Meredith Corp. (NYSE:MDP) shares hit a new 52-week high during mid-day trading on Friday . The company traded as high as $55.78 and last traded at $55.76, with a volume of 116,572 shares trading hands. The stock had previously closed at $55.24.

Separately, Zacks Investment Research downgraded Meredith Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, June 29th. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $52.67.

The company has a 50 day moving average price of $51.81 and a 200 day moving average price of $46.57. The company has a market capitalization of $2.49 billion and a PE ratio of 15.19.

Meredith Corp. (NYSE:MDP) last announced its quarterly earnings data on Thursday, April 28th. The company reported $0.92 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.80 by $0.12. During the same period last year, the business posted $0.71 earnings per share. The company had revenue of $422.77 million for the quarter, compared to the consensus estimate of $414.66 million. The firm’s quarterly revenue was up 6.2% compared to the same quarter last year. On average, equities research analysts predict that Meredith Corp. will post $3.27 earnings per share for the current fiscal year.

In other news, Director Frederick B. Henry sold 1,186 shares of the firm’s stock in a transaction dated Monday, May 2nd. The stock was sold at an average price of $51.10, for a total transaction of $60,604.60. Following the transaction, the director now directly owns 37,015 shares of the company’s stock, valued at $1,891,466.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John S. Zieser sold 8,783 shares of the firm’s stock in a transaction dated Monday, May 2nd. The shares were sold at an average price of $51.21, for a total value of $449,777.43. The disclosure for this sale can be found here.

Several hedge funds and institutional investors recently made changes to their positions in the stock. Liberty Mutual Group Asset Management Inc. boosted its position in shares of Meredith Corp. by 51.4% in the fourth quarter. Liberty Mutual Group Asset Management Inc. now owns 24,276 shares of the company’s stock worth $1,050,000 after buying an additional 8,244 shares during the period. Strs Ohio raised its stake in Meredith Corp. by 7.1% in the fourth quarter. Strs Ohio now owns 25,500 shares of the company’s stock worth $1,102,000 after buying an additional 1,700 shares in the last quarter. Mutual of America Capital Management LLC raised its stake in Meredith Corp. by 1.1% in the fourth quarter. Mutual of America Capital Management LLC now owns 25,869 shares of the company’s stock worth $1,119,000 after buying an additional 275 shares in the last quarter. Deere & Co. raised its stake in Meredith Corp. by 2.2% in the fourth quarter. Deere & Co. now owns 36,774 shares of the company’s stock worth $1,590,000 after buying an additional 786 shares in the last quarter. Finally, Retirement Systems of Alabama raised its stake in Meredith Corp. by 1.4% in the fourth quarter. Retirement Systems of Alabama now owns 48,432 shares of the company’s stock worth $2,095,000 after buying an additional 670 shares in the last quarter.

Meredith Corporation is a media and marketing company. The Company operates two business segments namely local media and national media. Its national media segment includes national consumer media brands delivered via multiple media platforms including print magazines and digital and mobile media, brand licensing activities, database-related activities and business-to-business marketing products and services.

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