Voleon Capital Management LP Sells 5,335 Shares of The Madison Square Garden Company $MSGS

Key Points

• Voleon Capital Management LP reduced its stake in Madison Square Garden Company (MSGS) by 66.1% during the first quarter, selling 5,335 shares and retaining 2,732 shares valued at approximately $532,000.
• Madison Square Garden received an average rating of "Moderate Buy" from analysts, with a price target of $258.83, following recent reports from Citigroup and Morgan Stanley.
• The company reported (-$0.07) earnings per share for the latest quarter, beating estimates, but experienced a 10.3% decline in revenue compared to the prior year.

Voleon Capital Management LP trimmed its position in shares of The Madison Square Garden Company (NYSE:MSGS - Free Report) by 66.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,732 shares of the company's stock after selling 5,335 shares during the quarter. Voleon Capital Management LP's holdings in Madison Square Garden were worth $532,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in MSGS. Putney Financial Group LLC bought a new position in Madison Square Garden in the 4th quarter valued at $28,000. Heck Capital Advisors LLC bought a new stake in shares of Madison Square Garden during the fourth quarter worth $43,000. Covestor Ltd raised its position in shares of Madison Square Garden by 35.5% during the first quarter. Covestor Ltd now owns 416 shares of the company's stock worth $81,000 after acquiring an additional 109 shares during the last quarter. Obermeyer Wealth Partners bought a new stake in shares of Madison Square Garden during the fourth quarter worth $202,000. Finally, Cetera Investment Advisers bought a new stake in shares of Madison Square Garden during the fourth quarter worth $203,000. 68.94% of the stock is owned by institutional investors.

Madison Square Garden Stock Performance

NYSE:MSGS traded up $1.41 on Friday, reaching $213.16. The company's stock had a trading volume of 205,078 shares, compared to its average volume of 184,766. The Madison Square Garden Company has a 1-year low of $173.26 and a 1-year high of $237.99. The firm has a market cap of $5.12 billion, a PE ratio of -231.69 and a beta of 0.78. The business's 50-day moving average price is $201.58 and its two-hundred day moving average price is $196.44.

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

Analyst Ratings Changes

A number of research firms have recently weighed in on MSGS. Morgan Stanley boosted their target price on Madison Square Garden from $215.00 to $220.00 and gave the stock an "equal weight" rating in a research report on Wednesday, August 13th. Citigroup began coverage on Madison Square Garden in a research report on Tuesday. They set a "buy" rating and a $285.00 target price for the company. Five equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $258.83.

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.