The Manufacturers Life Insurance Company Reduces Stock Position in Madison Square Garden Sports Corp. (NYSE:MSGS)

The Manufacturers Life Insurance Company cut its stake in Madison Square Garden Sports Corp. (NYSE:MSGS) by 4.8% in the third quarter, HoldingsChannel reports. The institutional investor owned 218,540 shares of the company’s stock after selling 11,069 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Madison Square Garden Sports were worth $45,513,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in MSGS. Venturi Wealth Management LLC grew its position in shares of Madison Square Garden Sports by 31.2% in the third quarter. Venturi Wealth Management LLC now owns 223 shares of the company’s stock valued at $46,000 after purchasing an additional 53 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Madison Square Garden Sports by 80.6% in the first quarter. EverSource Wealth Advisors LLC now owns 224 shares of the company’s stock valued at $42,000 after purchasing an additional 100 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Madison Square Garden Sports by 179.8% in the second quarter. GAMMA Investing LLC now owns 263 shares of the company’s stock valued at $49,000 after purchasing an additional 169 shares during the last quarter. Blue Trust Inc. grew its position in shares of Madison Square Garden Sports by 326.5% in the third quarter. Blue Trust Inc. now owns 418 shares of the company’s stock valued at $87,000 after purchasing an additional 320 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale acquired a new stake in shares of Madison Square Garden Sports in the third quarter valued at approximately $119,000. 68.94% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Macquarie increased their price target on shares of Madison Square Garden Sports from $235.00 to $240.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th.

Madison Square Garden Sports Price Performance

MSGS stock opened at $229.11 on Friday. Madison Square Garden Sports Corp. has a 12 month low of $166.26 and a 12 month high of $232.58. The company’s 50 day simple moving average is $218.96 and its 200-day simple moving average is $203.31. The firm has a market capitalization of $5.49 billion, a PE ratio of 78.73 and a beta of 0.92.

Madison Square Garden Sports (NYSE:MSGS) last announced its earnings results on Friday, November 1st. The company reported ($0.31) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.86) by $0.55. Madison Square Garden Sports had a net margin of 6.75% and a negative return on equity of 23.81%. The firm had revenue of $53.31 million for the quarter, compared to analyst estimates of $43.71 million. During the same quarter last year, the business earned ($0.79) earnings per share. Madison Square Garden Sports’s revenue was up 23.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Madison Square Garden Sports Corp. will post 0.81 earnings per share for the current year.

About Madison Square Garden Sports

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.