Pinnacle Associates Ltd. Has $23.67 Million Stake in The Madison Square Garden Company $MSGS

Pinnacle Associates Ltd. decreased its holdings in shares of The Madison Square Garden Company (NYSE:MSGS) by 3.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 91,510 shares of the company’s stock after selling 2,815 shares during the quarter. Pinnacle Associates Ltd. owned 0.38% of Madison Square Garden worth $23,669,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of MSGS. Amundi raised its stake in Madison Square Garden by 4.7% during the first quarter. Amundi now owns 5,643 shares of the company’s stock worth $1,091,000 after acquiring an additional 252 shares in the last quarter. Millennium Management LLC boosted its position in Madison Square Garden by 8.0% in 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 in the last quarter. Goldman Sachs Group Inc. boosted its position in Madison Square Garden by 28.2% in 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 in the last quarter. United Services Automobile Association acquired a new stake in Madison Square Garden in the first quarter valued at approximately $210,000. Finally, Empowered Funds LLC boosted its position in Madison Square Garden by 10.8% in the first quarter. Empowered Funds LLC now owns 2,055 shares of the company’s stock valued at $400,000 after buying an additional 200 shares in the last quarter. Institutional investors and hedge funds own 68.94% of the company’s stock.

Madison Square Garden Price Performance

NYSE:MSGS opened at $347.62 on Thursday. The firm’s 50 day simple moving average is $325.17 and its 200 day simple moving average is $281.14. The Madison Square Garden Company has a one year low of $186.00 and a one year high of $348.89. The company has a market cap of $8.37 billion, a PE ratio of -373.78 and a beta of 0.59.

Madison Square Garden (NYSE:MSGS) last posted 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 company had revenue of $432.20 million during the quarter, compared to analyst estimates of $429.66 million. The firm’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same period last year, the firm earned ($0.59) EPS. Equities research analysts expect that The Madison Square Garden Company will post -0.34 EPS for the current year.

Analysts Set New Price Targets

MSGS has been the topic of a number of research analyst reports. JPMorgan Chase & Co. raised their target price on shares of Madison Square Garden from $240.00 to $305.00 and gave the company an “overweight” rating in a research report on Friday, February 6th. Susquehanna upped their target price on Madison Square Garden from $356.00 to $388.00 and gave the stock a “positive” rating in a report on Thursday, April 9th. Guggenheim upped their target price on Madison Square Garden from $355.00 to $401.00 and gave the stock a “buy” rating in a report on Tuesday, April 21st. Citigroup upped their target price on Madison Square Garden from $355.00 to $360.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, Seaport Research Partners raised Madison Square Garden from a “neutral” rating to a “buy” rating and set a $430.00 target price for the company in a report on Friday, April 10th. Three investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Madison Square Garden presently has an average rating of “Hold” and a consensus price target of $334.80.

Insiders Place Their Bets

In related news, Director Charles P. Dolan sold 5,659 shares of the 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 represents a 92.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 19.07% of the stock is owned by insiders.

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.