Sei Investments Co. boosted its holdings in shares of The Madison Square Garden Company (NYSE:MSGS – Free Report) by 36.9% during the first quarter, HoldingsChannel reports. The fund owned 8,718 shares of the company’s stock after purchasing an additional 2,352 shares during the quarter. Sei Investments Co.’s holdings in Madison Square Garden were worth $2,802,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Gabelli Funds LLC lifted its holdings in shares of Madison Square Garden by 0.9% during the fourth quarter. Gabelli Funds LLC now owns 394,292 shares of the company’s stock worth $101,984,000 after purchasing an additional 3,607 shares during the period. M&T Bank Corp grew its stake in shares of Madison Square Garden by 1,394.6% in the fourth quarter. M&T Bank Corp now owns 16,396 shares of the company’s stock worth $4,241,000 after purchasing an additional 15,299 shares during the last quarter. Assetmark Inc. increased its holdings in Madison Square Garden by 38.7% in the fourth quarter. Assetmark Inc. now owns 11,794 shares of the company’s stock valued at $3,051,000 after purchasing an additional 3,288 shares during the period. Gamco Investors INC. ET AL increased its holdings in Madison Square Garden by 1.1% in the fourth quarter. Gamco Investors INC. ET AL now owns 613,391 shares of the company’s stock valued at $158,654,000 after purchasing an additional 6,873 shares during the period. Finally, Hsbc Holdings PLC bought a new position in Madison Square Garden during the 4th quarter worth $5,596,000. 68.94% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several research analysts have commented on MSGS shares. Wall Street Zen raised Madison Square Garden from a “sell” rating to a “hold” rating in a report on Saturday, July 18th. Guggenheim raised their price objective on Madison Square Garden from $470.00 to $522.00 and gave the stock a “buy” rating in a research report on Thursday, July 23rd. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Madison Square Garden in a research note on Wednesday, June 24th. Seaport Research Partners upped their target price on Madison Square Garden from $430.00 to $435.00 and gave the company a “buy” rating in a report on Wednesday, May 27th. Finally, JPMorgan Chase & Co. increased their target price on shares of Madison Square Garden from $400.00 to $450.00 and gave the company an “overweight” rating in a research report on Tuesday, July 21st. Four research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Madison Square Garden currently has a consensus rating of “Hold” and a consensus price target of $442.40.
Madison Square Garden Stock Down 0.3%
MSGS stock opened at $390.52 on Friday. The firm has a market cap of $9.40 billion, a price-to-earnings ratio of -419.91 and a beta of 0.62. The company’s fifty day simple moving average is $387.63 and its 200 day simple moving average is $343.48. The Madison Square Garden Company has a 12-month low of $188.60 and a 12-month high of $411.73.
Madison Square Garden (NYSE:MSGS – Get Free Report) last issued 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. During the same period in the prior year, the firm posted ($0.59) EPS. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. Research analysts expect that The Madison Square Garden Company will post -0.06 earnings per share for the current year.
Madison Square Garden 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.
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