Cornerstone Wealth Management LLC Invests $1.19 Million in Meredith Co. (MDP) Stock

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Cornerstone Wealth Management LLC purchased a new position in Meredith Co. (NYSE:MDP) during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 65,436 shares of the company’s stock, valued at approximately $1,193,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Principal Financial Group Inc. increased its stake in Meredith by 2.4% in the 1st quarter. Principal Financial Group Inc. now owns 191,704 shares of the company’s stock worth $10,313,000 after purchasing an additional 4,457 shares in the last quarter. Standard Life Aberdeen plc grew its stake in Meredith by 7.9% during the 2nd quarter. Standard Life Aberdeen plc now owns 1,224,406 shares of the company’s stock valued at $62,506,000 after acquiring an additional 89,980 shares in the last quarter. GAM Holding AG grew its stake in Meredith by 176.5% during the 2nd quarter. GAM Holding AG now owns 27,769 shares of the company’s stock valued at $1,416,000 after acquiring an additional 17,726 shares in the last quarter. OppenheimerFunds Inc. grew its stake in Meredith by 20.8% during the 2nd quarter. OppenheimerFunds Inc. now owns 11,139 shares of the company’s stock valued at $568,000 after acquiring an additional 1,919 shares in the last quarter. Finally, Ausdal Financial Partners Inc. grew its stake in Meredith by 29.2% during the 2nd quarter. Ausdal Financial Partners Inc. now owns 5,765 shares of the company’s stock valued at $294,000 after acquiring an additional 1,303 shares in the last quarter.

Several research firms have weighed in on MDP. ValuEngine cut Meredith from a “sell” rating to a “strong sell” rating in a research note on Friday, August 10th. Zacks Investment Research cut Meredith from a “hold” rating to a “sell” rating in a research note on Tuesday, July 24th. Citigroup lifted their target price on Meredith from $56.00 to $61.00 and gave the company a “buy” rating in a research note on Tuesday, September 11th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $57.00 target price on shares of Meredith in a research note on Monday, August 13th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $66.20.

NYSE:MDP opened at $51.56 on Thursday. The company has a debt-to-equity ratio of 2.84, a quick ratio of 1.63 and a current ratio of 1.66. Meredith Co. has a fifty-two week low of $47.30 and a fifty-two week high of $72.25. The stock has a market cap of $2.26 billion, a price-to-earnings ratio of 20.49 and a beta of 1.46.

Meredith (NYSE:MDP) last released its earnings results on Friday, August 10th. The company reported ($0.06) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.87 by ($0.93). The business had revenue of $788.10 million for the quarter, compared to analysts’ expectations of $787.26 million. Meredith had a net margin of 4.43% and a return on equity of 13.49%. The company’s revenue was up 76.9% compared to the same quarter last year. During the same period last year, the firm earned $1.07 EPS. As a group, equities analysts forecast that Meredith Co. will post 3.75 earnings per share for the current fiscal year.

Meredith Company Profile

Meredith Corporation operates as a diversified media company in the United States, Europe, and Asia. It operates in two segments, National Media and Local Media. The National Media segment offers national consumer media brands through various media platforms, including print magazines, digital and mobile media, brand licensing activities, database-related activities, affinity marketing, and business-to-business marketing products and services.

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Institutional Ownership by Quarter for Meredith (NYSE:MDP)

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