US Bancorp DE Cuts Stock Position in The Madison Square Garden Company $MSGS

US Bancorp DE lessened its position in shares of The Madison Square Garden Company (NYSE:MSGS) by 76.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 595 shares of the company’s stock after selling 1,968 shares during the period. US Bancorp DE’s holdings in Madison Square Garden were worth $116,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Putney Financial Group LLC purchased a new position in shares of Madison Square Garden during the 4th quarter valued at $28,000. Heck Capital Advisors LLC purchased a new position in shares of Madison Square Garden during the 4th quarter valued at $43,000. Kapitalo Investimentos Ltda purchased a new position in shares of Madison Square Garden during the 4th quarter valued at $92,000. Obermeyer Wealth Partners purchased a new position in shares of Madison Square Garden during the 4th quarter valued at $202,000. Finally, Cetera Investment Advisers purchased a new position in shares of Madison Square Garden during the 4th quarter valued at $203,000. Hedge funds and other institutional investors own 68.94% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on MSGS. Susquehanna began coverage on Madison Square Garden in a research report on Monday, April 28th. They set a “positive” rating and a $254.00 price target on the stock. Morgan Stanley increased their price objective 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. Guggenheim reissued a “buy” rating and set a $314.00 price objective on shares of Madison Square Garden in a report on Tuesday, May 6th. Finally, JPMorgan Chase & Co. dropped their price objective on Madison Square Garden from $240.00 to $230.00 and set an “overweight” rating on the stock in a report on Monday, May 5th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $253.60.

Madison Square Garden Stock Performance

Shares of MSGS opened at $198.76 on Monday. The stock has a market capitalization of $4.77 billion, a price-to-earnings ratio of -216.04 and a beta of 0.79. The stock’s 50-day simple moving average is $201.44 and its 200 day simple moving average is $197.56. The Madison Square Garden Company has a 52-week low of $173.26 and a 52-week high of $237.99.

Madison Square Garden (NYSE:MSGS) last announced its earnings results on Tuesday, August 12th. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.42) by $0.35. The business had revenue of $203.96 million for the quarter, compared to analyst estimates of $151.00 million. Madison Square Garden had a negative return on equity of 1.76% and a negative net margin of 2.16%. The company’s quarterly revenue was down 10.3% compared to the same quarter last year. During the same period in the prior year, the company earned $1.06 EPS. On average, research analysts forecast that The Madison Square Garden Company will post 0.73 earnings per share for the current fiscal year.

Madison Square Garden Profile

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.