California State Teachers Retirement System Purchases 7,179,708 Shares of The Madison Square Garden Company $MSGS

Key Points

• California State Teachers Retirement System increased its MSGS position by 38,910.2% in the second quarter, buying 7,179,708 shares. It now owns 7,198,160 shares, or 29.89% of the company, valued at approximately $2.89 billion.
• Analyst sentiment is mixed but generally positive, with four Buy ratings and five Hold ratings. The consensus price target is $471.20, while several firms recently raised their targets to between $435 and $584.
• Madison Square Garden exceeded quarterly expectations, reporting $1.16 in EPS versus a $0.64 estimate and revenue of $278.75 million, up 36.6% year over year. The stock opened at $392.64 and has traded between $204.42 and $438.93 over the past year.

California State Teachers Retirement System raised its position in The Madison Square Garden Company (NYSE:MSGS - Free Report) by 38,910.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,198,160 shares of the company's stock after purchasing an additional 7,179,708 shares during the quarter. California State Teachers Retirement System owned 29.89% of Madison Square Garden worth $2,892,509,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the company. Aster Capital Management DIFC Ltd acquired a new position in shares of Madison Square Garden in the fourth quarter valued at approximately $26,000. Caitong International Asset Management Co. Ltd raised its holdings in Madison Square Garden by 67.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 122 shares of the company's stock valued at $32,000 after buying an additional 49 shares during the last quarter. SJS Investment Consulting Inc. boosted its position in Madison Square Garden by 488.2% during the 1st quarter. SJS Investment Consulting Inc. now owns 100 shares of the company's stock worth $32,000 after buying an additional 83 shares during the period. Global Retirement Partners LLC boosted its position in Madison Square Garden by 1,150.0% during the 4th quarter. Global Retirement Partners LLC now owns 125 shares of the company's stock worth $32,000 after buying an additional 115 shares during the period. Finally, Allworth Financial LP grew its holdings in Madison Square Garden by 26.5% during the 4th quarter. Allworth Financial LP now owns 196 shares of the company's stock worth $51,000 after acquiring an additional 41 shares during the last quarter. 68.94% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Susquehanna upped their price target on shares of Madison Square Garden from $430.00 to $477.00 and gave the company a "positive" rating in a research report on Friday, August 14th. Guggenheim lifted their price target on shares of Madison Square Garden from $522.00 to $584.00 and gave the stock a "buy" rating in a report on Friday, August 14th. JPMorgan Chase & Co. boosted their price objective on shares of Madison Square Garden from $450.00 to $485.00 and gave the stock an "overweight" rating in a research note on Friday, August 14th. Seaport Research Partners increased their price objective on Madison Square Garden from $430.00 to $435.00 and gave the company a "buy" rating in a report on Wednesday, May 27th. Finally, Wall Street Zen raised Madison Square Garden from a "sell" rating to a "hold" rating in a research report on Sunday, August 23rd. Four research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, Madison Square Garden currently has a consensus rating of "Hold" and a consensus price target of $471.20.

Madison Square Garden Stock Performance

NYSE:MSGS opened at $392.64 on Friday. The company has a market capitalization of $9.45 billion, a PE ratio of 1,308.86 and a beta of 0.60. The company has a 50 day simple moving average of $394.96 and a two-hundred day simple moving average of $361.94. The Madison Square Garden Company has a fifty-two week low of $204.42 and a fifty-two week high of $438.93.

Madison Square Garden (NYSE:MSGS - Get Free Report) last released its quarterly 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. Madison Square Garden had a net margin of 0.67% and a negative return on equity of 3.47%. The firm had revenue of $278.75 million during the quarter, compared to analyst estimates of $227.67 million. During the same quarter last year, the business earned ($0.07) EPS. The company's revenue was up 36.6% compared to the same quarter last year. Research analysts predict that The Madison Square Garden Company will post -0.8 EPS for the current year.

Madison Square Garden Profile

Madison Square Garden Sports Corp. is a professional sports and entertainment company headquartered in New York. The company owns and operates the New York Knicks of the National Basketball Association and the New York Rangers of the National Hockey League. Through these franchises, it manages team operations, ticketing, sponsorships, media rights, merchandising and other commercial activities connected with professional sports.

Madison Square Garden Sports also owns the Hartford Wolf Pack, a minor-league hockey team affiliated with the Rangers, and has been involved in esports through Knicks Gaming, its NBA 2K League team.

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