Bank of Nova Scotia Has $3.49 Million Stock Holdings in The Madison Square Garden Company (NYSE:MSGS)

Key Points

• Bank of Nova Scotia has increased its stake in The Madison Square Garden Company by 37.7%, acquiring an additional 4,903 shares in the first quarter, bringing its total ownership to approximately 0.07% of the company, valued at $3.486 million.
• Other large investors have also substantially increased their positions in Madison Square Garden, with T. Rowe Price expanding its stake by 1,854% and GAMMA Investing LLC by 14,886.7% during the same quarter.
• Wall Street analysts have issued mixed ratings on Madison Square Garden's stock, with a consensus rating of "Moderate Buy" and an average price target of $252.60.

Bank of Nova Scotia raised its holdings in The Madison Square Garden Company (NYSE:MSGS - Free Report) by 37.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 17,903 shares of the company's stock after buying an additional 4,903 shares during the quarter. Bank of Nova Scotia owned 0.07% of Madison Square Garden worth $3,486,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. T. Rowe Price Investment Management Inc. lifted its position in Madison Square Garden by 1,854.0% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 498,607 shares of the company's stock worth $112,526,000 after buying an additional 473,090 shares in the last quarter. Victory Capital Management Inc. lifted its position in Madison Square Garden by 523.2% during the 1st quarter. Victory Capital Management Inc. now owns 347,800 shares of the company's stock worth $67,724,000 after buying an additional 291,989 shares in the last quarter. GAMMA Investing LLC lifted its position in Madison Square Garden by 14,886.7% during the 1st quarter. GAMMA Investing LLC now owns 137,278 shares of the company's stock worth $26,731,000 after buying an additional 136,362 shares in the last quarter. Balyasny Asset Management L.P. lifted its position in shares of Madison Square Garden by 89.1% during the fourth quarter. Balyasny Asset Management L.P. now owns 127,556 shares of the company's stock worth $28,787,000 after purchasing an additional 60,112 shares in the last quarter. Finally, First Trust Advisors LP lifted its position in shares of Madison Square Garden by 377.1% during the fourth quarter. First Trust Advisors LP now owns 57,879 shares of the company's stock worth $13,062,000 after purchasing an additional 45,748 shares in the last quarter. Institutional investors own 68.94% of the company's stock.

Madison Square Garden Stock Performance

Madison Square Garden stock traded down $2.54 during trading hours on Friday, reaching $199.42. 190,942 shares of the company's stock traded hands, compared to its average volume of 149,445. The Madison Square Garden Company has a fifty-two week low of $173.26 and a fifty-two week high of $237.99. The firm has a market capitalization of $4.79 billion, a price-to-earnings ratio of 949.67 and a beta of 0.79. The firm's 50 day moving average is $200.71 and its 200-day moving average is $198.65.

Analysts Set New Price Targets

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

Madison Square Garden Company Profile

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.