The Manufacturers Life Insurance Company Sells 39,673 Shares of The Madison Square Garden Company $MSGS

Key Points

• The Manufacturers Life Insurance Company reduced its MSGS stake by 25.1% in the first quarter, selling 39,673 shares and retaining 118,157 shares worth approximately $38.0 million. Institutional investors collectively own 68.94% of the stock.
• Analyst sentiment is mixed but includes several upgrades and price-target increases; the consensus rating remains Hold, with an average price target of $442.40.
• MSGS shares recently traded at $405.62, near their 12-month high of $411.73. The company beat revenue expectations with $432.2 million, but reported an adjusted loss of $0.83 per share versus the expected $0.56 profit.

The Manufacturers Life Insurance Company trimmed its position in shares of The Madison Square Garden Company (NYSE:MSGS - Free Report) by 25.1% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 118,157 shares of the company's stock after selling 39,673 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.49% of Madison Square Garden worth $37,976,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. SJS Investment Consulting Inc. boosted its stake in Madison Square Garden by 488.2% during the 1st quarter. SJS Investment Consulting Inc. now owns 100 shares of the company's stock valued at $32,000 after purchasing an additional 83 shares during the last quarter. Aster Capital Management DIFC Ltd purchased a new position in shares of Madison Square Garden in the fourth quarter worth $26,000. Caitong International Asset Management Co. Ltd raised its stake in shares of Madison Square Garden by 67.1% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 122 shares of the company's stock worth $32,000 after purchasing an additional 49 shares during the last quarter. Global Retirement Partners LLC lifted its holdings in shares of Madison Square Garden by 1,150.0% during the fourth quarter. Global Retirement Partners LLC now owns 125 shares of the company's stock valued at $32,000 after purchasing an additional 115 shares in the last quarter. Finally, Salomon & Ludwin LLC lifted its holdings in shares of Madison Square Garden by 33.1% during the fourth quarter. Salomon & Ludwin LLC now owns 157 shares of the company's stock valued at $40,000 after purchasing an additional 39 shares in the last quarter. 68.94% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently commented on MSGS shares. Guggenheim lifted their price objective on Madison Square Garden from $470.00 to $522.00 and gave the stock a "buy" rating in a report on Thursday, July 23rd. Citigroup raised their target price on Madison Square Garden from $355.00 to $360.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 13th. Morgan Stanley upgraded Madison Square Garden from an "equal weight" rating to an "overweight" rating and set a $450.00 price target for the company in a research note on Wednesday, July 15th. Susquehanna upped their price target on shares of Madison Square Garden from $429.00 to $430.00 and gave the company a "positive" rating in a research report on Tuesday, June 23rd. Finally, JPMorgan Chase & Co. increased their price objective on shares of Madison Square Garden from $400.00 to $450.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 21st. Four research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $442.40.

Madison Square Garden Trading Up 1.8%

Shares of MSGS stock opened at $405.62 on Friday. The stock has a market capitalization of $9.77 billion, a price-to-earnings ratio of -436.15 and a beta of 0.61. The Madison Square Garden Company has a 12-month low of $188.60 and a 12-month high of $411.73. The stock's 50-day moving average price is $384.33 and its 200-day moving average price is $339.26.

Madison Square Garden (NYSE:MSGS - Get Free Report) last posted its earnings results on Friday, May 8th. The company reported ($0.83) earnings per share for the quarter, missing analysts' consensus estimates of $0.56 by ($1.39). The company had revenue of $432.20 million for the quarter, compared to analysts' expectations of $429.66 million. During the same period in the previous year, the business posted ($0.59) earnings per share. The business's quarterly revenue was up 1.9% compared to the same quarter last year. As a group, research analysts predict that The Madison Square Garden Company will post -0.06 EPS for the current fiscal year.

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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