T. Rowe Price Investment Management Inc. Purchases 29,938 Shares of The Madison Square Garden Company $MSGS

Key Points

• T. Rowe Price Investment Management Inc. increased its stake in The Madison Square Garden Company by 6.0%, acquiring an additional 29,938 shares in the first quarter, bringing its total ownership to about 2.20% of the company.
• Madison Square Garden reported a quarterly earnings per share of (0.07), significantly beating analysts' expectations of (0.42), although the company's revenue decreased by 10.3% year-over-year.
• The stock currently has a consensus rating of "Moderate Buy" with a target price of $253.60, as several analysts have recently adjusted their price objectives for the shares.

T. Rowe Price Investment Management Inc. increased its position in shares of The Madison Square Garden Company (NYSE:MSGS - Free Report) by 6.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 528,545 shares of the company's stock after acquiring an additional 29,938 shares during the period. T. Rowe Price Investment Management Inc. owned about 2.20% of Madison Square Garden worth $102,919,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the company. NewEdge Advisors LLC boosted its position in shares of Madison Square Garden by 2.2% during the 4th quarter. NewEdge Advisors LLC now owns 2,914 shares of the company's stock worth $658,000 after acquiring an additional 62 shares in the last quarter. Marest Capital LLC boosted its position in shares of Madison Square Garden by 4.1% during the 1st quarter. Marest Capital LLC now owns 1,751 shares of the company's stock worth $341,000 after acquiring an additional 69 shares in the last quarter. Resona Asset Management Co. Ltd. boosted its position in Madison Square Garden by 2.8% in the first quarter. Resona Asset Management Co. Ltd. now owns 2,873 shares of the company's stock valued at $559,000 after buying an additional 79 shares in the last quarter. Covestor Ltd boosted its position in Madison Square Garden by 35.5% in the first quarter. Covestor Ltd now owns 416 shares of the company's stock valued at $81,000 after buying an additional 109 shares in the last quarter. Finally, Putney Financial Group LLC acquired a new position in shares of Madison Square Garden during the fourth quarter worth $28,000. Institutional investors and hedge funds own 68.94% of the company's stock.

Madison Square Garden Trading Up 0.1%

Shares of Madison Square Garden stock traded up $0.1890 on Monday, hitting $198.8390. 177,457 shares of the company traded hands, compared to its average volume of 156,512. The firm's 50-day simple moving average is $202.14 and its 200 day simple moving average is $196.99. The company has a market cap of $4.77 billion, a P/E ratio of -216.13 and a beta of 0.79. The Madison Square Garden Company has a 12-month low of $173.26 and a 12-month high of $237.99.

Madison Square Garden (NYSE:MSGS - Get Free Report) last posted its quarterly earnings data on Tuesday, August 12th. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.42) by $0.35. The firm had revenue of $203.96 million for the quarter, compared to analysts' expectations of $151.00 million. Madison Square Garden had a negative net margin of 2.16% and a negative return on equity of 1.76%. The business's quarterly revenue was down 10.3% on a year-over-year basis. During the same quarter last year, the company posted $1.06 EPS. Analysts predict that The Madison Square Garden Company will post 0.73 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on MSGS shares. JPMorgan Chase & Co. dropped their target price on shares of Madison Square Garden from $240.00 to $230.00 and set an "overweight" rating on the stock in a report on Monday, May 5th. Morgan Stanley upped their target price on shares of Madison Square Garden from $215.00 to $220.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 13th. Guggenheim reaffirmed a "buy" rating and issued a $314.00 price objective on shares of Madison Square Garden in a research report on Tuesday, May 6th. Finally, Susquehanna initiated coverage on shares of Madison Square Garden in a research report on Monday, April 28th. They issued a "positive" rating and a $254.00 price objective for the company. Four equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $253.60.

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.