Envestnet Asset Management Inc. Purchases 3,250 Shares of The Madison Square Garden Company (NYSE:MSGS)

Key Points

• Envestnet Asset Management Inc. increased its stake in The Madison Square Garden Company by 50.5% during Q1, holding 9,687 shares valued at approximately $1.89 million.
• Multiple large investors, including T. Rowe Price, GAMMA Investing, and Balyasny Asset Management, have also significantly raised their stakes in Madison Square Garden, indicating growing institutional interest.
• The company's most recent earnings report showed a loss of ($0.59) EPS, missing analyst estimates, with a negative return on equity of 1.76% and revenue down 1.3% from the same quarter last year.

Envestnet Asset Management Inc. lifted its stake in shares of The Madison Square Garden Company (NYSE:MSGS - Free Report) by 50.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,687 shares of the company's stock after buying an additional 3,250 shares during the quarter. Envestnet Asset Management Inc.'s holdings in Madison Square Garden were worth $1,886,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Putney Financial Group LLC purchased a new stake in Madison Square Garden in the fourth quarter worth about $28,000. Heck Capital Advisors LLC purchased a new stake in shares of Madison Square Garden during the fourth quarter valued at approximately $43,000. Headlands Technologies LLC boosted its holdings in Madison Square Garden by 1,016.7% in the fourth quarter. Headlands Technologies LLC now owns 268 shares of the company's stock worth $60,000 after purchasing an additional 244 shares during the last quarter. Covestor Ltd boosted its holdings in Madison Square Garden by 30,600.0% in the fourth quarter. Covestor Ltd now owns 307 shares of the company's stock worth $69,000 after purchasing an additional 306 shares during the last quarter. Finally, Kapitalo Investimentos Ltda bought a new position in Madison Square Garden in the fourth quarter worth approximately $92,000. Hedge funds and other institutional investors own 68.94% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. JPMorgan Chase & Co. reduced their price objective on shares of Madison Square Garden from $240.00 to $230.00 and set an "overweight" rating for the company in a research note on Monday, May 5th. Guggenheim reissued a "buy" rating and issued a $314.00 price objective on shares of Madison Square Garden in a research note on Tuesday, May 6th. Susquehanna started coverage on shares of Madison Square Garden in a research note on Monday, April 28th. They issued a "positive" rating and a $254.00 price objective for the company. Finally, Morgan Stanley dropped their price objective 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. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $252.60.

Madison Square Garden Price Performance

Shares of Madison Square Garden stock traded down $2.27 during trading on Friday, hitting $199.83. The stock had a trading volume of 143,448 shares, compared to its average volume of 148,871. The firm's fifty day simple moving average is $199.30 and its 200-day simple moving average is $199.26. The stock has a market cap of $4.80 billion, a PE ratio of 951.62 and a beta of 0.79. The Madison Square Garden Company has a 12 month low of $173.26 and a 12 month high of $237.99.

Madison Square Garden (NYSE:MSGS - Get Free Report) last released its 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 during the quarter, compared to the consensus estimate of $436.84 million. Madison Square Garden had a negative return on equity of 1.76% and a net margin of 0.45%. Madison Square Garden's revenue was down 1.3% compared to the same quarter last year. During the same quarter last year, the business posted $1.57 EPS. Analysts expect 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.