The Madison Square Garden Company (NYSE:MSGS) Stake Raised by Principal Financial Group Inc.

Principal Financial Group Inc. grew its stake in shares of The Madison Square Garden Company (NYSE:MSGS - Free Report) by 2.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 83,241 shares of the company's stock after buying an additional 1,989 shares during the period. Principal Financial Group Inc. owned 0.35% of Madison Square Garden worth $16,209,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of MSGS. Systematic Financial Management LP boosted its position in Madison Square Garden by 1.5% in the fourth quarter. Systematic Financial Management LP now owns 126,249 shares of the company's stock valued at $28,492,000 after buying an additional 1,922 shares during the last quarter. QRG Capital Management Inc. purchased a new stake in Madison Square Garden in the first quarter valued at approximately $250,000. Central Pacific Bank Trust Division boosted its position in Madison Square Garden by 29.4% in the first quarter. Central Pacific Bank Trust Division now owns 6,600 shares of the company's stock valued at $1,285,000 after buying an additional 1,500 shares during the last quarter. Proficio Capital Partners LLC purchased a new stake in Madison Square Garden in the fourth quarter valued at approximately $3,413,000. Finally, Raymond James Financial Inc. purchased a new stake in Madison Square Garden in the fourth quarter valued at approximately $4,425,000. 68.94% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Madison Square Garden Stock Performance

Shares of MSGS stock traded down $3.86 during mid-day trading on Tuesday, reaching $204.25. 154,476 shares of the company were exchanged, compared to its average volume of 124,848. The Madison Square Garden Company has a fifty-two week low of $173.26 and a fifty-two week high of $237.99. The company has a market capitalization of $4.90 billion, a P/E ratio of 972.67 and a beta of 0.79. The business's 50 day simple moving average is $196.54 and its 200 day simple moving average is $200.34.

Madison Square Garden (NYSE:MSGS - Get Free Report) last released its quarterly earnings results on Friday, May 2nd. The company reported ($0.59) earnings per share for the quarter, missing analysts' consensus estimates of $1.48 by ($2.07). Madison Square Garden had a negative return on equity of 1.76% and a net margin of 0.45%. The company had revenue of $424.20 million for the quarter, compared to analyst estimates of $436.84 million. During the same period in the previous year, the business posted $1.57 EPS. The firm's quarterly revenue was down 1.3% compared to the same quarter last year. On average, analysts forecast that The Madison Square Garden Company will post 0.73 EPS for the current 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.