KBC Group NV Buys 29,954 Shares of The Madison Square Garden Company $MSGS

Key Points

• KBC Group NV sharply increased its stake in Madison Square Garden Sports Corp. by 5,609.4% in the first quarter, buying 29,954 additional shares and bringing its total holding to 30,488 shares valued at about $9.8 million.
• The stock was trading near $397.38, close to its 52-week high of $411.73, with a market value of $9.57 billion; institutional investors still own a large majority of the shares at 68.94%.
• Madison Square Garden recently missed earnings estimates for the quarter, posting an EPS of -$0.83 versus expectations of $0.56, even though revenue slightly beat forecasts. Analysts remain mixed overall, with a consensus rating of Hold and an average price target of $432.

KBC Group NV lifted its stake in shares of The Madison Square Garden Company (NYSE:MSGS - Free Report) by 5,609.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 30,488 shares of the company's stock after purchasing an additional 29,954 shares during the period. KBC Group NV owned approximately 0.13% of Madison Square Garden worth $9,799,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Gabelli Funds LLC boosted its position in Madison Square Garden by 0.9% in the 4th quarter. Gabelli Funds LLC now owns 394,292 shares of the company's stock valued at $101,984,000 after buying an additional 3,607 shares during the last quarter. M&T Bank Corp raised its position in shares of Madison Square Garden by 1,394.6% during the fourth quarter. M&T Bank Corp now owns 16,396 shares of the company's stock worth $4,241,000 after acquiring an additional 15,299 shares during the last quarter. Assetmark Inc. lifted its stake in shares of Madison Square Garden by 38.7% during the fourth quarter. Assetmark Inc. now owns 11,794 shares of the company's stock valued at $3,051,000 after acquiring an additional 3,288 shares during the period. Gamco Investors INC. ET AL lifted its stake in shares of Madison Square Garden by 1.1% during the fourth quarter. Gamco Investors INC. ET AL now owns 613,391 shares of the company's stock valued at $158,654,000 after acquiring an additional 6,873 shares during the period. Finally, Harbor Capital Advisors Inc. boosted its holdings in Madison Square Garden by 46.0% in the fourth quarter. Harbor Capital Advisors Inc. now owns 19,162 shares of the company's stock valued at $4,956,000 after acquiring an additional 6,041 shares during the last quarter. 68.94% of the stock is owned by institutional investors.

Madison Square Garden Trading Up 0.4%

NYSE MSGS opened at $397.38 on Thursday. The Madison Square Garden Company has a 12 month low of $188.60 and a 12 month high of $411.73. The stock has a 50-day simple moving average of $378.71 and a 200 day simple moving average of $333.35. The company has a market capitalization of $9.57 billion, a PE ratio of -427.29 and a beta of 0.61.

Madison Square Garden (NYSE:MSGS - Get Free Report) last issued its earnings results 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 during the quarter, compared to analysts' expectations of $429.66 million. The company's revenue was up 1.9% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.59) EPS. As a group, sell-side analysts predict that The Madison Square Garden Company will post -0.18 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently commented on MSGS. Morgan Stanley upgraded Madison Square Garden from an "equal weight" rating to an "overweight" rating and set a $450.00 price objective for the company in a research report on Wednesday, July 15th. Citigroup upped their target price on shares of Madison Square Garden from $355.00 to $360.00 and gave the company a "neutral" rating in a research report on Wednesday, May 13th. Guggenheim raised their target price on shares of Madison Square Garden from $422.00 to $470.00 and gave the company a "buy" rating in a research note on Tuesday, June 2nd. Susquehanna lifted their price target on shares of Madison Square Garden from $429.00 to $430.00 and gave the stock a "positive" rating in a research report on Tuesday, June 23rd. Finally, Zacks Research downgraded shares of Madison Square Garden from a "hold" rating to a "strong sell" rating in a research note on Thursday, July 16th. Four investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Madison Square Garden presently has a consensus rating of "Hold" and an average price target of $432.00.

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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