued at $1,091,000 after acquiring an additional 252 shares in the last quarter. Millennium Management LLC increased its position in Madison Square Garden by 8.0% during the 1st quarter. Millennium Management LLC now owns 27,147 shares of the company’s stock valued at $5,286,000 after purchasing an additional 2,006 shares during the period. Goldman Sachs Group Inc. raised its holdings in Madison Square Garden by 28.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 24,807 shares of the company’s stock worth $4,830,000 after purchasing an additional 5,452 shares in the last quarter. United Services Automobile Association purchased a new stake in shares of Madison Square Garden in the 1st quarter worth about $210,000. Finally, Empowered Funds LLC boosted its stake in shares of Madison Square Garden by 10.8% during the 1st quarter. Empowered Funds LLC now owns 2,055 shares of the company’s stock valued at $400,000 after purchasing an additional 200 shares in the last quarter. Hedge funds and other institutional investors own 68.94% of the company’s stock.

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.