PNC Financial Services Group Inc. Buys 313 Shares of The Madison Square Garden Company (NYSE:MSGS)

PNC Financial Services Group Inc. increased its stake in The Madison Square Garden Company (NYSE:MSGS) by 14.4% in the first quarter, Holdings Channel.com reports. The firm owned 2,483 shares of the company’s stock after purchasing an additional 313 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Madison Square Garden were worth $483,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. LPL Financial LLC lifted its holdings in shares of Madison Square Garden by 12.0% in the fourth quarter. LPL Financial LLC now owns 2,272 shares of the company’s stock valued at $513,000 after purchasing an additional 244 shares in the last quarter. Envestnet Asset Management Inc. raised its position in Madison Square Garden by 5.3% in the 4th quarter. Envestnet Asset Management Inc. now owns 6,437 shares of the company’s stock valued at $1,453,000 after buying an additional 322 shares during the last quarter. Invesco Ltd. lifted its stake in Madison Square Garden by 6.3% in the 4th quarter. Invesco Ltd. now owns 83,258 shares of the company’s stock valued at $18,790,000 after acquiring an additional 4,918 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Madison Square Garden during the 4th quarter worth approximately $4,425,000. Finally, Treasurer of the State of North Carolina boosted its position in Madison Square Garden by 0.6% during the 4th quarter. Treasurer of the State of North Carolina now owns 8,172 shares of the company’s stock worth $1,844,000 after acquiring an additional 50 shares during the last quarter. Institutional investors own 68.94% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on MSGS shares. Guggenheim reiterated a “buy” rating and issued a $314.00 price objective on shares of Madison Square Garden in a report on Tuesday, May 6th. Morgan Stanley boosted their price target on shares of Madison Square Garden from $215.00 to $220.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Susquehanna started coverage on Madison Square Garden in a report on Monday, April 28th. They issued a “positive” rating and a $254.00 price objective for the company. Finally, JPMorgan Chase & Co. dropped their target price on Madison Square Garden from $240.00 to $230.00 and set an “overweight” rating on the stock in a report on Monday, May 5th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Madison Square Garden currently has an average rating of “Moderate Buy” and a consensus price target of $253.60.

Madison Square Garden Trading Down 0.3%

Shares of MSGS opened at $194.77 on Thursday. The company’s fifty day simple moving average is $201.22 and its 200 day simple moving average is $198.22. The Madison Square Garden Company has a 1-year low of $173.26 and a 1-year high of $237.99. The company has a market cap of $4.68 billion, a price-to-earnings ratio of -211.71 and a beta of 0.79.

Madison Square Garden (NYSE:MSGS) last announced its quarterly earnings data on Tuesday, August 12th. The company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.42) by $0.35. The company had revenue of $203.96 million during the quarter, compared to the consensus estimate of $151.00 million. Madison Square Garden had a negative net margin of 2.16% and a negative return on equity of 1.76%. The company’s quarterly revenue was down 10.3% on a year-over-year basis. During the same quarter last year, the firm posted $1.06 EPS. As a group, research analysts forecast that The Madison Square Garden Company will post 0.73 earnings per share for the current year.

About Madison Square Garden

Madison Square Garden Sports Corp. operates as a professional sports company in the United States. The company owns and operates a portfolio of assets that consists of the New York Knickerbockers of the National Basketball Association (NBA) and the New York Rangers of the National Hockey League. Its other professional franchises include development league teams, the Hartford Wolf Pack of the American Hockey League and the Westchester Knicks of the NBA G League.