Public Employees Retirement System of Ohio Invests $1.84 Million in The Madison Square Garden Company $MSGS

Key Points

• Public Employees Retirement System of Ohio initiated a $1.84 million position in Madison Square Garden Sports, purchasing 4,575 shares. Institutional investors and hedge funds collectively own 68.94% of the stock.
• Analysts have raised several price targets, ranging from $360 to $584, but the consensus rating remains “Hold” with an average target of $471.20.
• Madison Square Garden reported quarterly earnings of $1.16 per share, beating estimates of $0.64, while revenue rose 36.6% year over year to $278.75 million. The stock opened at $391.29, near its 50-day average of $395.46.

Public Employees Retirement System of Ohio bought a new stake in The Madison Square Garden Company (NYSE:MSGS - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 4,575 shares of the company's stock, valued at approximately $1,838,000.

Several other hedge funds have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD boosted its stake in Madison Square Garden by 67.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 699,378 shares of the company's stock valued at $180,895,000 after purchasing an additional 282,318 shares during the period. T. Rowe Price Investment Management Inc. increased its position in Madison Square Garden by 8.2% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 648,515 shares of the company's stock worth $167,739,000 after buying an additional 49,412 shares during the period. Gamco Investors INC. ET AL grew its stake in shares of Madison Square Garden by 1.1% in 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 in the last quarter. State Street Corp grew its stake in shares of Madison Square Garden by 3.0% in the fourth quarter. State Street Corp now owns 538,404 shares of the company's stock valued at $139,258,000 after acquiring an additional 15,656 shares in the last quarter. Finally, Gabelli Funds LLC increased its position in Madison Square Garden by 0.9% during the fourth quarter. Gabelli Funds LLC now owns 394,292 shares of the company's stock worth $101,984,000 after acquiring an additional 3,607 shares during the period. 68.94% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Citigroup boosted their price objective on shares of Madison Square Garden from $355.00 to $360.00 and gave the company a "neutral" rating in a report on Wednesday, May 13th. JPMorgan Chase & Co. lifted their price target on shares of Madison Square Garden from $450.00 to $485.00 and gave the company an "overweight" rating in a research report on Friday, August 14th. Seaport Research Partners boosted their price target on Madison Square Garden from $430.00 to $435.00 and gave the company a "buy" rating in a research note on Wednesday, May 27th. Susquehanna increased their price target on Madison Square Garden from $430.00 to $477.00 and gave the stock a "positive" rating in a research report on Friday, August 14th. Finally, Guggenheim raised their price objective on Madison Square Garden from $522.00 to $584.00 and gave the stock a "buy" rating in a research note on Friday, August 14th. Four research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Madison Square Garden currently has a consensus rating of "Hold" and a consensus price target of $471.20.

Madison Square Garden Trading Up 0.0%

MSGS opened at $391.29 on Monday. The company has a market cap of $9.42 billion, a P/E ratio of 1,304.34 and a beta of 0.60. The company's 50 day moving average is $395.46 and its 200-day moving average is $359.94. The Madison Square Garden Company has a 1-year low of $194.25 and a 1-year high of $438.93.

Madison Square Garden (NYSE:MSGS - Get Free Report) last issued its earnings results on Wednesday, August 12th. The company reported $1.16 earnings per share for the quarter, beating analysts' consensus estimates of $0.64 by $0.52. The firm had revenue of $278.75 million for the quarter, compared to analyst estimates of $227.67 million. Madison Square Garden had a net margin of 0.67% and a negative return on equity of 3.47%. The company's quarterly revenue was up 36.6% on a year-over-year basis. During the same quarter last year, the business posted ($0.07) earnings per share. On average, equities analysts forecast that The Madison Square Garden Company will post -0.8 EPS for the current year.

About Madison Square Garden

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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