Norges Bank bought a new position in shares of The Madison Square Garden Company (NYSE:MSGS – Free Report) during the 4th quarter, HoldingsChannel reports. The firm bought 197,592 shares of the company’s stock, valued at approximately $51,107,000.
A number of other large investors have also recently made changes to their positions in MSGS. Inspire Trust Co. N.A. boosted its stake in Madison Square Garden by 10.0% in the 4th quarter. Inspire Trust Co. N.A. now owns 11,000 shares of the company’s stock worth $2,845,000 after purchasing an additional 1,000 shares during the period. Geode Capital Management LLC increased its position in shares of Madison Square Garden by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 291,057 shares of the company’s stock valued at $75,301,000 after buying an additional 3,705 shares during the period. Steel Grove Capital Advisors LLC purchased a new stake in shares of Madison Square Garden in the fourth quarter worth about $231,000. Roundview Capital LLC purchased a new stake in shares of Madison Square Garden in the fourth quarter worth about $894,000. Finally, Systematic Financial Management LP boosted its position in shares of Madison Square Garden by 3.6% in the fourth quarter. Systematic Financial Management LP now owns 156,489 shares of the company’s stock valued at $40,476,000 after acquiring an additional 5,450 shares during the period. 68.94% of the stock is owned by institutional investors.
Analysts Set New Price Targets
Several equities analysts recently commented on the stock. Guggenheim boosted their price objective on shares of Madison Square Garden from $422.00 to $470.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Weiss Ratings raised shares of Madison Square Garden from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, March 27th. Susquehanna boosted their price target on shares of Madison Square Garden from $404.00 to $429.00 and gave the company a “positive” rating in a research report on Thursday, May 28th. Wall Street Zen cut shares of Madison Square Garden from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Finally, Citigroup increased their price objective on Madison Square Garden from $355.00 to $360.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 13th. 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, the company presently has an average rating of “Hold” and a consensus target price of $356.80.
Madison Square Garden Price Performance
Shares of MSGS opened at $386.54 on Monday. The Madison Square Garden Company has a 1-year low of $186.00 and a 1-year high of $390.12. The company has a market capitalization of $9.31 billion, a P/E ratio of -415.63 and a beta of 0.61. The firm’s 50 day simple moving average is $342.10 and its 200 day simple moving average is $298.48.
Madison Square Garden (NYSE:MSGS – Get Free Report) last issued 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 for the quarter, compared to analysts’ expectations of $429.66 million. During the same quarter last year, the firm earned ($0.59) earnings per share. Madison Square Garden’s revenue was up 1.9% on a year-over-year basis. On average, equities analysts anticipate that The Madison Square Garden Company will post -0.5 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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