Bank of New York Mellon Corp Sells 2,988 Shares of The Madison Square Garden Company $MSGS

Bank of New York Mellon Corp decreased its stake in shares of The Madison Square Garden Company (NYSE:MSGS) by 3.3% during the 1st quarter, Holdings Channel reports. The institutional investor owned 87,737 shares of the company’s stock after selling 2,988 shares during the period. Bank of New York Mellon Corp’s holdings in Madison Square Garden were worth $28,199,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Price T Rowe Associates Inc. MD raised its position in Madison Square Garden by 67.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 699,378 shares of the company’s stock valued at $180,895,000 after buying an additional 282,318 shares during the last quarter. Reinhart Partners LLC. bought a new position in shares of Madison Square Garden during the fourth quarter valued at about $55,586,000. Norges Bank bought a new position in shares of Madison Square Garden during the fourth quarter valued at about $51,107,000. TOMS Capital Investment Management LP boosted its holdings in Madison Square Garden by 82.7% during the fourth quarter. TOMS Capital Investment Management LP now owns 329,705 shares of the company’s stock worth $85,278,000 after purchasing an additional 149,205 shares during the last quarter. Finally, Millennium Management LLC boosted its holdings in Madison Square Garden by 182.0% during the fourth quarter. Millennium Management LLC now owns 131,123 shares of the company’s stock worth $33,915,000 after purchasing an additional 84,628 shares during the last quarter. Institutional investors own 68.94% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Susquehanna increased their price objective on shares of Madison Square Garden from $429.00 to $430.00 and gave the company a “positive” rating in a research note on Tuesday, June 23rd. JPMorgan Chase & Co. boosted their target price on Madison Square Garden from $400.00 to $450.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 21st. Guggenheim upped their target price on Madison Square Garden from $470.00 to $522.00 and gave the company a “buy” rating in a report on Thursday. Morgan Stanley raised Madison Square Garden from an “equal weight” rating to an “overweight” rating and set a $450.00 price target for the company in a research report on Wednesday, July 15th. Finally, Seaport Research Partners lifted their price target on Madison Square Garden from $430.00 to $435.00 and gave the stock a “buy” rating in a report on Wednesday, May 27th. Four investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Madison Square Garden presently has an average rating of “Hold” and an average price target of $442.40.

Madison Square Garden Stock Performance

Shares of MSGS stock opened at $397.32 on Tuesday. The firm has a market cap of $9.57 billion, a price-to-earnings ratio of -427.23 and a beta of 0.61. The Madison Square Garden Company has a 52 week low of $188.60 and a 52 week high of $411.73. The firm’s 50-day simple moving average is $381.46 and its two-hundred day simple moving average is $336.32.

Madison Square Garden (NYSE:MSGS) last released its earnings results on Friday, May 8th. The company reported ($0.83) earnings per share for the quarter, missing analysts’ consensus estimates of $0.56 by ($1.39). The firm had revenue of $432.20 million for the quarter, compared to analysts’ expectations of $429.66 million. During the same period in the prior year, the company earned ($0.59) earnings per share. The firm’s revenue for the quarter was up 1.9% on a year-over-year basis. Analysts forecast that The Madison Square Garden Company will post -0.06 earnings per share for the current year.

Madison Square Garden Profile

Madison Square Garden Sports Corp (NYSE: MSGS) is a leading sports and entertainment holding company focused on professional sports franchises and related media assets. The company owns and operates teams such as the NBA’s New York Knicks, the NHL’s New York Rangers and the WNBA’s New York Liberty. Through these flagship franchises, MSG Sports offers a range of products and services including ticketing, premium seating and sponsorship opportunities, targeting fans in the New York metropolitan area and beyond.

In addition to team operations, Madison Square Garden Sports Corp holds a majority stake in MSG Networks, a regional cable network that broadcasts live sporting events, news and original programming.