Wealthfront Advisers LLC Makes New Investment in Madison Square Garden Sports Corp. (NYSE:MSGS)

Wealthfront Advisers LLC bought a new position in shares of Madison Square Garden Sports Corp. (NYSE:MSGS) in the fourth quarter, Holdings Channel reports. The firm bought 67,836 shares of the company’s stock, valued at approximately $16,844,000.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Allworth Financial LP boosted its stake in Madison Square Garden Sports by 81.4% during the fourth quarter. Allworth Financial LP now owns 127 shares of the company’s stock valued at $28,000 after buying an additional 57 shares in the last quarter. Fifth Third Bancorp increased its position in Madison Square Garden Sports by 119.0% during the fourth quarter. Fifth Third Bancorp now owns 138 shares of the company’s stock worth $31,000 after acquiring an additional 75 shares during the period. Heck Capital Advisors LLC bought a new stake in Madison Square Garden Sports in the 4th quarter valued at $43,000. Venturi Wealth Management LLC lifted its holdings in Madison Square Garden Sports by 31.2% during the 3rd 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. Finally, Versant Capital Management Inc increased its stake in shares of Madison Square Garden Sports by 35.3% in the fourth quarter. Versant Capital Management Inc now owns 234 shares of the company’s stock valued at $53,000 after buying an additional 61 shares in the last quarter. Hedge funds and other institutional investors own 68.94% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Macquarie upped their price target on Madison Square Garden Sports from $240.00 to $250.00 and gave the company an “outperform” rating in a research note on Tuesday, February 25th.

Madison Square Garden Sports Stock Performance

NYSE:MSGS opened at $187.50 on Wednesday. Madison Square Garden Sports Corp. has a 52 week low of $178.35 and a 52 week high of $237.99. The firm’s 50-day simple moving average is $210.82 and its 200 day simple moving average is $215.82. The firm has a market cap of $4.50 billion, a price-to-earnings ratio of 79.11 and a beta of 0.91.

Madison Square Garden Sports (NYSE:MSGS) last released its quarterly earnings results on Tuesday, February 4th. The company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.25). Madison Square Garden Sports had a negative return on equity of 20.50% and a net margin of 5.33%. The firm had revenue of $357.80 million for the quarter, compared to the consensus estimate of $352.68 million. During the same quarter last year, the firm posted $0.59 earnings per share. The business’s revenue for the quarter was up 9.5% on a year-over-year basis. Sell-side analysts anticipate that Madison Square Garden Sports Corp. will post 0.73 EPS 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.