Fifth Third Bancorp Grows Position in The Madison Square Garden Company $MSGS

Key Points

• Fifth Third Bancorp dramatically increased its stake in Madison Square Garden, boosting its position by 3,580.9% in the first quarter to 4,822 shares worth about $1.55 million.
• Madison Square Garden reported a quarterly EPS loss of $0.83, missing estimates, while revenue came in at $432.2 million, slightly above expectations and up 1.9% year over year.
• Analyst sentiment remains mixed but generally cautious: the stock has a consensus Hold rating with an average price target of $442.40, though some firms recently raised targets or upgraded the shares.

Fifth Third Bancorp lifted its position in The Madison Square Garden Company (NYSE:MSGS - Free Report) by 3,580.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,822 shares of the company's stock after acquiring an additional 4,691 shares during the quarter. Fifth Third Bancorp's holdings in Madison Square Garden were worth $1,550,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. DGS Capital Management LLC increased its holdings in Madison Square Garden by 4.8% during the first quarter. DGS Capital Management LLC now owns 832 shares of the company's stock worth $267,000 after buying an additional 38 shares during the last quarter. Salomon & Ludwin LLC raised its position in Madison Square Garden by 33.1% in the fourth quarter. Salomon & Ludwin LLC now owns 157 shares of the company's stock worth $40,000 after acquiring an additional 39 shares during the period. Allworth Financial LP boosted its stake in Madison Square Garden by 26.5% in the fourth quarter. Allworth Financial LP now owns 196 shares of the company's stock valued at $51,000 after acquiring an additional 41 shares during the last quarter. Cibc World Market Inc. grew its position in shares of Madison Square Garden by 2.3% during the 4th quarter. Cibc World Market Inc. now owns 1,924 shares of the company's stock valued at $498,000 after acquiring an additional 43 shares during the period. Finally, Quadrant Capital Group LLC grew its position in shares of Madison Square Garden by 2.6% during the 4th quarter. Quadrant Capital Group LLC now owns 1,746 shares of the company's stock valued at $452,000 after acquiring an additional 45 shares during the period. 68.94% of the stock is owned by institutional investors.

Madison Square Garden Stock Performance

MSGS opened at $395.25 on Friday. 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 market capitalization of $9.52 billion, a PE ratio of -424.99 and a beta of 0.61. The stock's 50 day moving average price is $379.64 and its 200-day moving average price is $334.31.

Madison Square Garden (NYSE:MSGS - Get Free Report) last announced its quarterly earnings results on Friday, May 8th. The company reported ($0.83) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($1.39). The company had revenue of $432.20 million for the quarter, compared to the consensus estimate of $429.66 million. During the same quarter in the prior year, the company earned ($0.59) EPS. Madison Square Garden's revenue for the quarter was up 1.9% compared to the same quarter last year. Research analysts forecast that The Madison Square Garden Company will post -0.18 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have issued reports on MSGS shares. 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 report on Wednesday, May 13th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Madison Square Garden in a research note on Wednesday, June 24th. Morgan Stanley raised Madison Square Garden from an "equal weight" rating to an "overweight" rating and set a $450.00 price objective for the company in a report on Wednesday, July 15th. Wall Street Zen upgraded Madison Square Garden from a "sell" rating to a "hold" rating in a research note on Saturday, July 18th. Finally, Seaport Research Partners upped their price objective on shares of Madison Square Garden from $430.00 to $435.00 and gave the company a "buy" rating in a report on Wednesday, May 27th. Four research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Madison Square Garden presently has an average rating of "Hold" and a consensus target price of $442.40.

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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