Pinebridge Investments LLC purchased a new position in The Madison Square Garden Company (NYSE:MSGS – Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 3,191 shares of the company’s stock, valued at approximately $825,000.
A number of other hedge funds also recently modified their holdings of MSGS. Global Retirement Partners LLC increased its position in shares of Madison Square Garden by 1,150.0% in the fourth quarter. Global Retirement Partners LLC now owns 125 shares of the company’s stock worth $32,000 after purchasing an additional 115 shares during the period. Accredited Wealth Management LLC increased its position in shares of Madison Square Garden by 524.0% in the third quarter. Accredited Wealth Management LLC now owns 156 shares of the company’s stock worth $35,000 after purchasing an additional 131 shares during the period. Salomon & Ludwin LLC increased its position in shares of Madison Square Garden by 33.1% in the fourth quarter. Salomon & Ludwin LLC now owns 157 shares of the company’s stock worth $40,000 after purchasing an additional 39 shares during the period. Sound Income Strategies LLC bought a new position in shares of Madison Square Garden in the fourth quarter worth $45,000. Finally, Allworth Financial LP increased its position in shares of Madison Square Garden by 26.5% in the fourth quarter. Allworth Financial LP now owns 196 shares of the company’s stock worth $51,000 after purchasing an additional 41 shares during the period. Institutional investors own 68.94% of the company’s stock.
Analysts Set New Price Targets
A number of research analysts have issued reports on the company. 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. Wall Street Zen cut 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. Finally, Weiss Ratings upgraded Madison Square Garden from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, March 27th. Three research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, Madison Square Garden currently has a consensus rating of “Hold” and an average target price of $356.80.
Madison Square Garden Stock Up 0.1%
Madison Square Garden stock opened at $384.19 on Wednesday. The Madison Square Garden Company has a 12-month low of $186.00 and a 12-month high of $392.56. The business’s 50-day moving average price is $344.94 and its two-hundred day moving average price is $300.85. The stock has a market cap of $9.25 billion, a PE ratio of -413.10 and a beta of 0.61.
Madison Square Garden (NYSE:MSGS – Get Free Report) 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 firm had revenue of $432.20 million during the quarter, compared to analysts’ expectations of $429.66 million. During the same quarter last year, the firm earned ($0.59) earnings per share. The company’s quarterly revenue was up 1.9% on a year-over-year basis. As a group, analysts expect that The Madison Square Garden Company will post -0.5 earnings per share for the current year.
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.
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