Bank of America Corp DE Has $21.79 Million Stock Position in The Madison Square Garden Company $MSGS

Key Points

• Bank of America reduced its Madison Square Garden stake by 21% in the first quarter, selling 18,052 shares and retaining 67,806 shares valued at approximately $21.79 million. Institutional investors and hedge funds collectively own 68.94% of the stock.
• MSGS shares opened at $402.30, near their 52-week high of $438.93, while the company reported quarterly EPS of $1.16 and revenue of $278.75 million—both ahead of analyst expectations. Revenue increased 36.6% year over year.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and average price target of $471.20; recent targets range from $435 to $584, including upgrades from JPMorgan and Guggenheim.

Bank of America Corp DE reduced its stake in The Madison Square Garden Company (NYSE:MSGS - Free Report) by 21.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 67,806 shares of the company's stock after selling 18,052 shares during the period. Bank of America Corp DE owned approximately 0.28% of Madison Square Garden worth $21,793,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of MSGS. DGS Capital Management LLC raised its stake in Madison Square Garden by 4.8% during the first quarter. DGS Capital Management LLC now owns 832 shares of the company's stock worth $267,000 after acquiring an additional 38 shares in the last quarter. Salomon & Ludwin LLC boosted its position in Madison Square Garden by 33.1% in the fourth quarter. Salomon & Ludwin LLC now owns 157 shares of the company's stock valued at $40,000 after buying an additional 39 shares in the last quarter. Allworth Financial LP boosted its position in Madison Square Garden by 26.5% in the fourth quarter. Allworth Financial LP now owns 196 shares of the company's stock valued at $51,000 after buying an additional 41 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in Madison Square Garden by 35.0% during the first quarter. EverSource Wealth Advisors LLC now owns 162 shares of the company's stock worth $52,000 after buying an additional 42 shares during the last quarter. Finally, Cibc World Market Inc. increased its holdings in shares of Madison Square Garden by 2.3% during the fourth quarter. Cibc World Market Inc. now owns 1,924 shares of the company's stock worth $498,000 after buying an additional 43 shares in the last quarter. 68.94% of the stock is owned by institutional investors and hedge funds.

Madison Square Garden Stock Performance

Shares of Madison Square Garden stock opened at $402.30 on Wednesday. The firm has a fifty day moving average of $390.69 and a two-hundred day moving average of $349.70. The stock has a market capitalization of $9.69 billion, a price-to-earnings ratio of 1,341.04 and a beta of 0.62. The Madison Square Garden Company has a 52 week low of $193.87 and a 52 week high of $438.93.

Madison Square Garden (NYSE:MSGS - Get Free Report) last posted its earnings results on Wednesday, August 12th. The company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.52. The company had revenue of $278.75 million during the quarter, compared to analyst estimates of $227.67 million. Madison Square Garden had a negative return on equity of 3.47% and a net margin of 0.67%.The company's revenue for the quarter was up 36.6% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.07) EPS. As a group, research analysts forecast that The Madison Square Garden Company will post -0.57 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently issued reports on MSGS shares. Seaport Research Partners lifted their target price on shares of Madison Square Garden from $430.00 to $435.00 and gave the company a "buy" rating in a research note on Wednesday, May 27th. JPMorgan Chase & Co. increased their price target on Madison Square Garden from $450.00 to $485.00 and gave the stock an "overweight" rating in a research report on Friday, August 14th. Wall Street Zen downgraded shares of Madison Square Garden from a "hold" rating to a "sell" rating in a research report on Saturday. Guggenheim raised their price objective on shares of Madison Square Garden from $522.00 to $584.00 and gave the company a "buy" rating in a research report on Friday, August 14th. Finally, Zacks Research raised shares of Madison Square Garden from a "strong sell" rating to a "hold" rating in a research note on Friday, August 14th. Four research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $471.20.

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.

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