Bessemer Group Inc. Cuts Stock Position in The Madison Square Garden Company (NYSE:MSGS)

Bessemer Group Inc. reduced its holdings in shares of The Madison Square Garden Company (NYSE:MSGS - Free Report) by 68.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,711 shares of the company's stock after selling 10,131 shares during the quarter. Bessemer Group Inc.'s holdings in Madison Square Garden were worth $917,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Congress Park Capital LLC bought a new position in Madison Square Garden in the 1st quarter valued at $214,000. Johnson Investment Counsel Inc. grew its holdings in shares of Madison Square Garden by 14.1% in the first quarter. Johnson Investment Counsel Inc. now owns 1,622 shares of the company's stock worth $316,000 after purchasing an additional 200 shares during the last quarter. State of Alaska Department of Revenue increased its stake in shares of Madison Square Garden by 4.3% in the first quarter. State of Alaska Department of Revenue now owns 12,538 shares of the company's stock worth $2,440,000 after buying an additional 517 shares during the period. Marest Capital LLC raised its holdings in Madison Square Garden by 4.1% during the 1st quarter. Marest Capital LLC now owns 1,751 shares of the company's stock valued at $341,000 after buying an additional 69 shares during the last quarter. Finally, QRG Capital Management Inc. bought a new stake in Madison Square Garden in the 1st quarter worth $250,000. 68.94% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Morgan Stanley dropped their price target on Madison Square Garden from $235.00 to $215.00 and set an "equal weight" rating for the company in a research note on Monday, May 5th. Guggenheim reissued a "buy" rating and issued a $314.00 price target on shares of Madison Square Garden in a research note on Tuesday, May 6th. Susquehanna assumed coverage on Madison Square Garden in a report on Monday, April 28th. They issued a "positive" rating and a $254.00 price objective for the company. Finally, JPMorgan Chase & Co. dropped 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 report on Monday, May 5th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $252.60.

Madison Square Garden Trading Down 0.0%

MSGS traded down $0.07 during trading on Thursday, hitting $208.13. 148,412 shares of the company's stock traded hands, compared to its average volume of 121,936. The Madison Square Garden Company has a 12-month low of $173.26 and a 12-month high of $237.99. The company's 50 day simple moving average is $194.34 and its two-hundred day simple moving average is $201.74. The stock has a market capitalization of $5.00 billion, a price-to-earnings ratio of 991.14 and a beta of 0.79.

Madison Square Garden (NYSE:MSGS - Get Free Report) last issued its quarterly earnings data on Friday, May 2nd. The company reported ($0.59) EPS for the quarter, missing the consensus estimate 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 firm had revenue of $424.20 million during the quarter, compared to the consensus estimate of $436.84 million. During the same period in the previous year, the firm earned $1.57 EPS. The business's revenue was down 1.3% on a year-over-year basis. On average, equities analysts expect that The Madison Square Garden Company will post 0.73 EPS for the current year.

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.