Gabelli Funds LLC Acquires 3,607 Shares of The Madison Square Garden Company $MSGS

Key Points

• Gabelli Funds LLC boosted its Madison Square Garden stake by 0.9% in the fourth quarter, buying 3,607 shares and bringing its total holding to 394,292 shares worth about $102 million.
• Analyst sentiment is mixed but generally cautious: the stock now has a consensus “Hold” rating, with an average price target of $342.20 after several firms adjusted their views and targets.
• MSGS recently reported Q3 earnings of -$0.83 per share, missing estimates, even though revenue came in slightly above expectations at $432.2 million and rose 1.9% year over year.

Gabelli Funds LLC increased its stake in shares of The Madison Square Garden Company (NYSE:MSGS - Free Report) by 0.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 394,292 shares of the company's stock after buying an additional 3,607 shares during the period. Madison Square Garden accounts for approximately 0.7% of Gabelli Funds LLC's holdings, making the stock its 26th biggest holding. Gabelli Funds LLC owned about 1.64% of Madison Square Garden worth $101,984,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Accredited Wealth Management LLC raised its stake in shares of Madison Square Garden by 524.0% in the third quarter. Accredited Wealth Management LLC now owns 156 shares of the company's stock worth $35,000 after acquiring an additional 131 shares during the last quarter. Salomon & Ludwin LLC lifted its position in shares of Madison Square Garden by 33.1% during the fourth quarter. Salomon & Ludwin LLC now owns 157 shares of the company's stock worth $40,000 after purchasing an additional 39 shares in the last quarter. Sound Income Strategies LLC bought a new stake in shares of Madison Square Garden during the fourth quarter valued at approximately $45,000. Allworth Financial LP grew its stake in shares of Madison Square Garden by 26.5% during the fourth quarter. Allworth Financial LP now owns 196 shares of the company's stock valued at $51,000 after purchasing an additional 41 shares during the last quarter. Finally, Farther Finance Advisors LLC increased its holdings in shares of Madison Square Garden by 157.7% in the fourth quarter. Farther Finance Advisors LLC now owns 286 shares of the company's stock valued at $74,000 after purchasing an additional 175 shares in the last quarter. Institutional investors own 68.94% of the company's stock.

Analysts Set New Price Targets

Several research firms recently weighed in on MSGS. Weiss Ratings upgraded shares of Madison Square Garden from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Friday, March 27th. Guggenheim increased their price objective on Madison Square Garden from $401.00 to $422.00 and gave the company a "buy" rating in a research report on Friday. Citigroup lifted their target price on Madison Square Garden from $355.00 to $360.00 and gave the company a "neutral" rating in a research note on Wednesday, May 13th. Wall Street Zen lowered Madison Square Garden from a "hold" rating to a "sell" rating in a research note on Saturday. Finally, Susquehanna raised their price target on Madison Square Garden from $388.00 to $404.00 and gave the company a "positive" rating in a report on Thursday. Three equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $342.20.

Madison Square Garden Price Performance

MSGS opened at $351.33 on Monday. The company has a market cap of $8.46 billion, a price-to-earnings ratio of -377.77 and a beta of 0.59. The firm has a 50 day simple moving average of $326.31 and a 200 day simple moving average of $282.86. The Madison Square Garden Company has a fifty-two week low of $186.00 and a fifty-two week high of $357.42.

Madison Square Garden (NYSE:MSGS - Get Free Report) last announced its quarterly earnings data on Friday, May 8th. The company reported ($0.83) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.56 by ($1.39). The business had revenue of $432.20 million for the quarter, compared to analysts' expectations of $429.66 million. During the same quarter in the previous year, the firm posted ($0.59) earnings per share. The business's revenue was up 1.9% on a year-over-year basis. As a group, analysts expect that The Madison Square Garden Company will post -0.5 EPS for the current year.

Insider Buying and Selling at Madison Square Garden

In other news, Director Charles P. Dolan sold 5,659 shares of the stock in a transaction on Friday, February 20th. The stock was sold at an average price of $325.26, for a total value of $1,840,646.34. Following the transaction, the director owned 435 shares of the company's stock, valued at $141,488.10. This represents a 92.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 19.07% of the stock is currently owned by company insiders.

Madison Square Garden Company Profile

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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