Vident Advisory LLC Takes Position in The Madison Square Garden Company $MSGS

Key Points

• Vident Advisory LLC acquired a new stake of 1,379 shares in The Madison Square Garden Company, valued at approximately $269,000, during Q1 2023.
• Madison Square Garden reported earnings of ($0.07) per share for the last quarter, exceeding analyst expectations and generating revenue of $203.96 million.
• Equities analysts currently rate Madison Square Garden as a "Moderate Buy," with an average price target of $258.83.

Vident Advisory LLC purchased a new stake in The Madison Square Garden Company (NYSE:MSGS - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 1,379 shares of the company's stock, valued at approximately $269,000.

A number of other hedge funds also recently made changes to their positions in MSGS. Putney Financial Group LLC acquired a new stake in shares of Madison Square Garden in the 4th quarter valued at approximately $28,000. Heck Capital Advisors LLC acquired a new stake in shares of Madison Square Garden in the 4th quarter valued at approximately $43,000. Covestor Ltd boosted its stake in shares of Madison Square Garden by 35.5% in the 1st quarter. Covestor Ltd now owns 416 shares of the company's stock valued at $81,000 after purchasing an additional 109 shares in the last quarter. Obermeyer Wealth Partners acquired a new stake in shares of Madison Square Garden in the 4th quarter valued at approximately $202,000. Finally, Cetera Investment Advisers acquired a new stake in shares of Madison Square Garden in the 4th quarter valued at approximately $203,000. 68.94% of the stock is currently owned by institutional investors and hedge funds.

Madison Square Garden Stock Performance

Madison Square Garden stock opened at $205.99 on Wednesday. The Madison Square Garden Company has a 52-week low of $173.26 and a 52-week high of $237.99. The firm has a 50 day moving average price of $201.45 and a two-hundred day moving average price of $196.24. The firm has a market cap of $4.95 billion, a price-to-earnings ratio of -223.91 and a beta of 0.78.

Madison Square Garden (NYSE:MSGS - Get Free Report) last released its quarterly earnings results on Tuesday, August 12th. The company reported ($0.07) earnings per share (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 during the quarter, compared to analyst estimates of $151.00 million. During the same quarter last year, the business earned $1.06 EPS. The company's revenue was down 10.3% compared to the same quarter last year. As a group, equities research analysts predict that The Madison Square Garden Company will post 0.73 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Citigroup assumed coverage on shares of Madison Square Garden in a research note on Tuesday. They issued a "buy" rating and a $285.00 price target on the stock. Morgan Stanley raised their price objective on shares of Madison Square Garden from $215.00 to $220.00 and gave the company an "equal weight" rating in a report on Wednesday, August 13th. Five research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $258.83.

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.

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