Invesco Ltd. Increases Stock Position in The Madison Square Garden Company $MSGS

Key Points

• Invesco Ltd. increased its stake in The Madison Square Garden Company by 16.7%, owning 97,121 shares valued at approximately $18.91 million as of the last quarter.
• Several institutional investors, including T. Rowe Price and GAMMA Investing, have significantly boosted their holdings in Madison Square Garden, indicating a strong interest in the company's stock.
• The company's recent earnings report showed better-than-expected EPS at ($0.07), exceeding analyst estimates, but revenue declined by 10.3% year-over-year.

Invesco Ltd. increased its stake in The Madison Square Garden Company (NYSE:MSGS - Free Report) by 16.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 97,121 shares of the company's stock after purchasing an additional 13,863 shares during the period. Invesco Ltd. owned approximately 0.40% of Madison Square Garden worth $18,911,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Covestor Ltd grew its stake in Madison Square Garden by 35.5% in the 1st quarter. Covestor Ltd now owns 416 shares of the company's stock worth $81,000 after buying an additional 109 shares in the last quarter. Atria Wealth Solutions Inc. grew its stake in Madison Square Garden by 100.0% in the 1st quarter. Atria Wealth Solutions Inc. now owns 3,100 shares of the company's stock worth $604,000 after buying an additional 1,550 shares in the last quarter. Bank of Nova Scotia grew its stake in Madison Square Garden by 37.7% in the 1st quarter. Bank of Nova Scotia now owns 17,903 shares of the company's stock worth $3,486,000 after buying an additional 4,903 shares in the last quarter. R Squared Ltd purchased a new position in Madison Square Garden in the 1st quarter worth approximately $387,000. Finally, PNC Financial Services Group Inc. grew its stake in Madison Square Garden by 14.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,483 shares of the company's stock worth $483,000 after buying an additional 313 shares in the last quarter. Hedge funds and other institutional investors own 68.94% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Susquehanna assumed 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 target for the company. Morgan Stanley boosted their price objective on shares of Madison Square Garden from $215.00 to $220.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 13th. Guggenheim reaffirmed a "buy" rating and set a $314.00 target price on shares of Madison Square Garden in a report on Tuesday, May 6th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Madison Square Garden from $240.00 to $230.00 and set an "overweight" rating on the stock in a report on Monday, May 5th. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $253.60.

Madison Square Garden Stock Performance

Shares of NYSE MSGS traded up $0.1890 during mid-day trading on Monday, hitting $198.8390. The stock had a trading volume of 177,457 shares, compared to its average volume of 156,512. The Madison Square Garden Company has a 1 year low of $173.26 and a 1 year high of $237.99. The business has a 50 day moving average price of $202.14 and a two-hundred day moving average price of $196.99. The firm has a market cap of $4.77 billion, a P/E ratio of -216.13 and a beta of 0.79.

Madison Square Garden (NYSE:MSGS - Get Free Report) last issued its earnings results on Tuesday, August 12th. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.42) by $0.35. Madison Square Garden had a negative net margin of 2.16% and a negative return on equity of 1.76%. The company had revenue of $203.96 million for the quarter, compared to the consensus estimate of $151.00 million. During the same period in the previous year, the firm earned $1.06 earnings per share. The firm's revenue for the quarter was down 10.3% on a year-over-year basis. Equities research analysts predict that The Madison Square Garden Company will post 0.73 EPS for the current fiscal year.

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.