Royal Bank of Canada Raises Stock Position in The Madison Square Garden Company $MSGS

Royal Bank of Canada boosted its holdings in The Madison Square Garden Company (NYSE:MSGS) by 5.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 54,949 shares of the company’s stock after purchasing an additional 2,818 shares during the quarter. Royal Bank of Canada owned about 0.23% of Madison Square Garden worth $10,701,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of MSGS. Marest Capital LLC increased its stake in Madison Square Garden by 4.1% in the 1st quarter. Marest Capital LLC now owns 1,751 shares of the company’s stock valued at $341,000 after buying an additional 69 shares during the period. Resona Asset Management Co. Ltd. increased its stake in Madison Square Garden by 2.8% in the 1st quarter. Resona Asset Management Co. Ltd. now owns 2,873 shares of the company’s stock valued at $559,000 after buying an additional 79 shares during the period. Covestor Ltd increased its stake in Madison Square Garden by 35.5% in the 1st quarter. Covestor Ltd now owns 416 shares of the company’s stock valued at $81,000 after buying an additional 109 shares during the period. Putney Financial Group LLC acquired a new position in Madison Square Garden in the 4th quarter valued at $28,000. Finally, Captrust Financial Advisors increased its stake in Madison Square Garden by 12.4% in the 4th quarter. Captrust Financial Advisors now owns 1,442 shares of the company’s stock valued at $325,000 after buying an additional 159 shares during the period. Hedge funds and other institutional investors own 68.94% of the company’s stock.

Analysts Set New Price Targets

MSGS has been the topic of several recent research reports. Morgan Stanley boosted their price objective on shares of Madison Square Garden from $215.00 to $220.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 13th. Citigroup began coverage on shares of Madison Square Garden in a research note on Tuesday. They set a “buy” rating and a $285.00 price target on the stock. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $258.83.

Madison Square Garden Trading Up 3.2%

Shares of NYSE MSGS opened at $211.87 on Friday. The stock has a market cap of $5.09 billion, a price-to-earnings ratio of -230.29 and a beta of 0.78. 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 price is $201.48 and its 200 day moving average price is $196.36.

Madison Square Garden (NYSE:MSGS) last issued its quarterly earnings data on Tuesday, August 12th. The company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.42) by $0.35. The firm had revenue of $203.96 million for the quarter, compared to analysts’ expectations of $151.00 million. Madison Square Garden had a negative net margin of 2.16% and a negative return on equity of 1.76%. The firm’s revenue was down 10.3% on a year-over-year basis. During the same period in the prior year, the company earned $1.06 EPS. As a group, research analysts expect that The Madison Square Garden Company will post 0.73 earnings per share for the current year.

Madison Square Garden Company 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.