Russell Investments Group Ltd. boosted its position in Meredith Corporation (NYSE:MDP) by 38.9% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 10,703 shares of the company’s stock after purchasing an additional 2,999 shares during the quarter. Russell Investments Group Ltd.’s holdings in Meredith Corporation were worth $636,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. North Star Investment Management Corp. raised its holdings in Meredith Corporation by 14.8% in the second quarter. North Star Investment Management Corp. now owns 31,025 shares of the company’s stock worth $1,844,000 after purchasing an additional 4,000 shares in the last quarter. Gotham Asset Management LLC bought a new position in Meredith Corporation in the first quarter worth about $2,350,000. Mason Street Advisors LLC raised its holdings in Meredith Corporation by 1.4% in the first quarter. Mason Street Advisors LLC now owns 17,282 shares of the company’s stock worth $1,116,000 after purchasing an additional 234 shares in the last quarter. Renaissance Technologies LLC bought a new position in Meredith Corporation in the first quarter worth about $15,791,000. Finally, Bank of Montreal Can raised its holdings in Meredith Corporation by 16.1% in the first quarter. Bank of Montreal Can now owns 1,739 shares of the company’s stock worth $113,000 after purchasing an additional 241 shares in the last quarter. Institutional investors and hedge funds own 96.41% of the company’s stock.
In other news, insider John S. Zieser sold 1,924 shares of Meredith Corporation stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $57.26, for a total value of $110,168.24. Following the completion of the transaction, the insider now owns 6,800 shares in the company, valued at approximately $389,368. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Stephen M. Lacy sold 10,268 shares of Meredith Corporation stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $60.92, for a total value of $625,526.56. Following the completion of the transaction, the chief executive officer now owns 9,345 shares of the company’s stock, valued at approximately $569,297.40. The disclosure for this sale can be found here. Insiders sold a total of 80,659 shares of company stock valued at $4,745,847 in the last quarter. Company insiders own 12.40% of the company’s stock.
MDP has been the subject of a number of recent research reports. Benchmark Co. upgraded shares of Meredith Corporation from a “hold” rating to a “buy” rating and set a $65.00 target price for the company in a report on Monday, June 5th. Zacks Investment Research upgraded shares of Meredith Corporation from a “hold” rating to a “buy” rating and set a $59.00 target price for the company in a report on Friday, May 26th. BidaskClub upgraded shares of Meredith Corporation from a “hold” rating to a “buy” rating in a report on Thursday, June 15th. ValuEngine upgraded shares of Meredith Corporation from a “hold” rating to a “buy” rating in a report on Friday, August 4th. Finally, Jefferies Group LLC reiterated a “hold” rating and issued a $60.00 target price on shares of Meredith Corporation in a report on Friday, July 7th. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $63.50.
Shares of Meredith Corporation (MDP) traded down 0.1870% during trading on Monday, reaching $53.6495. 166,240 shares of the company’s stock were exchanged. The stock has a 50-day moving average price of $55.97 and a 200 day moving average price of $58.78. The company has a market capitalization of $2.39 billion, a P/E ratio of 12.8965 and a beta of 1.24. Meredith Corporation has a 12-month low of $43.85 and a 12-month high of $66.25.
Meredith Corporation (NYSE:MDP) last announced its quarterly earnings data on Thursday, July 27th. The company reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.11. The business had revenue of $445.40 million during the quarter, compared to analysts’ expectations of $439.61 million. Meredith Corporation had a return on equity of 18.98% and a net margin of 11.03%. The business’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.08 EPS. Equities analysts expect that Meredith Corporation will post $3.38 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Thursday, August 31st were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 3.87%. The ex-dividend date of this dividend was Tuesday, August 29th. Meredith Corporation’s payout ratio is presently 50.12%.
Meredith Corporation Company Profile
Meredith Corporation is a diversified media company. The Company is focused primarily on the home and family marketplace. The Company operates through two segments: Local Media and National Media. As of June 30, 2016, the Company’s Local Media segment includes 16 owned television stations, one managed television station and related digital and mobile media operations.
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