T. Rowe Price Investment Management Inc. Raises Holdings in 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 The Madison Square Garden Company (NYSE:MSGS - Free Report) by 6.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 528,545 shares of the company's stock after buying 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 SEC filing.

Other large investors also recently modified their holdings of the company. Quantbot Technologies LP acquired a new position in shares of Madison Square Garden in the first quarter worth about $1,994,000. Northern Trust Corp boosted its stake in shares of Madison Square Garden by 15.9% in the 1st quarter. Northern Trust Corp now owns 135,191 shares of the company's stock valued at $26,324,000 after purchasing an additional 18,529 shares in the last quarter. Inspire Trust Co. N.A. raised its holdings in Madison Square Garden by 28.6% during the 1st quarter. Inspire Trust Co. N.A. now owns 9,000 shares of the company's stock worth $1,752,000 after purchasing an additional 2,000 shares during the last quarter. Russell Investments Group Ltd. increased its stake in shares of Madison Square Garden by 99.6% in the 1st quarter. Russell Investments Group Ltd. now owns 1,082 shares of the company's stock valued at $211,000 after acquiring an additional 540 shares during the last quarter. Finally, Resona Asset Management Co. Ltd. boosted its position in Madison Square Garden by 2.8% during the 1st quarter. Resona Asset Management Co. Ltd. now owns 2,873 shares of the company's stock worth $559,000 after acquiring an additional 79 shares during the last quarter. 68.94% of the stock is currently owned by institutional investors.

Madison Square Garden Price Performance

Shares of MSGS traded down $1.35 during mid-day trading on Wednesday, reaching $195.65. 27,252 shares of the company's stock traded hands, compared to its average volume of 155,533. The Madison Square Garden Company has a 12 month low of $173.26 and a 12 month high of $237.99. The stock has a market cap of $4.70 billion, a P/E ratio of -212.78 and a beta of 0.79. The stock's 50-day moving average is $202.51 and its two-hundred day moving average is $196.94.

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

Analyst Upgrades and Downgrades

A number of brokerages recently commented on MSGS. Morgan Stanley raised their price target on Madison Square Garden from $215.00 to $220.00 and gave the stock an "equal weight" rating in a research report on Wednesday, August 13th. JPMorgan Chase & Co. reduced their price objective 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. Finally, Guggenheim reiterated a "buy" rating and set a $314.00 price target on shares of Madison Square Garden in a research note on Tuesday, May 6th. Four investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, Madison Square Garden presently has a consensus rating of "Moderate Buy" and a consensus target price of $253.60.

About Madison Square Garden

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.