The Madison Square Garden Company $MSGS Shares Sold by State of Alaska Department of Revenue

Key Points

• State of Alaska Department of Revenue cut its Madison Square Garden stake by 43.4% in the third quarter, selling 2,830 shares and retaining 3,686 shares valued at approximately $1.49 million.
• Analysts have generally become more positive, with Susquehanna and JPMorgan raising their price targets to $477 and $485, respectively. The stock carries a consensus “Moderate Buy” rating and an average target of $471.20.
• Madison Square Garden reported quarterly EPS of $1.16, beating estimates of $0.64, while revenue rose 36.6% year over year to $278.75 million. Shares opened at $399.89, with a market capitalization of about $9.63 billion.

State of Alaska Department of Revenue lessened its holdings in The Madison Square Garden Company (NYSE:MSGS - Free Report) by 43.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,686 shares of the company's stock after selling 2,830 shares during the period. State of Alaska Department of Revenue's holdings in Madison Square Garden were worth $1,493,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Steel Grove Capital Advisors LLC increased its holdings in shares of Madison Square Garden by 14.9% in the third quarter. Steel Grove Capital Advisors LLC now owns 2,917 shares of the company's stock valued at $1,182,000 after purchasing an additional 378 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Madison Square Garden by 9.0% in the third quarter. GAMMA Investing LLC now owns 1,390 shares of the company's stock valued at $563,000 after purchasing an additional 115 shares during the period. QRG Capital Management Inc. raised its position in shares of Madison Square Garden by 14.0% in the second quarter. QRG Capital Management Inc. now owns 2,403 shares of the company's stock valued at $966,000 after purchasing an additional 295 shares during the period. Sequoia Financial Advisors LLC acquired a new stake in shares of Madison Square Garden during the 2nd quarter worth about $215,000. Finally, Engineers Gate Manager LP acquired a new stake in shares of Madison Square Garden during the 2nd quarter worth about $4,331,000. Institutional investors own 68.94% of the company's stock.

Analysts Set New Price Targets

Several analysts recently commented on MSGS shares. Susquehanna lifted their target price on shares of Madison Square Garden from $430.00 to $477.00 and gave the stock a "positive" rating in a report on Friday, August 14th. JPMorgan Chase & Co. increased their price target on shares of Madison Square Garden from $450.00 to $485.00 and gave the company an "overweight" rating in a report on Friday, August 14th. Zacks Research raised shares of Madison Square Garden from a "strong sell" rating to a "hold" rating in a report on Friday, August 14th. Wall Street Zen upgraded shares of Madison Square Garden from a "sell" rating to a "hold" rating in a research report on Sunday, August 23rd. Finally, Morgan Stanley upgraded shares of Madison Square Garden from an "equal weight" rating to an "overweight" rating and set a $450.00 price objective for the company in a research report on Wednesday, July 15th. Four analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $471.20.

Madison Square Garden Price Performance

Shares of NYSE MSGS opened at $399.89 on Tuesday. The stock's fifty day moving average price is $399.66 and its two-hundred day moving average price is $378.09. The Madison Square Garden Company has a one year low of $207.90 and a one year high of $438.93. The firm has a market cap of $9.63 billion, a price-to-earnings ratio of 1,333.02 and a beta of 0.62.

Madison Square Garden (NYSE:MSGS - Get Free Report) last posted its quarterly earnings data on Thursday, August 13th. The company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.52. Madison Square Garden had a negative return on equity of 3.47% and a net margin of 0.67%. The firm had revenue of $278.75 million for the quarter, compared to analysts' expectations of $227.67 million. During the same quarter last year, the business earned ($0.07) EPS. The company's quarterly revenue was up 36.6% compared to the same quarter last year. On average, equities analysts anticipate that The Madison Square Garden Company will post -1.13 earnings per share for the current fiscal year.

Madison Square Garden Profile

Madison Square Garden Sports Corp. NYSE: MSGS is a sports and entertainment company that owns and operates professional sports franchises. Its principal assets include the New York Knicks of the National Basketball Association and the New York Rangers of the National Hockey League. The company also owns the NBA G League's Westchester Knicks and operates team-related businesses involving ticketing, sponsorships, media rights, merchandising and licensing.

Through its teams and related commercial activities, Madison Square Garden Sports serves fans primarily in the New York metropolitan area while reaching national and international audiences through league broadcasts, digital media, live events and branded merchandise.

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