The Madison Square Garden Company $MSGS Shares Sold by US Bancorp DE

Key Points

• US Bancorp DE has reduced its stake in The Madison Square Garden Company (MSGS) by 76.8%, owning just 595 shares after selling 1,968 shares during the first quarter.
• Brokerages have expressed optimism about MSGS, with analysts at Susquehanna setting a price target of $254.00 while JPMorgan Chase adjusted their target to $230.00.
• Madison Square Garden reported a quarterly loss of ($0.07) EPS, surpassing estimates and generating revenue of $203.96 million, although it was down 10.3% from the previous year.

US Bancorp DE lowered its stake in shares of The Madison Square Garden Company (NYSE:MSGS - Free Report) by 76.8% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 595 shares of the company's stock after selling 1,968 shares during the period. US Bancorp DE's holdings in Madison Square Garden were worth $116,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MSGS. Putney Financial Group LLC purchased a new position in Madison Square Garden in the 4th quarter valued at approximately $28,000. Heck Capital Advisors LLC purchased a new position in Madison Square Garden in the 4th quarter valued at approximately $43,000. Kapitalo Investimentos Ltda purchased a new position in Madison Square Garden in the 4th quarter valued at approximately $92,000. Obermeyer Wealth Partners purchased a new position in Madison Square Garden in the 4th quarter valued at approximately $202,000. Finally, Cetera Investment Advisers purchased a new position in Madison Square Garden in the 4th quarter valued at approximately $203,000. Hedge funds and other institutional investors own 68.94% of the company's stock.

Madison Square Garden Price Performance

Shares of MSGS traded up $2.0710 during midday trading on Friday, reaching $198.7210. The stock had a trading volume of 102,815 shares, compared to its average volume of 206,714. The company's fifty day simple moving average is $202.14 and its two-hundred day simple moving average is $197.16. The Madison Square Garden Company has a 1-year low of $173.26 and a 1-year high of $237.99. The company has a market cap of $4.77 billion, a price-to-earnings ratio of -216.00 and a beta of 0.79.

Madison Square Garden (NYSE:MSGS - Get Free Report) last announced its quarterly earnings results on Tuesday, August 12th. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.42) by $0.35. Madison Square Garden had a negative net margin of 2.16% and a negative return on equity of 1.76%. The firm had revenue of $203.96 million for the quarter, compared to analyst estimates of $151.00 million. During the same period last year, the business earned $1.06 EPS. Madison Square Garden's revenue for the quarter was down 10.3% compared to the same quarter last year. On average, sell-side analysts forecast that The Madison Square Garden Company will post 0.73 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Susquehanna assumed coverage on shares of Madison Square Garden in a research report on Monday, April 28th. They issued a "positive" rating and a $254.00 price target for the company. Morgan Stanley raised their price target on shares of Madison Square Garden from $215.00 to $220.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 13th. JPMorgan Chase & Co. decreased their price target on shares of Madison Square Garden from $240.00 to $230.00 and set an "overweight" rating for the company in a research report on Monday, May 5th. Finally, Guggenheim restated a "buy" rating and issued a $314.00 price objective on shares of Madison Square Garden in a report on Tuesday, May 6th. Four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $253.60.

About Madison Square Garden

Madison Square Garden Sports Corp. operates as a professional sports company in the United States. The company owns and operates a portfolio of assets that consists of the New York Knickerbockers of the National Basketball Association (NBA) and the New York Rangers of the National Hockey League. Its other professional franchises include development league teams, the Hartford Wolf Pack of the American Hockey League and the Westchester Knicks of the NBA G League.