Hsbc Holdings PLC Takes $5.60 Million Position in The Madison Square Garden Company $MSGS

Key Points

• HSBC Holdings PLC opened a new position in The Madison Square Garden Company during the fourth quarter, buying 21,421 shares valued at about $5.6 million. The stake represented roughly 0.09% of the company.
• Madison Square Garden shares were down 1.6% in the session, opening at $387.01. The stock has traded between a 52-week low of $188.60 and a high of $411.73.
• The company’s latest quarterly results missed earnings expectations, reporting a loss of $0.83 per share versus estimates for a profit of $0.56. Revenue came in at $432.2 million, slightly above forecasts and up 1.9% year over year.

Hsbc Holdings PLC purchased a new position in shares of The Madison Square Garden Company (NYSE:MSGS - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 21,421 shares of the company's stock, valued at approximately $5,596,000. Hsbc Holdings PLC owned approximately 0.09% of Madison Square Garden as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of MSGS. Amundi increased its stake in Madison Square Garden by 4.7% in the 1st quarter. Amundi now owns 5,643 shares of the company's stock worth $1,091,000 after purchasing an additional 252 shares during the period. Millennium Management LLC raised its holdings in Madison Square Garden by 8.0% in the 1st quarter. Millennium Management LLC now owns 27,147 shares of the company's stock worth $5,286,000 after purchasing an additional 2,006 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in Madison Square Garden by 28.2% in the first quarter. Goldman Sachs Group Inc. now owns 24,807 shares of the company's stock worth $4,830,000 after buying an additional 5,452 shares during the period. United Services Automobile Association bought a new position in shares of Madison Square Garden in the 1st quarter worth approximately $210,000. Finally, Empowered Funds LLC lifted its stake in shares of Madison Square Garden by 10.8% in the 1st quarter. Empowered Funds LLC now owns 2,055 shares of the company's stock valued at $400,000 after purchasing an additional 200 shares during the period. Hedge funds and other institutional investors own 68.94% of the company's stock.

Madison Square Garden Trading Down 1.6%

MSGS opened at $387.01 on Friday. The Madison Square Garden Company has a 1-year low of $188.60 and a 1-year high of $411.73. The company has a market capitalization of $9.32 billion, a PE ratio of -416.13 and a beta of 0.61. The firm's 50 day simple moving average is $369.04 and its two-hundred day simple moving average is $324.94.

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

Analyst Ratings Changes

A number of brokerages have weighed in on MSGS. Guggenheim upped their price objective on shares of Madison Square Garden from $422.00 to $470.00 and gave the stock a "buy" rating in a report on Tuesday, June 2nd. Citigroup lifted their target price on Madison Square Garden from $355.00 to $360.00 and gave the stock a "neutral" rating in a report on Wednesday, May 13th. Wall Street Zen cut Madison Square Garden from a "hold" rating to a "sell" rating in a research note on Saturday, May 16th. Seaport Research Partners boosted 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. Finally, Susquehanna increased their price target on Madison Square Garden from $429.00 to $430.00 and gave the company a "positive" rating in a report on Tuesday, June 23rd. Three research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $357.00.

Madison Square Garden 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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