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

Pinnacle Associates Ltd. cut its position 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 Form 13F filing with the Securities & Exchange Commission. The firm owned 91,510 shares of the company’s stock after selling 2,815 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Madison Square Garden were worth $23,669,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of MSGS. Accredited Wealth Management LLC increased its position in shares of Madison Square Garden by 524.0% during the third quarter. Accredited Wealth Management LLC now owns 156 shares of the company’s stock worth $35,000 after buying an additional 131 shares during the period. Salomon & Ludwin LLC lifted its stake in shares of Madison Square Garden by 33.1% in the 4th quarter. Salomon & Ludwin LLC now owns 157 shares of the company’s stock valued at $40,000 after purchasing an additional 39 shares during the period. Sound Income Strategies LLC acquired a new position in shares of Madison Square Garden in the 4th quarter valued at about $45,000. Allworth Financial LP lifted its stake in shares of Madison Square Garden by 26.5% in the 4th quarter. Allworth Financial LP now owns 196 shares of the company’s stock valued at $51,000 after purchasing an additional 41 shares during the period. Finally, Farther Finance Advisors LLC lifted its stake in shares of Madison Square Garden by 157.7% in the 4th quarter. Farther Finance Advisors LLC now owns 286 shares of the company’s stock valued at $74,000 after purchasing an additional 175 shares during the period. 68.94% of the stock is currently owned by institutional investors and hedge funds.

Madison Square Garden Trading Up 3.4%

Shares of NYSE MSGS opened at $347.62 on Thursday. The firm’s 50-day moving average price is $325.17 and its 200-day moving average price is $281.14. The Madison Square Garden Company has a 1-year low of $186.00 and a 1-year high of $348.89. The firm has a market capitalization of $8.37 billion, a P/E ratio of -373.78 and a beta of 0.59.

Madison Square Garden (NYSE:MSGS) last announced its quarterly earnings data on Friday, May 8th. The company reported ($0.83) earnings per share for the quarter, missing the consensus estimate of $0.56 by ($1.39). The firm had revenue of $432.20 million for the quarter, compared to analysts’ expectations of $429.66 million. During the same quarter in the prior year, the company earned ($0.59) EPS. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. Equities research analysts forecast that The Madison Square Garden Company will post -0.34 EPS for the current year.

Insider Buying and Selling

In other Madison Square Garden news, Director Charles P. Dolan sold 5,659 shares of the firm’s stock in a transaction that occurred 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 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 legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 19.07% of the company’s stock.

Analyst Ratings Changes

MSGS has been the topic of a number of recent analyst reports. 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 note on Wednesday. Seaport Research Partners raised Madison Square Garden from a “neutral” rating to a “buy” rating and set a $430.00 price objective on the stock in a research note on Friday, April 10th. Wall Street Zen raised shares of Madison Square Garden from a “strong sell” rating to a “hold” rating in a research report on Saturday, February 14th. Weiss Ratings raised shares of Madison Square Garden from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, March 27th. Finally, Guggenheim raised their price objective on shares of Madison Square Garden from $355.00 to $401.00 and gave the stock a “buy” rating in a research report on Tuesday, April 21st. Three research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $334.80.

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.