Victory Capital Management Inc. Acquires 291,989 Shares of The Madison Square Garden Company (NYSE:MSGS)

Victory Capital Management Inc. boosted its stake in shares of The Madison Square Garden Company (NYSE:MSGS - Free Report) by 523.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 347,800 shares of the company's stock after acquiring an additional 291,989 shares during the quarter. Victory Capital Management Inc. owned about 1.45% of Madison Square Garden worth $67,724,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the company. Edgestream Partners L.P. acquired a new position in Madison Square Garden in the first quarter valued at approximately $1,255,000. MQS Management LLC acquired a new stake in Madison Square Garden during the 1st quarter valued at $651,000. Banque Pictet & Cie SA bought a new position in shares of Madison Square Garden in the 1st quarter worth about $467,000. Envestnet Asset Management Inc. raised its position in shares of Madison Square Garden by 50.5% during the 1st quarter. Envestnet Asset Management Inc. now owns 9,687 shares of the company's stock worth $1,886,000 after buying an additional 3,250 shares in the last quarter. Finally, Principal Financial Group Inc. increased its position in shares of Madison Square Garden by 2.4% in the first quarter. Principal Financial Group Inc. now owns 83,241 shares of the company's stock worth $16,209,000 after acquiring an additional 1,989 shares in the last quarter. Hedge funds and other institutional investors own 68.94% of the company's stock.

Madison Square Garden Stock Up 1.0%

Shares of MSGS opened at $210.69 on Friday. The stock has a fifty day simple moving average of $197.55 and a two-hundred day simple moving average of $200.30. The company has a market capitalization of $5.06 billion, a PE ratio of 1,003.31 and a beta of 0.79. The Madison Square Garden Company has a 52-week low of $173.26 and a 52-week high of $237.99.

Madison Square Garden (NYSE:MSGS - Get Free Report) last released its earnings results on Friday, May 2nd. The company reported ($0.59) EPS for the quarter, missing analysts' consensus estimates of $1.48 by ($2.07). Madison Square Garden had a negative return on equity of 1.76% and a net margin of 0.45%. The firm had revenue of $424.20 million for the quarter, compared to the consensus estimate of $436.84 million. During the same period in the prior year, the business earned $1.57 EPS. The company's quarterly revenue was down 1.3% on a year-over-year basis. As a group, equities analysts anticipate that The Madison Square Garden Company will post 0.73 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on MSGS. Morgan Stanley lowered their price objective on shares of Madison Square Garden from $235.00 to $215.00 and set an "equal weight" rating on the stock in a report on Monday, May 5th. Susquehanna assumed coverage on Madison Square Garden in a research report on Monday, April 28th. They set a "positive" rating and a $254.00 price target for the company. JPMorgan Chase & Co. reduced their price target on Madison Square Garden from $240.00 to $230.00 and set an "overweight" rating for the company in a report on Monday, May 5th. Finally, Guggenheim reaffirmed a "buy" rating and set a $314.00 price objective on shares of Madison Square Garden in a report on Tuesday, May 6th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $252.60.

Madison Square Garden Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.