Maryland State Retirement & Pension System Sells 2,348 Shares of The Madison Square Garden Company $MSGS

Maryland State Retirement & Pension System decreased its holdings in shares of The Madison Square Garden Company (NYSE:MSGS) by 40.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,446 shares of the company’s stock after selling 2,348 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Madison Square Garden were worth $782,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in MSGS. Evergreen Capital Management LLC acquired a new position in Madison Square Garden during the 3rd quarter worth approximately $318,000. Insight Inv LLC grew its stake in shares of Madison Square Garden by 32.7% during the third quarter. Insight Inv LLC now owns 8,715 shares of the company’s stock worth $1,978,000 after buying an additional 2,150 shares during the last quarter. Pullen Investment Management LLC increased its holdings in shares of Madison Square Garden by 16.7% during the third quarter. Pullen Investment Management LLC now owns 12,647 shares of the company’s stock worth $2,871,000 after buying an additional 1,810 shares in the last quarter. Obermeyer Wealth Partners bought a new position in shares of Madison Square Garden in the 3rd quarter valued at $204,000. Finally, Quent Capital LLC bought a new position in shares of Madison Square Garden in the 3rd quarter valued at $118,000. 68.94% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Weiss Ratings restated a “sell (d+)” rating on shares of Madison Square Garden in a research report on Monday, December 29th. Wolfe Research cut Madison Square Garden from an “outperform” rating to a “hold” rating in a report on Monday, December 15th. JPMorgan Chase & Co. upped their price objective on Madison Square Garden from $230.00 to $240.00 and gave the company an “overweight” rating in a research note on Monday, November 3rd. Citigroup raised their price objective on shares of Madison Square Garden from $285.00 to $290.00 and gave the company a “buy” rating in a report on Tuesday, December 16th. Finally, BTIG Research started coverage on shares of Madison Square Garden in a report on Tuesday, October 7th. They set a “neutral” rating on the stock. Five investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $261.33.

Madison Square Garden Trading Up 1.0%

Shares of MSGS stock opened at $289.15 on Thursday. The Madison Square Garden Company has a 1-year low of $173.26 and a 1-year high of $293.35. The stock has a market cap of $6.94 billion, a price-to-earnings ratio of -295.05 and a beta of 0.63. The stock has a 50-day moving average of $244.91 and a 200-day moving average of $222.72.

Madison Square Garden (NYSE:MSGS) last announced its earnings results on Friday, October 31st. The company reported ($0.37) EPS for the quarter, beating the consensus estimate of ($1.04) by $0.67. The company had revenue of $39.45 million during the quarter, compared to the consensus estimate of $41.41 million. The business’s revenue was down 26.0% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.31) earnings per share. Sell-side analysts forecast that The Madison Square Garden Company will post 0.73 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.