Royal Bank of Canada Sells 2,882 Shares of The Madison Square Garden Company $MSGS

Royal Bank of Canada decreased its stake in The Madison Square Garden Company (NYSE:MSGS) by 2.9% in the 1st quarter, Holdings Channel.com reports. The firm owned 96,215 shares of the company’s stock after selling 2,882 shares during the quarter. Royal Bank of Canada’s holdings in Madison Square Garden were worth $30,924,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in MSGS. Aster Capital Management DIFC Ltd acquired a new position in shares of Madison Square Garden during the fourth quarter worth $26,000. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Madison Square Garden by 67.1% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 122 shares of the company’s stock valued at $32,000 after acquiring an additional 49 shares in the last quarter. SJS Investment Consulting Inc. grew its position in Madison Square Garden by 488.2% during the 1st quarter. SJS Investment Consulting Inc. now owns 100 shares of the company’s stock worth $32,000 after acquiring an additional 83 shares during the last quarter. Global Retirement Partners LLC grew its position in Madison Square Garden by 1,150.0% during the 4th quarter. Global Retirement Partners LLC now owns 125 shares of the company’s stock worth $32,000 after acquiring an additional 115 shares during the last quarter. Finally, Salomon & Ludwin LLC increased its holdings in 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 purchasing an additional 39 shares in the last quarter. Institutional investors and hedge funds own 68.94% of the company’s stock.

Madison Square Garden Price Performance

Shares of MSGS opened at $383.91 on Tuesday. The business has a 50-day moving average of $385.75 and a 200-day moving average of $340.87. The company has a market capitalization of $9.24 billion, a price-to-earnings ratio of -412.80 and a beta of 0.62. The Madison Square Garden Company has a 1 year low of $188.60 and a 1 year high of $411.73.

Madison Square Garden (NYSE:MSGS) last announced its earnings results on Friday, May 8th. The company reported ($0.83) EPS for the quarter, missing the consensus estimate 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. Madison Square Garden’s revenue was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.59) EPS. As a group, sell-side analysts anticipate that The Madison Square Garden Company will post -0.06 EPS for the current year.

Analyst Ratings Changes

MSGS has been the subject of several research reports. Wall Street Zen upgraded Madison Square Garden from a “sell” rating to a “hold” rating in a research report on Saturday, July 18th. Susquehanna upped their price objective on Madison Square Garden from $429.00 to $430.00 and gave the company a “positive” rating in a research note on Tuesday, June 23rd. JPMorgan Chase & Co. raised their price objective on shares of Madison Square Garden from $400.00 to $450.00 and gave the company an “overweight” rating in a report on Tuesday, July 21st. Weiss Ratings reiterated a “hold (c-)” rating on shares of Madison Square Garden in a research report on Wednesday, June 24th. Finally, Morgan Stanley raised shares of Madison Square Garden from an “equal weight” rating to an “overweight” rating and set a $450.00 target price on the stock in a report on Wednesday, July 15th. Four analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Madison Square Garden currently has an average rating of “Hold” and a consensus target price of $442.40.

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.