Bank of New York Mellon Corp Grows Position in Madison Square Garden Co (MSG)

Bank of New York Mellon Corp boosted its holdings in Madison Square Garden Co (NYSE:MSG) by 1.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 67,112 shares of the company’s stock after purchasing an additional 1,213 shares during the quarter. Bank of New York Mellon Corp’s holdings in Madison Square Garden were worth $20,818,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Aperio Group LLC raised its position in Madison Square Garden by 3.2% during the 2nd quarter. Aperio Group LLC now owns 5,741 shares of the company’s stock worth $1,781,000 after buying an additional 177 shares during the last quarter. Xact Kapitalforvaltning AB raised its position in Madison Square Garden by 8.4% during the 2nd quarter. Xact Kapitalforvaltning AB now owns 2,572 shares of the company’s stock worth $798,000 after buying an additional 200 shares during the last quarter. Weik Capital Management raised its position in Madison Square Garden by 6.5% during the 1st quarter. Weik Capital Management now owns 3,668 shares of the company’s stock worth $902,000 after buying an additional 225 shares during the last quarter. Synovus Financial Corp raised its position in Madison Square Garden by 41.0% during the 2nd quarter. Synovus Financial Corp now owns 1,654 shares of the company’s stock worth $515,000 after buying an additional 481 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System raised its position in Madison Square Garden by 2.4% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 21,168 shares of the company’s stock worth $6,566,000 after buying an additional 500 shares during the last quarter. Hedge funds and other institutional investors own 70.45% of the company’s stock.

NYSE:MSG opened at $309.10 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.85 and a current ratio of 1.85. Madison Square Garden Co has a fifty-two week low of $205.22 and a fifty-two week high of $330.00. The firm has a market cap of $7.37 billion, a PE ratio of 52.04, a P/E/G ratio of 17.14 and a beta of 0.37.

Madison Square Garden (NYSE:MSG) last posted its quarterly earnings results on Thursday, August 16th. The company reported ($1.94) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($2.00) by $0.06. Madison Square Garden had a net margin of 9.08% and a return on equity of 1.10%. The business had revenue of $318.00 million for the quarter, compared to analysts’ expectations of $293.32 million. During the same period in the prior year, the company posted ($3.58) EPS. The business’s revenue for the quarter was up 4.1% on a year-over-year basis. equities research analysts expect that Madison Square Garden Co will post 0.71 earnings per share for the current fiscal year.

MSG has been the subject of a number of analyst reports. Imperial Capital initiated coverage on shares of Madison Square Garden in a research report on Tuesday, August 21st. They set an “outperform” rating and a $372.00 price objective for the company. Morgan Stanley upped their price objective on shares of Madison Square Garden from $260.00 to $315.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 1st. Guggenheim upped their price objective on shares of Madison Square Garden to $350.00 and gave the stock a “buy” rating in a research report on Thursday, August 23rd. Macquarie upgraded shares of Madison Square Garden from a “neutral” rating to an “outperform” rating in a research report on Friday, June 29th. Finally, ValuEngine upgraded shares of Madison Square Garden from a “buy” rating to a “strong-buy” rating in a research report on Thursday, June 28th. Two analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $322.17.

About Madison Square Garden

The Madison Square Garden Company, together with its subsidiaries, engages in live sports and entertainment businesses in the United States. The company operates in two segments, MSG Sports and MSG Entertainment. The MSG Sports segment owns and operates professional sports franchises; and promotes, produces, and/or presents an array of other live sporting events, including professional boxing, college basketball, college hockey, professional bull riding, mixed martial arts, esports, tennis, and college wrestling.

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Institutional Ownership by Quarter for Madison Square Garden (NYSE:MSG)

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