The Madison Square Garden Company $MSGS Shares Bought by Assetmark Inc.

Key Points

• Assetmark Inc. increased its stake in The Madison Square Garden Company (MSGS) by 38.7% in Q4, adding 3,288 shares to hold 11,794 shares valued at about $3.05 million.
• Analysts have been raising targets and ratings recently; MSGS has an average consensus rating of "Hold" with a consensus price target of $312.80, while several firms have higher individual targets (e.g., Seaport $430, Citigroup $337, Susquehanna $388, JPMorgan $305).
• MSGS missed Q4 EPS estimates (reported $0.34 vs. $0.66 expected) despite revenue rising 12.7% year-over-year; the stock opened at $335.05, has a market cap of $8.06 billion, and a negative P/E of -485.58.

Assetmark Inc. lifted its holdings in The Madison Square Garden Company (NYSE:MSGS - Free Report) by 38.7% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 11,794 shares of the company's stock after buying an additional 3,288 shares during the quarter. Assetmark Inc.'s holdings in Madison Square Garden were worth $3,051,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of MSGS. Farther Finance Advisors LLC lifted its holdings in shares of Madison Square Garden by 5,450.0% in the 3rd quarter. Farther Finance Advisors LLC now owns 111 shares of the company's stock worth $25,000 after purchasing an additional 109 shares during the last quarter. Salomon & Ludwin LLC bought a new position in Madison Square Garden in the 3rd quarter worth approximately $27,000. Accredited Wealth Management LLC increased its holdings in shares of Madison Square Garden by 524.0% during the third quarter. Accredited Wealth Management LLC now owns 156 shares of the company's stock valued at $35,000 after purchasing an additional 131 shares during the period. Sound Income Strategies LLC bought a new stake in shares of Madison Square Garden during the 4th quarter worth about $45,000. Finally, Hantz Financial Services Inc. bought a new stake in Madison Square Garden during the third quarter worth approximately $80,000. 68.94% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Wall Street Zen raised shares of Madison Square Garden from a "strong sell" rating to a "hold" rating in a research note on Saturday, February 14th. JPMorgan Chase & Co. upped their price target on Madison Square Garden from $240.00 to $305.00 and gave the company an "overweight" rating in a report on Friday, February 6th. Citigroup increased their price objective on Madison Square Garden from $290.00 to $337.00 and gave the company a "buy" rating in a research report on Friday, February 13th. Susquehanna raised their price objective on Madison Square Garden from $356.00 to $388.00 and gave the stock a "positive" rating in a research note on Thursday, April 9th. Finally, Seaport Research Partners upgraded Madison Square Garden from a "neutral" rating to a "buy" rating and set a $430.00 target price on the stock in a report on Friday, April 10th. Four analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, Madison Square Garden currently has an average rating of "Hold" and a consensus price target of $312.80.

Madison Square Garden Price Performance

Shares of MSGS opened at $335.05 on Monday. The company has a 50-day moving average of $315.94 and a two-hundred day moving average of $268.43. The stock has a market cap of $8.06 billion, a price-to-earnings ratio of -485.58 and a beta of 0.59. The Madison Square Garden Company has a one year low of $183.58 and a one year high of $345.48.

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

Insider Activity

In other news, Director Charles P. Dolan sold 5,659 shares of the stock in a transaction on Friday, February 20th. The stock was sold at an average price of $325.26, for a total value of $1,840,646.34. Following the completion of the sale, the director owned 435 shares in the company, valued at $141,488.10. This represents a 92.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 19.07% of the stock is owned by insiders.

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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