Royal Bank of Canada Has $30.92 Million Stake in The Madison Square Garden Company $MSGS

Key Points

• Royal Bank of Canada reduced its MSGS stake by 2.9% in the first quarter, selling 2,882 shares and retaining 96,215 shares valued at approximately $30.92 million, or 0.40% of the company.
• Institutional investors and hedge funds collectively own 68.94% of MSGS; several firms, including Renaissance Technologies, Quantinno Capital and Sei Investments, increased their positions during the quarter.
• Analyst sentiment is mixed but generally favorable, with a consensus “Hold” rating and a $442.40 average price target. MSGS opened at $383.91, while its latest quarter included a $0.83 per-share loss despite revenue rising 1.9% year over year.

Royal Bank of Canada lowered its position in shares of The Madison Square Garden Company (NYSE:MSGS - Free Report) by 2.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 96,215 shares of the company's stock after selling 2,882 shares during the period. Royal Bank of Canada owned 0.40% of Madison Square Garden worth $30,924,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Empowered Funds LLC boosted its stake in Madison Square Garden by 211.7% in the 1st quarter. Empowered Funds LLC now owns 11,309 shares of the company's stock valued at $3,635,000 after purchasing an additional 7,681 shares during the period. Quantinno Capital Management LP increased its position in Madison Square Garden by 76.5% during the 1st quarter. Quantinno Capital Management LP now owns 104,312 shares of the company's stock worth $33,526,000 after buying an additional 45,223 shares during the period. Southpoint Capital Advisors LP lifted its holdings in shares of Madison Square Garden by 3.3% during the first quarter. Southpoint Capital Advisors LP now owns 155,000 shares of the company's stock worth $49,817,000 after buying an additional 5,000 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Madison Square Garden by 45.9% in the first quarter. Renaissance Technologies LLC now owns 172,000 shares of the company's stock valued at $55,281,000 after acquiring an additional 54,100 shares during the period. Finally, Sei Investments Co. boosted its position in shares of Madison Square Garden by 36.9% in the first quarter. Sei Investments Co. now owns 8,718 shares of the company's stock valued at $2,802,000 after acquiring an additional 2,352 shares during the period. 68.94% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have weighed in on MSGS shares. Guggenheim lifted their price objective on shares of Madison Square Garden from $470.00 to $522.00 and gave the stock a "buy" rating in a research note on Thursday, July 23rd. Morgan Stanley upgraded shares of Madison Square Garden from an "equal weight" rating to an "overweight" rating and set a $450.00 target price on the stock in a research report on Wednesday, July 15th. Susquehanna lifted their price target on shares of Madison Square Garden from $429.00 to $430.00 and gave the company a "positive" rating in a research report on Tuesday, June 23rd. Citigroup boosted their price target on Madison Square Garden from $355.00 to $360.00 and gave the company a "neutral" rating in a research note on Wednesday, May 13th. Finally, JPMorgan Chase & Co. increased their price target on Madison Square Garden from $400.00 to $450.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 21st. Four equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Madison Square Garden has an average rating of "Hold" and a consensus price target of $442.40.

Madison Square Garden Price Performance

Shares of NYSE:MSGS opened at $383.91 on Tuesday. The Madison Square Garden Company has a 1 year low of $188.60 and a 1 year high of $411.73. The stock has a market capitalization of $9.24 billion, a price-to-earnings ratio of -412.80 and a beta of 0.62. The company's 50 day simple moving average is $385.75 and its 200 day simple moving average is $340.87.

Madison Square Garden (NYSE:MSGS - Get Free Report) last released its earnings results on Friday, May 8th. The company reported ($0.83) earnings per share for the quarter, missing the consensus estimate 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. Madison Square Garden's revenue was up 1.9% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.59) EPS. As a group, analysts anticipate that The Madison Square Garden Company will post -0.06 EPS for the current fiscal 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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