Verition Fund Management LLC Raises Position in Madison Square Garden Co (MSG)

Verition Fund Management LLC increased its stake in Madison Square Garden Co (NYSE:MSG) by 207.7% during the 2nd quarter, Holdings Channel reports. The firm owned 2,542 shares of the company’s stock after buying an additional 1,716 shares during the period. Verition Fund Management LLC’s holdings in Madison Square Garden were worth $789,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Massey Quick Simon & CO. LLC purchased a new stake in Madison Square Garden in the second quarter worth approximately $206,000. Investment House LLC purchased a new stake in Madison Square Garden in the second quarter worth approximately $225,000. Comerica Bank purchased a new stake in Madison Square Garden in the second quarter worth approximately $237,000. BNP Paribas Arbitrage SA boosted its holdings in Madison Square Garden by 837.0% in the second quarter. BNP Paribas Arbitrage SA now owns 759 shares of the company’s stock worth $235,000 after purchasing an additional 678 shares during the last quarter. Finally, Griffin Asset Management Inc. purchased a new stake in Madison Square Garden in the first quarter worth approximately $204,000. Institutional investors own 70.42% of the company’s stock.

Shares of Madison Square Garden stock opened at $303.35 on Tuesday. 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 1-year low of $205.22 and a 1-year high of $330.00. The firm has a market cap of $7.20 billion, a PE ratio of 262.21, a price-to-earnings-growth ratio of 16.73 and a beta of 0.38.

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

Several equities research analysts recently issued reports on MSG shares. Jefferies Financial Group upgraded shares of Madison Square Garden from a “hold” rating to a “buy” rating and raised their target price for the stock from $233.00 to $350.00 in a report on Thursday, June 28th. Guggenheim raised their target price on shares of Madison Square Garden to $350.00 and gave the stock a “buy” rating in a report on Thursday, August 23rd. Morgan Stanley lifted their price target on shares of Madison Square Garden from $260.00 to $315.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 1st. Imperial Capital initiated coverage on shares of Madison Square Garden in a research note on Tuesday, August 21st. They set an “outperform” rating and a $372.00 price target on the stock. Finally, Macquarie upgraded shares of Madison Square Garden from a “neutral” rating to an “outperform” rating in a research note on Friday, June 29th. Two analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $322.17.

Madison Square Garden Company Profile

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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