TD Asset Management Inc Buys New Position in The Madison Square Garden Company $MSGS

TD Asset Management Inc purchased a new position in The Madison Square Garden Company (NYSE:MSGS) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 9,040 shares of the company’s stock, valued at approximately $2,052,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Inspire Trust Co. N.A. lifted its position in Madison Square Garden by 11.1% during the third quarter. Inspire Trust Co. N.A. now owns 10,000 shares of the company’s stock valued at $2,270,000 after purchasing an additional 1,000 shares in the last quarter. Citigroup Inc. raised its stake in shares of Madison Square Garden by 294.7% in the third quarter. Citigroup Inc. now owns 39,718 shares of the company’s stock worth $9,016,000 after buying an additional 29,656 shares during the period. CenterBook Partners LP purchased a new position in shares of Madison Square Garden during the 3rd quarter valued at about $636,000. Advisors Capital Management LLC grew its stake in shares of Madison Square Garden by 3.7% during the 3rd quarter. Advisors Capital Management LLC now owns 12,303 shares of the company’s stock valued at $2,793,000 after acquiring an additional 442 shares during the period. Finally, JPMorgan Chase & Co. increased its holdings in Madison Square Garden by 11.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 117,905 shares of the company’s stock worth $26,764,000 after acquiring an additional 12,412 shares in the last quarter. Hedge funds and other institutional investors own 68.94% of the company’s stock.

Analyst Upgrades and Downgrades

MSGS has been the topic of several analyst reports. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Madison Square Garden in a report on Monday, December 29th. Guggenheim restated a “buy” rating on shares of Madison Square Garden in a research note on Thursday, February 5th. Citigroup raised their price target on Madison Square Garden from $290.00 to $337.00 and gave the company a “buy” rating in a report on Friday, February 13th. Wolfe Research downgraded Madison Square Garden from an “outperform” rating to a “hold” rating in a research report on Monday, December 15th. Finally, Wall Street Zen raised Madison Square Garden from a “strong sell” rating to a “hold” rating in a research note on Saturday, February 14th. Four research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $286.00.

Insiders Place Their Bets

In related news, Director Charles P. Dolan sold 5,659 shares of the firm’s stock in a transaction on Friday, February 20th. The stock was sold at an average price of $325.26, for a total value of $1,840,646.34. Following the completion of the sale, the director directly owned 435 shares in the company, valued at $141,488.10. This trade represents a 92.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 19.07% of the company’s stock.

Madison Square Garden Stock Down 0.2%

Shares of NYSE:MSGS opened at $321.16 on Thursday. The firm has a fifty day simple moving average of $286.82 and a two-hundred day simple moving average of $242.83. The stock has a market capitalization of $7.73 billion, a P/E ratio of -465.45 and a beta of 0.56. The Madison Square Garden Company has a 52 week low of $173.26 and a 52 week high of $345.46.

Madison Square Garden (NYSE:MSGS) last released its quarterly earnings results on Thursday, February 5th. The company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.66 by ($0.32). The company had revenue of $403.42 million during the quarter, compared to the consensus estimate of $394.58 million. During the same period in the prior year, the company posted $0.05 EPS. The company’s quarterly revenue was up 12.7% compared to the same quarter last year. On average, analysts expect that The Madison Square Garden Company will post 0.73 earnings per share for the current year.

About Madison Square Garden

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.