Reinhart Partners LLC. Sells 1,796 Shares of The Madison Square Garden Company $MSGS

Reinhart Partners LLC. reduced its stake in The Madison Square Garden Company (NYSE:MSGS) by 0.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 223,173 shares of the company’s stock after selling 1,796 shares during the quarter. Madison Square Garden comprises approximately 2.0% of Reinhart Partners LLC.’s portfolio, making the stock its 27th biggest holding. Reinhart Partners LLC. owned approximately 0.93% of Madison Square Garden worth $89,687,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Price T Rowe Associates Inc. MD increased its holdings in shares of Madison Square Garden by 67.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 699,378 shares of the company’s stock worth $180,895,000 after buying an additional 282,318 shares during the last quarter. Norges Bank purchased a new position in Madison Square Garden in the fourth quarter worth $51,107,000. TOMS Capital Investment Management LP increased its stake in Madison Square Garden by 82.7% in the fourth quarter. TOMS Capital Investment Management LP now owns 329,705 shares of the company’s stock valued at $85,278,000 after acquiring an additional 149,205 shares during the last quarter. Millennium Management LLC raised its position in Madison Square Garden by 182.0% during the fourth quarter. Millennium Management LLC now owns 131,123 shares of the company’s stock valued at $33,915,000 after purchasing an additional 84,628 shares in the last quarter. Finally, Scopus Asset Management L.P. purchased a new stake in Madison Square Garden during the second quarter valued at about $14,787,000. 68.94% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on MSGS shares. Morgan Stanley upgraded Madison Square Garden from an “equal weight” rating to an “overweight” rating and set a $450.00 price objective for the company in a report on Wednesday, July 15th. 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 report on Wednesday, May 27th. Citigroup boosted their target price on Madison Square Garden from $355.00 to $360.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 13th. Susquehanna upped their price target on shares of Madison Square Garden from $429.00 to $430.00 and gave the company a “positive” rating in a research report on Tuesday, June 23rd. Finally, Guggenheim increased their price objective on Madison Square Garden from $470.00 to $522.00 and gave the company a “buy” rating in a research note on Thursday, July 23rd. Four analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $442.40.

Madison Square Garden Price Performance

MSGS stock opened at $390.52 on Friday. The Madison Square Garden Company has a 1 year low of $188.60 and a 1 year high of $411.73. The firm has a 50-day moving average of $387.63 and a 200 day moving average of $343.48. The company has a market cap of $9.40 billion, a P/E ratio of -419.91 and a beta of 0.62.

Madison Square Garden (NYSE:MSGS) last posted its quarterly earnings data 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 business had revenue of $432.20 million during the quarter, compared to analyst estimates of $429.66 million. During the same quarter last year, the firm posted ($0.59) earnings per share. The business’s quarterly revenue was up 1.9% on a year-over-year basis. On average, equities research analysts expect that The Madison Square Garden Company will post -0.06 earnings per share for the current fiscal year.

Madison Square Garden Company 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.