Bayforest Capital Ltd Acquires New Holdings in The Madison Square Garden Company (NYSE:MSGS)

Key Points

• Bayforest Capital Ltd has invested $566,000 to acquire 2,909 shares in The Madison Square Garden Company (NYSE:MSGS) during the first quarter.
• The Madison Square Garden Company's last quarter reported earnings showed a loss of ($0.59) EPS, significantly missing analysts' estimates of $1.48.
• Equity analysts have differing views on MSGS stock, with a range of price targets from $215.00 to $314.00 and an average rating of "Moderate Buy."

Bayforest Capital Ltd purchased a new stake in The Madison Square Garden Company (NYSE:MSGS - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 2,909 shares of the company's stock, valued at approximately $566,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of Madison Square Garden by 1.8% in the 4th quarter. Vanguard Group Inc. now owns 1,945,194 shares of the company's stock valued at $438,991,000 after purchasing an additional 33,641 shares during the period. T. Rowe Price Investment Management Inc. boosted 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 acquiring an additional 473,090 shares during the period. Victory Capital Management Inc. boosted 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 acquiring an additional 291,989 shares during the period. The Manufacturers Life Insurance Company boosted its position in Madison Square Garden by 16.8% during the 4th quarter. The Manufacturers Life Insurance Company now owns 255,339 shares of the company's stock worth $57,625,000 after acquiring an additional 36,799 shares during the period. Finally, Norges Bank acquired a new stake in Madison Square Garden during the 4th quarter worth about $54,052,000. Institutional investors and hedge funds own 68.94% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Guggenheim restated a "buy" rating and set a $314.00 price objective on shares of Madison Square Garden in a research report on Tuesday, May 6th. Susquehanna assumed coverage on Madison Square Garden in a research report on Monday, April 28th. They set a "positive" rating and a $254.00 price objective for the company. JPMorgan Chase & Co. decreased their price objective 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. Finally, Morgan Stanley decreased their price objective 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. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $252.60.

Madison Square Garden Stock Performance

Shares of Madison Square Garden stock traded up $2.42 during trading on Monday, hitting $201.97. 28,333 shares of the stock traded hands, compared to its average volume of 148,027. The stock has a market cap of $4.85 billion, a P/E ratio of 961.81 and a beta of 0.79. The Madison Square Garden Company has a twelve month low of $173.26 and a twelve month high of $237.99. The company has a fifty day moving average price of $199.49 and a two-hundred day moving average price of $198.94.

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

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.