Contour Asset Management LLC Acquires 19,977 Shares of The Madison Square Garden Company $MSGS

Contour Asset Management LLC increased its holdings in The Madison Square Garden Company (NYSE:MSGS) by 11.7% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 191,008 shares of the company’s stock after purchasing an additional 19,977 shares during the period. Madison Square Garden makes up about 1.2% of Contour Asset Management LLC’s holdings, making the stock its 24th biggest holding. Contour Asset Management LLC owned approximately 0.79% of Madison Square Garden worth $49,404,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Amundi raised its position 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 during the period. Millennium Management LLC boosted its position in Madison Square Garden by 8.0% during the first quarter. Millennium Management LLC now owns 27,147 shares of the company’s stock valued at $5,286,000 after buying an additional 2,006 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of Madison Square Garden by 28.2% during the first quarter. Goldman Sachs Group Inc. now owns 24,807 shares of the company’s stock valued at $4,830,000 after buying an additional 5,452 shares during the last quarter. United Services Automobile Association bought a new position in shares of Madison Square Garden during the first quarter valued at about $210,000. Finally, Empowered Funds LLC increased its holdings in shares of Madison Square Garden by 10.8% in the first quarter. Empowered Funds LLC now owns 2,055 shares of the company’s stock worth $400,000 after buying an additional 200 shares during the period. Institutional investors own 68.94% of the company’s stock.

Madison Square Garden Price Performance

MSGS opened at $360.94 on Thursday. The business has a 50 day simple moving average of $351.94 and a two-hundred day simple moving average of $307.56. The firm has a market capitalization of $8.69 billion, a price-to-earnings ratio of -388.10 and a beta of 0.61. The Madison Square Garden Company has a one year low of $186.21 and a one year high of $397.00.

Madison Square Garden (NYSE:MSGS) last issued its quarterly earnings data on Friday, May 8th. The company reported ($0.83) earnings per share for the quarter, missing analysts’ consensus estimates of $0.56 by ($1.39). The firm had revenue of $432.20 million during the quarter, compared to analysts’ expectations of $429.66 million. During the same quarter in the prior year, the company posted ($0.59) EPS. The business’s revenue was up 1.9% on a year-over-year basis. As a group, sell-side analysts expect that The Madison Square Garden Company will post -0.5 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently weighed in on MSGS. Seaport Research Partners increased their target price on Madison Square Garden from $430.00 to $435.00 and gave the company a “buy” rating in a report on Wednesday, May 27th. Citigroup boosted their price objective on Madison Square Garden from $355.00 to $360.00 and gave the company a “neutral” rating in a research report on Wednesday, May 13th. Susquehanna increased their price objective on Madison Square Garden from $404.00 to $429.00 and gave the company a “positive” rating in a research note on Thursday, May 28th. Guggenheim lifted their target price on shares of Madison Square Garden from $422.00 to $470.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Finally, Wall Street Zen lowered shares of Madison Square Garden from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Three equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, Madison Square Garden currently has an average rating of “Hold” and an average price target of $356.80.

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.