Virtus Advisers LLC Takes Position in The Madison Square Garden Company $MSGS

Key Points

• Virtus Advisers LLC acquired a new position in The Madison Square Garden Company, purchasing 2,592 shares worth approximately $505,000.
• Analysts have varying price targets for Madison Square Garden, ranging from $220.00 by Morgan Stanley to $314.00 by Guggenheim, with an average rating of "Moderate Buy."
• Madison Square Garden reported a quarterly revenue of $203.96 million, exceeding analyst estimates, despite a 10.3% decline from the previous year.

Virtus Advisers LLC purchased a new position in The Madison Square Garden Company (NYSE:MSGS - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,592 shares of the company's stock, valued at approximately $505,000.

A number of other large investors have also bought and sold shares of the stock. NewEdge Advisors LLC grew its holdings in Madison Square Garden by 2.2% in the fourth quarter. NewEdge Advisors LLC now owns 2,914 shares of the company's stock worth $658,000 after purchasing an additional 62 shares during the period. Marest Capital LLC grew its holdings in Madison Square Garden by 4.1% in the first quarter. Marest Capital LLC now owns 1,751 shares of the company's stock worth $341,000 after purchasing an additional 69 shares during the period. Resona Asset Management Co. Ltd. grew its holdings in shares of Madison Square Garden by 2.8% during the first quarter. Resona Asset Management Co. Ltd. now owns 2,873 shares of the company's stock valued at $559,000 after buying an additional 79 shares during the last quarter. Covestor Ltd grew its holdings in shares of Madison Square Garden by 35.5% during the first quarter. Covestor Ltd now owns 416 shares of the company's stock valued at $81,000 after buying an additional 109 shares during the last quarter. Finally, Putney Financial Group LLC acquired a new position in shares of Madison Square Garden during the fourth quarter valued at about $28,000. 68.94% of the stock is currently owned by institutional investors and hedge funds.

Madison Square Garden Stock Performance

MSGS stock traded up $1.25 during mid-day trading on Friday, hitting $197.79. The company had a trading volume of 192,161 shares, compared to its average volume of 156,334. The firm has a market cap of $4.75 billion, a PE ratio of -214.99 and a beta of 0.79. The Madison Square Garden Company has a 12 month low of $173.26 and a 12 month high of $237.99. The stock's fifty day moving average price is $202.73 and its two-hundred day moving average price is $196.86.

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

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on MSGS. Morgan Stanley lifted 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. JPMorgan Chase & Co. reduced their price objective on shares of 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 restated a "buy" rating and set a $314.00 price target on shares of Madison Square Garden in a report on Tuesday, May 6th. Four 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.com, the stock has an average 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.