Edgestream Partners L.P. Invests $1.26 Million in The Madison Square Garden Company (NYSE:MSGS)

Edgestream Partners L.P. acquired a new position in shares of The Madison Square Garden Company (NYSE:MSGS - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 6,446 shares of the company's stock, valued at approximately $1,255,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. MQS Management LLC bought a new position in Madison Square Garden in the 1st quarter worth about $651,000. Banque Pictet & Cie SA bought a new stake in shares of Madison Square Garden during the 1st quarter valued at $467,000. Envestnet Asset Management Inc. increased its position in shares of Madison Square Garden by 50.5% during the first quarter. Envestnet Asset Management Inc. now owns 9,687 shares of the company's stock valued at $1,886,000 after acquiring an additional 3,250 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Madison Square Garden by 2.4% in the first quarter. Principal Financial Group Inc. now owns 83,241 shares of the company's stock worth $16,209,000 after acquiring an additional 1,989 shares during the period. Finally, Illinois Municipal Retirement Fund increased its position in Madison Square Garden by 3.1% in the first quarter. Illinois Municipal Retirement Fund now owns 8,953 shares of the company's stock worth $1,743,000 after buying an additional 267 shares in the last quarter. 68.94% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MSGS has been the subject of several recent research reports. JPMorgan Chase & Co. reduced their price target on shares of Madison Square Garden from $240.00 to $230.00 and set an "overweight" rating for the company in a report on Monday, May 5th. Susquehanna began coverage on shares of Madison Square Garden in a research report on Monday, April 28th. They set a "positive" rating and a $254.00 price target for the company. Morgan Stanley decreased their target price on shares of 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. Finally, 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. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $252.60.

Madison Square Garden Stock Up 0.3%

NYSE:MSGS traded up $0.64 on Tuesday, reaching $205.26. The stock had a trading volume of 148,907 shares, compared to its average volume of 126,713. The Madison Square Garden Company has a 1-year low of $173.26 and a 1-year high of $237.99. The stock has a fifty day moving average price of $197.88 and a 200-day moving average price of $199.84. The company has a market capitalization of $4.93 billion, a P/E ratio of 977.47 and a beta of 0.79.

Madison Square Garden (NYSE:MSGS - Get Free Report) last issued its earnings results 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 net margin of 0.45% and a negative return on equity of 1.76%. 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 company posted $1.57 EPS. The firm's revenue for the quarter was down 1.3% on a year-over-year basis. Sell-side analysts predict that The Madison Square Garden Company will post 0.73 earnings per share for the current fiscal year.

Madison Square Garden 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.