The Madison Square Garden Company $MSGS Position Boosted by California State Teachers Retirement System

Key Points

• Institutional ownership increased: California State Teachers Retirement System boosted its MSGS stake by 25% to 18,452 shares, while several other major investors also expanded positions. Institutions collectively own 68.94% of the stock.
• Analyst sentiment is mixed but improving: Morgan Stanley and JPMorgan upgraded the shares to “overweight,” while the broader analyst consensus remains “Hold” with an average price target of $442.40.
• Recent performance was mixed: MSGS reported quarterly revenue of $432.2 million, slightly above estimates, but posted an adjusted loss of $0.83 per share versus the expected $0.56 profit. The stock opened at $391.39, near its 52-week high of $411.73.

California State Teachers Retirement System raised its stake in The Madison Square Garden Company (NYSE:MSGS - Free Report) by 25.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,452 shares of the company's stock after acquiring an additional 3,694 shares during the period. California State Teachers Retirement System owned 0.08% of Madison Square Garden worth $5,930,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in MSGS. Price T Rowe Associates Inc. MD increased its holdings in shares of 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 buying an additional 282,318 shares in the last quarter. Reinhart Partners LLC. acquired a new position in shares of Madison Square Garden in the fourth quarter worth $55,586,000. Norges Bank purchased a new stake in shares of Madison Square Garden during the 4th quarter worth about $51,107,000. TOMS Capital Investment Management LP raised its position in Madison Square Garden by 82.7% during the fourth quarter. TOMS Capital Investment Management LP now owns 329,705 shares of the company's stock valued at $85,278,000 after acquiring an additional 149,205 shares in the last quarter. Finally, Millennium Management LLC raised its holdings in shares of Madison Square Garden by 182.0% during the 4th quarter. Millennium Management LLC now owns 131,123 shares of the company's stock valued at $33,915,000 after purchasing an additional 84,628 shares in the last quarter. 68.94% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on MSGS shares. Citigroup lifted their price objective on 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 Madison Square Garden from a "sell" rating to a "hold" rating in a research note on Saturday, July 18th. Morgan Stanley raised shares of Madison Square Garden from an "equal weight" rating to an "overweight" rating and set a $450.00 price target for the company in a report on Wednesday, July 15th. Seaport Research Partners raised their price objective 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. 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 investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $442.40.

Madison Square Garden Stock Down 0.9%

MSGS stock opened at $391.39 on Thursday. The business's fifty day moving average is $386.85 and its 200-day moving average is $342.43. The company has a market cap of $9.42 billion, a P/E ratio of -420.85 and a beta of 0.62. The Madison Square Garden Company has a twelve month low of $188.60 and a twelve month high of $411.73.

Madison Square Garden (NYSE:MSGS - Get Free Report) last released its quarterly earnings data on Friday, May 8th. The company reported ($0.83) EPS for the quarter, missing analysts' consensus estimates of $0.56 by ($1.39). The company had revenue of $432.20 million during the quarter, compared to analyst estimates of $429.66 million. During the same period in the previous year, the company earned ($0.59) EPS. The company's revenue was up 1.9% compared to the same quarter last year. Research analysts anticipate that The Madison Square Garden Company will post -0.06 earnings per share 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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