Bank of New York Mellon Corp Sells 6,090 Shares of The Madison Square Garden Company (NYSE:MSGS)

Bank of New York Mellon Corp trimmed its position in The Madison Square Garden Company (NYSE:MSGS - Free Report) by 5.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 104,048 shares of the company's stock after selling 6,090 shares during the quarter. Bank of New York Mellon Corp owned about 0.43% of Madison Square Garden worth $20,260,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. Principal Financial Group Inc. boosted its stake in Madison Square Garden by 2.4% during the first quarter. Principal Financial Group Inc. now owns 83,241 shares of the company's stock worth $16,209,000 after buying an additional 1,989 shares during the last quarter. Systematic Financial Management LP boosted its stake in Madison Square Garden by 1.5% during the fourth quarter. Systematic Financial Management LP now owns 126,249 shares of the company's stock worth $28,492,000 after buying an additional 1,922 shares during the last quarter. QRG Capital Management Inc. acquired a new position in Madison Square Garden during the first quarter worth $250,000. Central Pacific Bank Trust Division raised its position in Madison Square Garden by 29.4% in the first quarter. Central Pacific Bank Trust Division now owns 6,600 shares of the company's stock valued at $1,285,000 after purchasing an additional 1,500 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in shares of Madison Square Garden in the 4th quarter valued at $4,425,000. 68.94% of the stock is currently owned by hedge funds and other institutional investors.

Madison Square Garden Stock Down 1.0%

NYSE MSGS traded down $2.00 during mid-day trading on Friday, hitting $208.42. The stock had a trading volume of 178,460 shares, compared to its average volume of 126,349. The company has a 50 day simple moving average of $197.88 and a 200 day simple moving average of $200.00. The company has a market cap of $5.00 billion, a price-to-earnings ratio of 992.52 and a beta of 0.79. The Madison Square Garden Company has a 52-week low of $173.26 and a 52-week high of $237.99.

Madison Square Garden (NYSE:MSGS - Get Free Report) last announced its earnings results on Friday, May 2nd. The company reported ($0.59) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.48 by ($2.07). Madison Square Garden had a negative return on equity of 1.76% and a net margin of 0.45%. The business had revenue of $424.20 million for the quarter, compared to analysts' expectations of $436.84 million. During the same period in the previous year, the firm posted $1.57 earnings per share. The firm's revenue was down 1.3% compared to the same quarter last year. As a group, equities analysts anticipate that The Madison Square Garden Company will post 0.73 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on MSGS shares. Guggenheim reaffirmed a "buy" rating and set a $314.00 price objective on shares of Madison Square Garden in a research report on Tuesday, May 6th. JPMorgan Chase & Co. decreased their target price on Madison Square Garden from $240.00 to $230.00 and set an "overweight" rating for the company in a research report on Monday, May 5th. Morgan Stanley decreased their target price on Madison Square Garden from $235.00 to $215.00 and set an "equal weight" rating for the company in a research report on Monday, May 5th. Finally, Susquehanna began coverage on Madison Square Garden in a research report on Monday, April 28th. They issued a "positive" rating and a $254.00 target price for the company. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $252.60.

About Madison Square Garden

Madison Square Garden Sports Corp. operates as a professional sports company in the United States. The company owns and operates a portfolio of assets that consists of the New York Knickerbockers of the National Basketball Association (NBA) and the New York Rangers of the National Hockey League. Its other professional franchises include development league teams, the Hartford Wolf Pack of the American Hockey League and the Westchester Knicks of the NBA G League.