Wellington Management Group LLP Has $12.09 Million Stock Holdings in The Madison Square Garden Company $MSGS

Key Points

• Wellington Management Group LLP reduced its stake in The Madison Square Garden Company by 9.8%, now holding 62,083 shares valued at approximately $12.09 million.
• Analysts have adjusted their price targets for Madison Square Garden, with JPMorgan lowering it to $230, while Guggenheim set a target of $314.
• The Madison Square Garden Company reported an earnings per share of ($0.07), surpassing expectations of ($0.42), along with revenues of $203.96 million in the latest quarter.

Wellington Management Group LLP trimmed its holdings in shares of The Madison Square Garden Company (NYSE:MSGS - Free Report) by 9.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 62,083 shares of the company's stock after selling 6,751 shares during the period. Wellington Management Group LLP owned 0.26% of Madison Square Garden worth $12,089,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Putney Financial Group LLC acquired a new stake in shares of Madison Square Garden in the 4th quarter valued at about $28,000. Heck Capital Advisors LLC acquired a new stake in shares of Madison Square Garden in the fourth quarter valued at approximately $43,000. Covestor Ltd boosted its holdings in shares of Madison Square Garden by 35.5% in the first quarter. Covestor Ltd now owns 416 shares of the company's stock valued at $81,000 after acquiring an additional 109 shares in the last quarter. Kapitalo Investimentos Ltda bought a new position in shares of Madison Square Garden in the fourth quarter valued at approximately $92,000. Finally, Obermeyer Wealth Partners bought a new position in shares of Madison Square Garden in the fourth quarter valued at approximately $202,000. 68.94% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Guggenheim reissued a "buy" rating and issued a $314.00 price target on shares of Madison Square Garden in a research note on Tuesday, May 6th. JPMorgan Chase & Co. reduced their price objective on Madison Square Garden from $240.00 to $230.00 and set an "overweight" rating for the company in a research report on Monday, May 5th. Finally, Morgan Stanley increased their target price on shares of Madison Square Garden from $215.00 to $220.00 and gave the company an "equal weight" rating in a research note on Wednesday, August 13th. Four research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $253.60.

Madison Square Garden Stock Up 0.6%

Madison Square Garden stock traded up $1.25 during mid-day trading on Monday, hitting $197.79. 192,161 shares of the company's stock were exchanged, compared to its average volume of 210,503. The company's 50 day simple moving average is $202.62 and its 200-day simple moving average is $196.60. The Madison Square Garden Company has a fifty-two week low of $173.26 and a fifty-two week high of $237.99. The firm has a market capitalization of $4.75 billion, a P/E ratio of -214.99 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, beating the consensus estimate of ($0.42) by $0.35. The firm had revenue of $203.96 million for the quarter, compared to the consensus estimate of $151.00 million. Madison Square Garden had a negative return on equity of 1.76% and a negative net margin of 2.16%.The company's revenue for the quarter was down 10.3% on a year-over-year basis. During the same quarter last year, the business posted $1.06 EPS. Research analysts expect that The Madison Square Garden Company will post 0.73 EPS for the current year.

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.