Envestnet Asset Management Inc. Increases Stock Position in 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 holdings in The Madison Square Garden Company (NYSE:MSGS - Free Report) by 50.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,687 shares of the company's stock after purchasing an additional 3,250 shares during the period. Envestnet Asset Management Inc.'s holdings in Madison Square Garden were worth $1,886,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Advisors Capital Management LLC increased its stake in Madison Square Garden by 0.5% during the 4th quarter. Advisors Capital Management LLC now owns 10,606 shares of the company's stock worth $2,394,000 after buying an additional 48 shares in the last quarter. Treasurer of the State of North Carolina grew its position in shares of Madison Square Garden by 0.6% in the fourth quarter. Treasurer of the State of North Carolina now owns 8,172 shares of the company's stock valued at $1,844,000 after purchasing an additional 50 shares in the last quarter. Quadrant Capital Group LLC grew its position in shares of Madison Square Garden by 9.2% in the fourth quarter. Quadrant Capital Group LLC now owns 650 shares of the company's stock valued at $147,000 after purchasing an additional 55 shares in the last quarter. NewEdge Advisors LLC grew its position in shares of Madison Square Garden by 2.2% in the fourth quarter. NewEdge Advisors LLC now owns 2,914 shares of the company's stock valued at $658,000 after purchasing an additional 62 shares in the last quarter. Finally, Marest Capital LLC grew its position in shares of Madison Square Garden by 4.1% in the first quarter. Marest Capital LLC now owns 1,751 shares of the company's stock valued at $341,000 after purchasing an additional 69 shares in the last quarter. Hedge funds and other institutional investors own 68.94% of the company's stock.

Madison Square Garden Stock Performance

Shares of MSGS traded down $2.27 during midday trading on Friday, hitting $199.83. 143,448 shares of the stock were exchanged, compared to its average volume of 152,246. The firm has a market cap of $4.80 billion, a P/E ratio of 951.62 and a beta of 0.79. The Madison Square Garden Company has a 52-week low of $173.26 and a 52-week high of $237.99. The stock has a fifty day simple moving average of $199.49 and a 200 day simple moving average of $199.16.

Madison Square Garden (NYSE:MSGS - Get Free Report) last posted its quarterly earnings results on Friday, May 2nd. The company reported ($0.59) earnings per share for the quarter, missing analysts' consensus estimates of $1.48 by ($2.07). The business had revenue of $424.20 million during the quarter, compared to analyst estimates of $436.84 million. Madison Square Garden had a net margin of 0.45% and a negative return on equity of 1.76%. The firm's quarterly revenue was down 1.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.57 earnings per share. As a group, equities research analysts forecast that The Madison Square Garden Company will post 0.73 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on MSGS. 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 report on Monday, May 5th. Susquehanna initiated coverage on Madison Square Garden in a research report on Monday, April 28th. They issued a "positive" rating and a $254.00 price target for the company. JPMorgan Chase & Co. decreased their price objective on Madison Square Garden from $240.00 to $230.00 and set an "overweight" rating on the stock in a report on Monday, May 5th. Finally, Guggenheim reiterated a "buy" rating and issued a $314.00 price objective on shares of Madison Square Garden in a report on Tuesday, May 6th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $252.60.

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.