UBS Group AG Lowers Stock Holdings in The Madison Square Garden Company $MSGS

UBS Group AG decreased its position in shares of The Madison Square Garden Company (NYSE:MSGS) by 40.8% during the fourth quarter, Holdings Channel reports. The institutional investor owned 53,079 shares of the company’s stock after selling 36,615 shares during the period. UBS Group AG’s holdings in Madison Square Garden were worth $13,729,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Amundi lifted its holdings in Madison Square Garden by 4.7% in the 1st quarter. Amundi now owns 5,643 shares of the company’s stock worth $1,091,000 after purchasing an additional 252 shares in the last quarter. Millennium Management LLC lifted its holdings in Madison Square Garden by 8.0% in the 1st quarter. Millennium Management LLC now owns 27,147 shares of the company’s stock worth $5,286,000 after purchasing an additional 2,006 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in Madison Square Garden by 28.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 24,807 shares of the company’s stock worth $4,830,000 after purchasing an additional 5,452 shares in the last quarter. United Services Automobile Association purchased a new position in Madison Square Garden in the 1st quarter worth approximately $210,000. Finally, Empowered Funds LLC lifted its holdings in Madison Square Garden by 10.8% in the 1st quarter. Empowered Funds LLC now owns 2,055 shares of the company’s stock worth $400,000 after purchasing an additional 200 shares in the last quarter. Hedge funds and other institutional investors own 68.94% of the company’s stock.

Madison Square Garden Stock Performance

NYSE:MSGS opened at $348.87 on Friday. The stock’s fifty day moving average is $325.71 and its 200 day moving average is $281.99. The Madison Square Garden Company has a fifty-two week low of $186.00 and a fifty-two week high of $357.42. The firm has a market capitalization of $8.40 billion, a PE ratio of -375.12 and a beta of 0.59.

Madison Square Garden (NYSE:MSGS) last released its quarterly earnings results on Friday, May 8th. The company reported ($0.83) earnings per share for the quarter, missing the consensus estimate of $0.56 by ($1.39). The company had revenue of $432.20 million during the quarter, compared to the consensus estimate of $429.66 million. During the same quarter in the previous year, the firm earned ($0.59) EPS. The business’s revenue for the quarter was up 1.9% compared to the same quarter last year. Equities analysts forecast that The Madison Square Garden Company will post -0.5 EPS for the current year.

Insiders Place Their Bets

In related news, Director Charles P. Dolan sold 5,659 shares of the stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $325.26, for a total value of $1,840,646.34. Following the sale, the director directly owned 435 shares of the company’s stock, valued at $141,488.10. This represents a 92.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 19.07% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

MSGS has been the topic of several research analyst reports. Weiss Ratings upgraded shares of Madison Square Garden from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, March 27th. Seaport Research Partners upgraded shares of Madison Square Garden from a “neutral” rating to a “buy” rating and set a $430.00 price target on the stock in a research note on Friday, April 10th. Wall Street Zen raised Madison Square Garden from a “strong sell” rating to a “hold” rating in a report on Saturday, February 14th. Guggenheim upped their price objective on Madison Square Garden from $355.00 to $401.00 and gave the stock a “buy” rating in a report on Tuesday, April 21st. Finally, JPMorgan Chase & Co. upped their price objective on Madison Square Garden from $240.00 to $305.00 and gave the stock an “overweight” rating in a report on Friday, February 6th. Three equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, Madison Square Garden currently has a consensus rating of “Hold” and a consensus price target of $338.00.

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.