Bank of Nova Scotia Increases Holdings in The Madison Square Garden Company $MSGS

Bank of Nova Scotia increased its stake in shares of The Madison Square Garden Company (NYSE:MSGS) by 215.0% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 56,400 shares of the company’s stock after buying an additional 38,497 shares during the period. Bank of Nova Scotia’s holdings in Madison Square Garden were worth $11,785,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the company. Fifth Third Bancorp grew its position in shares of Madison Square Garden by 59.5% in the second quarter. Fifth Third Bancorp now owns 185 shares of the company’s stock valued at $39,000 after purchasing an additional 69 shares in the last quarter. Covestor Ltd raised its position in Madison Square Garden by 35.5% in the 1st quarter. Covestor Ltd now owns 416 shares of the company’s stock worth $81,000 after purchasing an additional 109 shares during the period. CWM LLC lifted its position in Madison Square Garden by 407.7% in the second quarter. CWM LLC now owns 528 shares of the company’s stock valued at $110,000 after purchasing an additional 424 shares during the last quarter. FNY Investment Advisers LLC purchased a new stake in shares of Madison Square Garden during the second quarter worth about $111,000. Finally, Westside Investment Management Inc. boosted its holdings in Madison Square Garden by 9.0% in the second quarter. Westside Investment Management Inc. now owns 784 shares of the company’s stock valued at $164,000 after acquiring an additional 65 shares in the last quarter. 68.94% of the stock is currently owned by institutional investors.

Madison Square Garden Stock Performance

NYSE:MSGS opened at $224.00 on Thursday. The firm has a market capitalization of $5.38 billion, a PE ratio of -228.57 and a beta of 0.66. The stock’s fifty day moving average is $221.85 and its 200 day moving average is $209.17. The Madison Square Garden Company has a fifty-two week low of $173.26 and a fifty-two week high of $237.99.

Madison Square Garden (NYSE:MSGS) last announced its earnings results on Friday, October 31st. The company reported ($0.37) earnings per share for the quarter, beating the consensus estimate of ($1.04) by $0.67. The business had revenue of $39.45 million for the quarter, compared to the consensus estimate of $41.41 million. Madison Square Garden had a negative net margin of 2.31% and a negative return on equity of 1.76%. The business’s revenue for the quarter was down 26.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.31) earnings per share. Equities analysts forecast that The Madison Square Garden Company will post 0.73 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Weiss Ratings reissued a “sell (d+)” rating on shares of Madison Square Garden in a research note on Monday. JPMorgan Chase & Co. upped their price target on Madison Square Garden from $230.00 to $240.00 and gave the stock an “overweight” rating in a research report on Monday, November 3rd. 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 research report on Wednesday, August 13th. Citigroup started coverage on Madison Square Garden in a report on Tuesday, September 9th. They issued a “buy” rating and a $285.00 price target on the stock. Finally, Wolfe Research reissued an “outperform” rating on shares of Madison Square Garden in a report on Monday, November 3rd. Six research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $260.50.

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.