Charles Dolan Sells 5,659 Shares of Madison Square Garden (NYSE:MSGS) Stock

The Madison Square Garden Company (NYSE:MSGS) Director Charles Dolan sold 5,659 shares of the stock in a transaction on 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 transaction, the director directly owned 435 shares of the company’s stock, valued at approximately $141,488.10. This trade represents a 92.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Madison Square Garden Price Performance

Shares of MSGS opened at $315.93 on Thursday. The Madison Square Garden Company has a 1 year low of $173.26 and a 1 year high of $345.46. The stock’s fifty day moving average price is $279.42 and its two-hundred day moving average price is $238.36. The firm has a market cap of $7.60 billion, a PE ratio of -457.87 and a beta of 0.61.

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

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Weiss Ratings restated a “sell (d+)” rating on shares of Madison Square Garden in a research note on Monday, December 29th. Wall Street Zen raised Madison Square Garden from a “strong sell” rating to a “hold” rating in a report on Saturday, February 14th. JPMorgan Chase & Co. lifted their price target on Madison Square Garden from $240.00 to $305.00 and gave the company an “overweight” rating in a research report on Friday, February 6th. Citigroup increased their price objective on Madison Square Garden from $290.00 to $337.00 and gave the stock a “buy” rating in a report on Friday, February 13th. Finally, Wolfe Research lowered Madison Square Garden from an “outperform” rating to a “hold” rating in a report on Monday, December 15th. Four equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $286.00.

Institutional Investors Weigh In On Madison Square Garden

Large investors have recently added to or reduced their stakes in the business. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Madison Square Garden in the second quarter valued at approximately $288,000. Envestnet Asset Management Inc. increased its holdings in shares of Madison Square Garden by 30.6% in the 3rd quarter. Envestnet Asset Management Inc. now owns 15,776 shares of the company’s stock worth $3,581,000 after buying an additional 3,700 shares during the last quarter. Y Intercept Hong Kong Ltd raised its position in shares of Madison Square Garden by 775.0% during the 2nd quarter. Y Intercept Hong Kong Ltd now owns 16,888 shares of the company’s stock valued at $3,529,000 after buying an additional 14,958 shares in the last quarter. Advisors Capital Management LLC lifted its holdings in shares of Madison Square Garden by 12.2% during the 2nd quarter. Advisors Capital Management LLC now owns 11,861 shares of the company’s stock worth $2,478,000 after acquiring an additional 1,291 shares during the last quarter. Finally, Vise Technologies Inc. purchased a new position in Madison Square Garden in the second quarter worth $437,000. Institutional investors own 68.94% of the company’s stock.

Madison Square Garden Company 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.