Empowered Funds LLC Increases Stake in The Madison Square Garden Company $MSGS

Key Points

• Empowered Funds increased its MSGS stake by 211.7% in the first quarter, bringing its holdings to 11,309 shares valued at approximately $3.64 million. Institutional investors collectively own 68.94% of the company.
• Analyst sentiment is mixed: JPMorgan and Guggenheim raised their price targets to $450 and $522, respectively, while the consensus rating remains “Hold” with an average target of $442.40.
• MSGS reported quarterly revenue of $432.2 million, slightly above estimates, but missed earnings expectations with a loss of $0.83 per share. The stock opened at $383.91 and has traded between $188.60 and $411.73 over the past year.

Empowered Funds LLC boosted its position in The Madison Square Garden Company (NYSE:MSGS - Free Report) by 211.7% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 11,309 shares of the company's stock after acquiring an additional 7,681 shares during the period. Empowered Funds LLC's holdings in Madison Square Garden were worth $3,635,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Quantinno Capital Management LP increased its stake in shares of Madison Square Garden by 76.5% in the first quarter. Quantinno Capital Management LP now owns 104,312 shares of the company's stock worth $33,526,000 after purchasing an additional 45,223 shares in the last quarter. Southpoint Capital Advisors LP lifted its stake in shares of Madison Square Garden by 3.3% during the 1st quarter. Southpoint Capital Advisors LP now owns 155,000 shares of the company's stock valued at $49,817,000 after buying an additional 5,000 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in Madison Square Garden by 45.9% in the 1st quarter. Renaissance Technologies LLC now owns 172,000 shares of the company's stock worth $55,281,000 after buying an additional 54,100 shares during the period. Sei Investments Co. grew its stake in Madison Square Garden by 36.9% in the 1st quarter. Sei Investments Co. now owns 8,718 shares of the company's stock valued at $2,802,000 after buying an additional 2,352 shares in the last quarter. Finally, First Trust Advisors LP grew its stake in Madison Square Garden by 24.2% in the 1st quarter. First Trust Advisors LP now owns 16,254 shares of the company's stock valued at $5,224,000 after buying an additional 3,171 shares in the last quarter. 68.94% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. JPMorgan Chase & Co. increased their target price on Madison Square Garden from $400.00 to $450.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 21st. Wall Street Zen upgraded Madison Square Garden from a "sell" rating to a "hold" rating in a research note on Saturday, July 18th. Weiss Ratings reissued a "hold (c-)" rating on shares of Madison Square Garden in a report on Wednesday, June 24th. Citigroup raised their target price on Madison Square Garden from $355.00 to $360.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 13th. Finally, Guggenheim lifted their target price on Madison Square Garden from $470.00 to $522.00 and gave the company a "buy" rating in a report on Thursday, July 23rd. Four equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Madison Square Garden has a consensus rating of "Hold" and a consensus price target of $442.40.

Madison Square Garden Stock Performance

NYSE:MSGS opened at $383.91 on Tuesday. The firm has a market capitalization of $9.24 billion, a price-to-earnings ratio of -412.80 and a beta of 0.62. The Madison Square Garden Company has a 52-week low of $188.60 and a 52-week high of $411.73. The stock has a fifty day moving average of $385.75 and a 200 day moving average of $340.87.

Madison Square Garden (NYSE:MSGS - Get Free Report) last announced its earnings results on Friday, May 8th. The company reported ($0.83) earnings per share for the quarter, missing analysts' consensus estimates of $0.56 by ($1.39). The business had revenue of $432.20 million during the quarter, compared to analyst estimates of $429.66 million. During the same quarter in the prior year, the company earned ($0.59) EPS. The firm's revenue was up 1.9% on a year-over-year basis. Equities analysts forecast that The Madison Square Garden Company will post -0.06 earnings per share for the current fiscal year.

About Madison Square Garden

Madison Square Garden Sports Corp NYSE: MSGS is a leading sports and entertainment holding company focused on professional sports franchises and related media assets. The company owns and operates teams such as the NBA's New York Knicks, the NHL's New York Rangers and the WNBA's New York Liberty. Through these flagship franchises, MSG Sports offers a range of products and services including ticketing, premium seating and sponsorship opportunities, targeting fans in the New York metropolitan area and beyond.

In addition to team operations, Madison Square Garden Sports Corp holds a majority stake in MSG Networks, a regional cable network that broadcasts live sporting events, news and original programming.

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