Harbor Capital Advisors Inc. significantly reduced its holdings in The Madison Square Garden Company (NYSE: MSGS) by 72.6% during the third quarter of 2023. According to a recent 13F filing with the Securities and Exchange Commission (SEC), the firm now owns 13,121 shares of MSGS after selling 34,712 shares throughout the quarter. This divestment leaves Harbor Capital Advisors with approximately 0.05% of Madison Square Garden, valued at about $2.98 million.
The changes in Harbor’s investment reflect broader trends among institutional investors in the company. Notable transactions include Norges Bank, which acquired a new position in Madison Square Garden valued at $39.22 million during the second quarter. Similarly, Bollard Group LLC and Scopus Asset Management L.P. established new stakes worth $25.28 million and $14.79 million, respectively. SG Americas Securities LLC notably increased its stake by an astonishing 1,021.4%, now holding 48,333 shares valued at $10.10 million. Bank of Nova Scotia also expanded its holdings by 215.0%, bringing its total to 56,400 shares worth $11.79 million.
Stock Performance and Analyst Insights
As of Thursday, Madison Square Garden stock opened at $259.12. The company has a market capitalization of approximately $6.22 billion, with a PE ratio of -264.41 and a beta of 0.66. The stock has experienced a 52-week range between $173.26 and $261.65. Its 50-day moving average price stands at $226.04, while the 200-day moving average is $212.98.
Market analysts have recently assessed Madison Square Garden’s stock performance. On October 13, Zacks Research upgraded the stock from a “strong sell” to a “hold” rating. Conversely, Wolfe Research downgraded its rating from “outperform” to “hold” on December 15. Meanwhile, JPMorgan Chase & Co. raised its price target from $230.00 to $240.00 and assigned an “overweight” rating on November 3. Citigroup also increased its price target from $285.00 to $290.00, maintaining a “buy” rating.
According to MarketBeat, consensus ratings show that five analysts have rated the stock as a Buy, four as Hold, and one as Sell, with a consensus price target of $261.33.
Company Overview
The Madison Square Garden Company is a prominent sports and entertainment holding firm, primarily focused on professional sports franchises and related media assets. The company operates well-known teams such as the NBA’s New York Knicks, the NHL’s New York Rangers, and the WNBA’s New York Liberty. Through these franchises, Madison Square Garden provides a variety of services, including ticketing, premium seating, and sponsorship opportunities, primarily targeting fans in the New York metropolitan area.
Additionally, Madison Square Garden owns a majority stake in MSG Networks, a regional cable network that broadcasts live sporting events, news, and original programming. The company’s diverse portfolio positions it as a key player in the sports and entertainment industry.
For those interested in the latest developments involving Madison Square Garden and its stock performance, regular updates can be obtained through financial news platforms and investment monitoring services.
