Bank of Montreal Can Acquires 2,420 Shares of The Madison Square Garden Company $MSGS

Bank of Montreal Can lifted its holdings in The Madison Square Garden Company (NYSE:MSGS) by 4.7% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 53,599 shares of the company’s stock after purchasing an additional 2,420 shares during the period. Bank of Montreal Can’s holdings in Madison Square Garden were worth $11,200,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of MSGS. Principal Financial Group Inc. increased its stake in Madison Square Garden by 2.4% in the first quarter. Principal Financial Group Inc. now owns 83,241 shares of the company’s stock worth $16,209,000 after purchasing an additional 1,989 shares during the period. Envestnet Asset Management Inc. grew its holdings in shares of Madison Square Garden by 50.5% in the first quarter. Envestnet Asset Management Inc. now owns 9,687 shares of the company’s stock worth $1,886,000 after purchasing an additional 3,250 shares during the last quarter. MQS Management LLC purchased a new position in Madison Square Garden in the 1st quarter worth about $651,000. Edgestream Partners L.P. bought a new stake in Madison Square Garden during the 1st quarter valued at about $1,255,000. Finally, Victory Capital Management Inc. lifted its holdings in Madison Square Garden by 523.2% during the 1st quarter. Victory Capital Management Inc. now owns 347,800 shares of the company’s stock valued at $67,724,000 after buying an additional 291,989 shares in the last quarter. Hedge funds and other institutional investors own 68.94% of the company’s stock.

Wall Street Analysts Forecast Growth

MSGS has been the topic of a number of research analyst reports. JPMorgan Chase & Co. upped their target price on shares of Madison Square Garden from $230.00 to $240.00 and gave the stock an “overweight” rating in a research note on Monday, November 3rd. Zacks Research raised shares of Madison Square Garden from a “strong sell” rating to a “hold” rating in a research note on Monday, October 13th. Citigroup started coverage on Madison Square Garden in a research note on Tuesday, September 9th. They issued a “buy” rating and a $285.00 price objective on the stock. BTIG Research started coverage on Madison Square Garden in a report on Tuesday, October 7th. They set a “neutral” rating on the stock. Finally, Morgan Stanley upped their target price on Madison Square Garden from $215.00 to $220.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 13th. Six investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $260.50.

Madison Square Garden Stock Up 1.9%

Shares of MSGS stock opened at $219.82 on Friday. The firm has a market cap of $5.28 billion, a price-to-earnings ratio of -224.30 and a beta of 0.77. The Madison Square Garden Company has a 52-week low of $173.26 and a 52-week high of $237.99. The company’s 50 day moving average is $217.66 and its 200 day moving average is $204.64.

Madison Square Garden (NYSE:MSGS) last announced its earnings results on Friday, October 31st. The company reported ($0.37) earnings per share (EPS) 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 analysts’ expectations of $41.41 million. Madison Square Garden had a negative return on equity of 1.76% and a negative net margin of 2.31%.The business’s revenue for the quarter was down 26.0% on a year-over-year basis. During the same quarter last year, the firm earned ($0.31) EPS. Analysts anticipate that The Madison Square Garden Company will post 0.73 EPS for the current fiscal year.

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.