Tabor Asset Management LP Has $3.13 Million Stock Holdings in The Madison Square Garden Company $MSGS

Key Points

• Tabor Asset Management increased its stake by 34.4%, buying 3,530 shares to own 13,793 shares of MSGS valued at about $3.13 million, making it the firm's 21st-largest holding and roughly 0.06% of the company.
• Quarterly results missed on EPS but beat on revenue: MSGS reported $0.34 EPS versus a $0.66 consensus (a miss) while revenue was $403.42 million, up 12.7% year-over-year and above estimates.
• Insider sale and market/analyst snapshot: Director Charles P. Dolan sold 5,659 shares for about $1.84 million; institutional investors own ~68.9% and insiders ~19.1% of MSGS, and analysts' consensus is a "Hold" with a $286 price target.

Tabor Asset Management LP increased its holdings in shares of The Madison Square Garden Company (NYSE:MSGS - Free Report) by 34.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 13,793 shares of the company's stock after buying an additional 3,530 shares during the quarter. Madison Square Garden accounts for approximately 1.9% of Tabor Asset Management LP's holdings, making the stock its 21st largest holding. Tabor Asset Management LP owned 0.06% of Madison Square Garden worth $3,131,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Norges Bank acquired a new stake in Madison Square Garden during the 2nd quarter worth approximately $39,215,000. Bollard Group LLC bought a new position in shares of Madison Square Garden during the second quarter worth about $25,283,000. Scopus Asset Management L.P. acquired a new position in Madison Square Garden during the 2nd quarter worth approximately $14,787,000. SG Americas Securities LLC raised its holdings in shares of Madison Square Garden by 1,021.4% in the second quarter. SG Americas Securities LLC now owns 48,333 shares of the company's stock valued at $10,099,000 after purchasing an additional 44,023 shares during the last quarter. Finally, Bank of Nova Scotia grew its position in Madison Square Garden by 215.0% in the second quarter. Bank of Nova Scotia now owns 56,400 shares of the company's stock valued at $11,785,000 after purchasing an additional 38,497 shares in the last quarter. Institutional investors and hedge funds own 68.94% of the company's stock.

Madison Square Garden Price Performance

Shares of NYSE:MSGS opened at $317.32 on Tuesday. The business's 50 day simple moving average is $290.26 and its 200 day simple moving average is $245.69. The company has a market capitalization of $7.64 billion, a P/E ratio of -459.89 and a beta of 0.56. The Madison Square Garden Company has a 1 year low of $173.26 and a 1 year high of $345.46.

Madison Square Garden (NYSE:MSGS - Get Free Report) last issued its quarterly earnings results on Thursday, February 5th. The company reported $0.34 EPS for the quarter, missing analysts' consensus estimates of $0.66 by ($0.32). The company had revenue of $403.42 million during the quarter, compared to the consensus estimate of $394.58 million. During the same quarter in the prior year, the firm earned $0.05 EPS. The business's revenue for the quarter was up 12.7% compared to the same quarter last year. On average, sell-side analysts anticipate that The Madison Square Garden Company will post 0.73 EPS for the current fiscal year.

Insider Buying and Selling at Madison Square Garden

In related news, Director Charles P. Dolan sold 5,659 shares of the stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $325.26, for a total transaction of $1,840,646.34. Following the sale, the director owned 435 shares in the company, valued at approximately $141,488.10. This trade represents a 92.86% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 19.07% of the company's stock.

Analyst Upgrades and Downgrades

MSGS has been the subject of several recent research reports. JPMorgan Chase & Co. increased their price target on Madison Square Garden from $240.00 to $305.00 and gave the company an "overweight" rating in a research report on Friday, February 6th. Weiss Ratings restated a "sell (d+)" rating on shares of Madison Square Garden in a research note on Monday, December 29th. Wolfe Research cut Madison Square Garden from an "outperform" rating to a "hold" rating in a report on Monday, December 15th. Citigroup boosted their target price on Madison Square Garden from $290.00 to $337.00 and gave the stock a "buy" rating in a report on Friday, February 13th. Finally, Guggenheim reaffirmed a "buy" rating on shares of Madison Square Garden in a research report on Thursday, February 5th. Four analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $286.00.

Madison Square Garden 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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