Vanguard Group Inc. Has $475.26 Million Stock Holdings in The Madison Square Garden Company $MSGS

Key Points

• Vanguard Group trimmed its stake in The Madison Square Garden Company by 1.0% to 1,837,452 shares, owning 7.65% of the company worth approximately $475.26 million.
• Director Charles P. Dolan sold 5,659 shares at an average price of $325.26 (reducing his holdings by 92.86% to 435 shares), while corporate insiders now own about 19.07% of the stock.
• MSGS reported an EPS miss ( $0.34 vs. $0.66 expected) but revenue rose 12.7% to $403.42M; the stock trades near $337.80 with an average analyst rating of Hold and a consensus target price of $333.80, though several firms have raised price targets as high as $430–$401.

Vanguard Group Inc. trimmed its position in shares of The Madison Square Garden Company (NYSE:MSGS - Free Report) by 1.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,837,452 shares of the company's stock after selling 18,399 shares during the quarter. Vanguard Group Inc. owned 7.65% of Madison Square Garden worth $475,257,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Farther Finance Advisors LLC raised its stake in Madison Square Garden by 5,450.0% during the 3rd quarter. Farther Finance Advisors LLC now owns 111 shares of the company's stock worth $25,000 after buying an additional 109 shares during the period. Salomon & Ludwin LLC acquired a new position in Madison Square Garden in the third quarter valued at about $27,000. Accredited Wealth Management LLC increased its holdings in shares of Madison Square Garden by 524.0% in the third quarter. Accredited Wealth Management LLC now owns 156 shares of the company's stock worth $35,000 after acquiring an additional 131 shares in the last quarter. Sound Income Strategies LLC acquired a new stake in shares of Madison Square Garden during the fourth quarter worth about $45,000. Finally, Hantz Financial Services Inc. acquired a new stake in shares of Madison Square Garden during the third quarter worth about $80,000. Institutional investors and hedge funds own 68.94% of the company's stock.

Insider Activity at Madison Square Garden

In related news, Director Charles P. Dolan sold 5,659 shares of the stock in a transaction on Friday, February 20th. The shares were sold at an average price of $325.26, for a total transaction of $1,840,646.34. Following the completion of the transaction, the director owned 435 shares in the company, valued at approximately $141,488.10. This represents a 92.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 19.07% of the stock is currently owned by corporate insiders.

Madison Square Garden Stock Performance

NYSE:MSGS opened at $337.80 on Wednesday. The stock has a 50-day simple moving average of $323.21 and a 200 day simple moving average of $276.30. The Madison Square Garden Company has a 52-week low of $186.00 and a 52-week high of $345.50. The company has a market cap of $8.13 billion, a PE ratio of -489.57 and a beta of 0.59.

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 for the quarter, missing analysts' consensus estimates of $0.66 by ($0.32). The business had revenue of $403.42 million during the quarter, compared to analysts' expectations of $394.58 million. The firm's revenue was up 12.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.05 earnings per share. On average, research analysts predict that The Madison Square Garden Company will post -0.34 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Weiss Ratings upgraded Madison Square Garden from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Friday, March 27th. 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. increased their price objective on shares of Madison Square Garden from $240.00 to $305.00 and gave the stock an "overweight" rating in a research report on Friday, February 6th. Guggenheim raised their price objective on shares of Madison Square Garden from $355.00 to $401.00 and gave the stock a "buy" rating in a report on Tuesday, April 21st. Finally, Seaport Research Partners raised shares of Madison Square Garden from a "neutral" rating to a "buy" rating and set a $430.00 price objective on the stock in a research report on Friday, April 10th. Three investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $333.80.

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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