Norges Bank Buys Shares of 197,592 The Madison Square Garden Company $MSGS

Norges Bank purchased a new position in The Madison Square Garden Company (NYSE:MSGS) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 197,592 shares of the company’s stock, valued at approximately $51,107,000. Norges Bank owned 0.82% of Madison Square Garden as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the company. JPMorgan Chase & Co. lifted its position in shares of Madison Square Garden by 11.8% during the third quarter. JPMorgan Chase & Co. now owns 117,905 shares of the company’s stock valued at $26,764,000 after purchasing an additional 12,412 shares in the last quarter. Envestnet Asset Management Inc. grew its position in Madison Square Garden by 30.6% in the 3rd quarter. Envestnet Asset Management Inc. now owns 15,776 shares of the company’s stock worth $3,581,000 after purchasing an additional 3,700 shares in the last quarter. Gabelli Funds LLC increased its stake in Madison Square Garden by 0.9% in the 4th quarter. Gabelli Funds LLC now owns 394,292 shares of the company’s stock valued at $101,984,000 after buying an additional 3,607 shares during the last quarter. Citigroup Inc. increased its stake in Madison Square Garden by 294.7% in the 3rd quarter. Citigroup Inc. now owns 39,718 shares of the company’s stock valued at $9,016,000 after buying an additional 29,656 shares during the last quarter. Finally, M&T Bank Corp lifted its position in shares of Madison Square Garden by 1,394.6% during the 4th quarter. M&T Bank Corp now owns 16,396 shares of the company’s stock worth $4,241,000 after buying an additional 15,299 shares in the last quarter. 68.94% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Weiss Ratings upgraded Madison Square Garden from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, March 27th. Wall Street Zen lowered Madison Square Garden from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Seaport Research Partners upped their price objective on Madison Square Garden from $430.00 to $435.00 and gave the company a “buy” rating in a research note on Wednesday, May 27th. Susquehanna raised their target price on 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 lifted their target price on Madison Square Garden from $355.00 to $360.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 13th. Three investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $356.80.

Madison Square Garden Price Performance

NYSE:MSGS opened at $386.54 on Monday. The business has a fifty day simple moving average of $342.10 and a two-hundred day simple moving average of $298.48. The Madison Square Garden Company has a 1 year low of $186.00 and a 1 year high of $390.12. The company has a market capitalization of $9.31 billion, a P/E ratio of -415.63 and a beta of 0.61.

Madison Square Garden (NYSE:MSGS) last issued its quarterly earnings results on Friday, May 8th. The company reported ($0.83) EPS for the quarter, missing analysts’ consensus estimates 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. During the same quarter in the previous year, the company earned ($0.59) earnings per share. Madison Square Garden’s revenue was up 1.9% on a year-over-year basis. As a group, analysts anticipate that The Madison Square Garden Company will post -0.5 earnings per share 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.