Madison Square Garden (NYSE:MSGS) Reaches New 52-Week High – Should You Buy?

Shares of The Madison Square Garden Company (NYSE:MSGS) reached a new 52-week high on Tuesday . The stock traded as high as $368.88 and last traded at $364.83, with a volume of 12483 shares. The stock had previously closed at $353.87.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on MSGS shares. Guggenheim boosted their price target on Madison Square Garden from $401.00 to $422.00 and gave the stock a “buy” rating in a research note on Friday, May 15th. Susquehanna upped their price target on Madison Square Garden from $404.00 to $429.00 and gave the stock a “positive” rating in a research report on Thursday. Seaport Research Partners upped their price target on Madison Square Garden from $430.00 to $435.00 and gave the stock a “buy” rating in a research report on Wednesday. Weiss Ratings upgraded Madison Square Garden from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, March 27th. Finally, JPMorgan Chase & Co. upped their price objective on Madison Square Garden from $240.00 to $305.00 and gave the stock an “overweight” rating in a research note on Friday, February 6th. Three research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $347.20.

Madison Square Garden Stock Up 1.4%

The business has a 50 day moving average of $332.89 and a 200 day moving average of $290.54. The company has a market capitalization of $8.94 billion, a P/E ratio of -399.02 and a beta of 0.59.

Madison Square Garden (NYSE:MSGS) last announced its quarterly earnings results on Friday, May 8th. The company reported ($0.83) EPS for the quarter, missing analysts’ consensus estimates of $0.56 by ($1.39). The company had revenue of $432.20 million during the quarter, compared to the consensus estimate of $429.66 million. During the same period in the previous year, the firm posted ($0.59) earnings per share. The company’s revenue was up 1.9% compared to the same quarter last year. On average, research analysts anticipate that The Madison Square Garden Company will post -0.5 EPS for the current year.

Institutional Investors Weigh In On Madison Square Garden

Several institutional investors have recently modified their holdings of MSGS. Price T Rowe Associates Inc. MD lifted its stake in shares of Madison Square Garden by 67.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 699,378 shares of the company’s stock valued at $180,895,000 after purchasing an additional 282,318 shares during the last quarter. Reinhart Partners LLC. bought a new stake in shares of Madison Square Garden in the 4th quarter valued at approximately $55,586,000. Norges Bank bought a new stake in shares of Madison Square Garden in the 4th quarter valued at approximately $51,107,000. TOMS Capital Investment Management LP lifted its stake in shares of Madison Square Garden by 82.7% in the 4th quarter. TOMS Capital Investment Management LP now owns 329,705 shares of the company’s stock valued at $85,278,000 after purchasing an additional 149,205 shares during the last quarter. Finally, Millennium Management LLC lifted its stake in shares of Madison Square Garden by 182.0% in the 4th quarter. Millennium Management LLC now owns 131,123 shares of the company’s stock valued at $33,915,000 after purchasing an additional 84,628 shares during the last quarter. 68.94% of the stock is owned by institutional investors.

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.