Levin Capital Strategies L.P. Cuts Stock Holdings in The Madison Square Garden Company (NYSE:MSGS)

Key Points

• Levin Capital Strategies L.P. reduced its stake in The Madison Square Garden Company by 57.8%, selling 1,756 shares and retaining a total of 1,283 shares valued at $250,000.
• Several institutional investors have increased their stakes significantly, with T. Rowe Price raising its stake by 1,854% in the previous quarter, reaching a total of 498,607 shares worth over $112 million.
• Analysts offer mixed forecasts for Madison Square Garden, with Morgan Stanley lowering its price target to $215, while other firms set targets as high as $314, resulting in a consensus rating of "Moderate Buy."

Levin Capital Strategies L.P. trimmed its holdings in The Madison Square Garden Company (NYSE:MSGS - Free Report) by 57.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,283 shares of the company's stock after selling 1,756 shares during the quarter. Levin Capital Strategies L.P.'s holdings in Madison Square Garden were worth $250,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in MSGS. Bank of Nova Scotia increased its position 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 valued at $3,486,000 after buying an additional 4,903 shares in the last quarter. R Squared Ltd acquired a new stake in Madison Square Garden in the 1st quarter valued at $387,000. PNC Financial Services Group Inc. increased its position in shares of Madison Square Garden by 14.4% during the first quarter. PNC Financial Services Group Inc. now owns 2,483 shares of the company's stock worth $483,000 after acquiring an additional 313 shares in the last quarter. Jefferies Financial Group Inc. acquired a new stake in shares of Madison Square Garden in the 1st quarter worth about $220,000. Finally, Alberta Investment Management Corp bought a new position in Madison Square Garden in the 1st quarter valued at about $604,000. 68.94% of the stock is owned by institutional investors and hedge funds.

Madison Square Garden Price Performance

Shares of MSGS traded down $0.85 during mid-day trading on Thursday, hitting $202.40. The stock had a trading volume of 142,666 shares, compared to its average volume of 152,062. The Madison Square Garden Company has a 52 week low of $173.26 and a 52 week high of $237.99. The business has a fifty day moving average price of $200.52 and a 200-day moving average price of $198.79. The firm has a market cap of $4.86 billion, a P/E ratio of 963.83 and a beta of 0.79.

Wall Street Analyst Weigh In

A number of brokerages have commented on MSGS. JPMorgan Chase & Co. decreased their price objective on Madison Square Garden from $240.00 to $230.00 and set an "overweight" rating for the company in a report on Monday, May 5th. Susquehanna assumed coverage on Madison Square Garden in a report on Monday, April 28th. They set a "positive" rating and a $254.00 price target for the company. Morgan Stanley dropped their price objective on Madison Square Garden from $235.00 to $215.00 and set an "equal weight" rating on the stock in a research note on Monday, May 5th. Finally, Guggenheim reiterated a "buy" rating and issued a $314.00 target price on shares of Madison Square Garden in a research note on Tuesday, May 6th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $252.60.

Madison Square Garden 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.