Contour Asset Management LLC Increases Stake in The Madison Square Garden Company $MSGS

Contour Asset Management LLC boosted its stake in The Madison Square Garden Company (NYSE:MSGS) by 11.7% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 191,008 shares of the company’s stock after buying an additional 19,977 shares during the quarter. Madison Square Garden comprises 1.2% of Contour Asset Management LLC’s holdings, making the stock its 24th largest holding. Contour Asset Management LLC’s holdings in Madison Square Garden were worth $49,404,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of MSGS. Salomon & Ludwin LLC raised its position 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 worth $40,000 after acquiring an additional 39 shares in the last quarter. 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. Cibc World Market Inc. boosted its position in shares of Madison Square Garden by 2.3% during the fourth quarter. Cibc World Market Inc. now owns 1,924 shares of the company’s stock valued at $498,000 after purchasing an additional 43 shares in the last quarter. Quadrant Capital Group LLC boosted its position in shares of Madison Square Garden by 2.6% during the fourth quarter. Quadrant Capital Group LLC now owns 1,746 shares of the company’s stock valued at $452,000 after purchasing an additional 45 shares in the last quarter. Finally, Maryland State Retirement & Pension System grew its stake in Madison Square Garden by 1.4% in the fourth quarter. Maryland State Retirement & Pension System now owns 3,493 shares of the company’s stock worth $903,000 after purchasing an additional 47 shares during the period. 68.94% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Seaport Research Partners raised their price objective on Madison Square Garden from $430.00 to $435.00 and gave the company a “buy” rating in a research report on Wednesday, May 27th. Guggenheim upped 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 report on Tuesday, June 2nd. Weiss Ratings upgraded shares of Madison Square Garden from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, March 27th. Susquehanna lifted their price target on shares of Madison Square Garden from $404.00 to $429.00 and gave the company a “positive” rating in a research report on Thursday, May 28th. Finally, Citigroup upped their price objective on shares of Madison Square Garden from $355.00 to $360.00 and gave the stock a “neutral” rating in a report on Wednesday, May 13th. Three investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $356.80.

Madison Square Garden Trading Down 4.0%

Madison Square Garden stock opened at $360.94 on Thursday. The Madison Square Garden Company has a 12 month low of $186.21 and a 12 month high of $397.00. The company has a market capitalization of $8.69 billion, a price-to-earnings ratio of -388.10 and a beta of 0.61. The business’s fifty day simple moving average is $351.94 and its two-hundred day simple moving average is $307.56.

Madison Square Garden (NYSE:MSGS) last issued its quarterly earnings results 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 during the quarter, compared to analysts’ expectations of $429.66 million. Madison Square Garden’s quarterly revenue was up 1.9% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.59) EPS. On average, equities research analysts predict that The Madison Square Garden Company will post -0.5 EPS for the current year.

Madison Square Garden 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.