Principal Financial Group Inc. Reduces Stock Position in Madison Square Garden Sports Corp. (NYSE:MSGS)

Principal Financial Group Inc. reduced its holdings in Madison Square Garden Sports Corp. (NYSE:MSGS) by 4.1% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 78,809 shares of the company’s stock after selling 3,329 shares during the period. Principal Financial Group Inc.’s holdings in Madison Square Garden Sports were worth $16,413,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. EverSource Wealth Advisors LLC lifted its holdings in Madison Square Garden Sports by 80.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 224 shares of the company’s stock valued at $42,000 after buying an additional 100 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Madison Square Garden Sports by 179.8% during the 2nd quarter. GAMMA Investing LLC now owns 263 shares of the company’s stock worth $49,000 after acquiring an additional 169 shares in the last quarter. Blue Trust Inc. lifted its holdings in shares of Madison Square Garden Sports by 326.5% during the 3rd 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. Dnca Finance purchased a new stake in Madison Square Garden Sports in the second quarter valued at about $113,000. Finally, EntryPoint Capital LLC purchased a new position in shares of Madison Square Garden Sports in the 1st quarter valued at approximately $116,000. 68.94% of the stock is owned by hedge funds and other institutional investors.

Madison Square Garden Sports Price Performance

NYSE MSGS opened at $218.86 on Friday. The company has a fifty day moving average of $215.00 and a 200 day moving average of $200.83. The company has a market capitalization of $5.24 billion, a PE ratio of 75.21 and a beta of 0.92. Madison Square Garden Sports Corp. has a 1 year low of $166.26 and a 1 year high of $230.69.

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

Insider Activity

In related news, CEO James Lawrence Dolan sold 629 shares of Madison Square Garden Sports stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $209.30, for a total value of $131,649.70. Following the completion of the transaction, the chief executive officer now owns 10,192 shares in the company, valued at $2,133,185.60. The trade was a 5.81 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 22.10% of the company’s stock.

Analyst Upgrades and Downgrades

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

Madison Square Garden Sports Company Profile

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.