Southpoint Capital Advisors LP Increases Stake in The Madison Square Garden Company $MSGS

Key Points

• Southpoint Capital Advisors increased its MSGS stake by 3.3% in the first quarter, purchasing 5,000 additional shares for a total of 155,000 shares valued at approximately $49.8 million. Institutional investors collectively own 68.94% of the company.
• MSGS shares opened at $397.32, near their 52-week high of $411.73, while the company’s latest quarterly results showed revenue of $432.2 million but an adjusted loss of $0.83 per share, below analyst expectations.
• Analyst sentiment remains mixed, with four Buy, four Hold, and one Sell rating; the stock carries an overall “Hold” rating and an average price target of $442.40.

Southpoint Capital Advisors LP raised its holdings in The Madison Square Garden Company (NYSE:MSGS - Free Report) by 3.3% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 155,000 shares of the company's stock after buying an additional 5,000 shares during the period. Southpoint Capital Advisors LP owned approximately 0.64% of Madison Square Garden worth $49,817,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Price T Rowe Associates Inc. MD boosted its holdings in Madison Square Garden by 67.7% in the fourth 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. raised its position in Madison Square Garden by 8.2% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 648,515 shares of the company's stock valued at $167,739,000 after purchasing an additional 49,412 shares in the last quarter. Gamco Investors INC. ET AL raised its position in Madison Square Garden by 1.1% in the 4th quarter. Gamco Investors INC. ET AL now owns 613,391 shares of the company's stock valued at $158,654,000 after purchasing an additional 6,873 shares in the last quarter. State Street Corp boosted its stake in shares of Madison Square Garden by 3.0% in the 4th quarter. State Street Corp now owns 538,404 shares of the company's stock valued at $139,258,000 after buying an additional 15,656 shares during the period. Finally, Gabelli Funds LLC grew its position in shares of 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 buying an additional 3,607 shares in the last quarter. Institutional investors and hedge funds own 68.94% of the company's stock.

Madison Square Garden Stock Up 0.2%

Shares of MSGS opened at $397.32 on Tuesday. The stock has a 50 day moving average price of $381.46 and a 200 day moving average price of $336.32. The company has a market capitalization of $9.57 billion, a price-to-earnings ratio of -427.23 and a beta of 0.61. The Madison Square Garden Company has a 52-week low of $188.60 and a 52-week high of $411.73.

Madison Square Garden (NYSE:MSGS - Get Free Report) last announced its quarterly earnings results on Friday, May 8th. The company reported ($0.83) EPS for the quarter, missing the consensus estimate of $0.56 by ($1.39). The business had revenue of $432.20 million for the quarter, compared to the consensus estimate of $429.66 million. During the same quarter in the prior year, the company earned ($0.59) EPS. The firm's revenue was up 1.9% compared to the same quarter last year. On average, equities analysts anticipate that The Madison Square Garden Company will post -0.06 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Citigroup upped their target price on shares of Madison Square Garden from $355.00 to $360.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 13th. Wall Street Zen upgraded shares of Madison Square Garden from a "sell" rating to a "hold" rating in a research note on Saturday, July 18th. Seaport Research Partners boosted their price target on shares of Madison Square Garden from $430.00 to $435.00 and gave the stock a "buy" rating in a report on Wednesday, May 27th. Weiss Ratings reissued a "hold (c-)" rating on shares of Madison Square Garden in a research report on Wednesday, June 24th. Finally, Zacks Research lowered shares of Madison Square Garden from a "hold" rating to a "strong sell" rating in a report on Thursday, July 16th. Four equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $442.40.

Madison Square Garden Company 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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