Meredith Corp. (MDP) Position Boosted by PNC Financial Services Group Inc.
PNC Financial Services Group Inc. increased its stake in shares of Meredith Corp. (NYSE:MDP) by 28.7% during the second quarter, Holdings Channel reports. The firm owned 11,473 shares of the company’s stock after buying an additional 2,558 shares during the period. PNC Financial Services Group Inc.’s holdings in Meredith Corp. were worth $595,000 at the end of the most recent quarter.
A number of other hedge funds also recently added to or reduced their stakes in MDP. BlackRock Fund Advisors boosted its stake in shares of Meredith Corp. by 15.5% in the first quarter. BlackRock Fund Advisors now owns 5,215,985 shares of the company’s stock worth $247,759,000 after buying an additional 701,153 shares during the period. Norges Bank acquired a new stake in shares of Meredith Corp. during the fourth quarter worth approximately $17,561,000. Hamlin Capital Management LLC boosted its stake in shares of Meredith Corp. by 58.1% in the second quarter. Hamlin Capital Management LLC now owns 855,554 shares of the company’s stock worth $44,412,000 after buying an additional 314,519 shares during the period. Emerald Acquisition Ltd. acquired a new stake in shares of Meredith Corp. during the second quarter worth approximately $15,722,000. Finally, Foundry Partners LLC acquired a new stake in shares of Meredith Corp. during the second quarter worth approximately $10,435,000. Institutional investors and hedge funds own 82.34% of the company’s stock.
Shares of Meredith Corp. (NYSE:MDP) traded up 0.96% during trading on Thursday, reaching $50.74. The company’s stock had a trading volume of 135,883 shares. Meredith Corp. has a 12-month low of $35.03 and a 12-month high of $57.53. The firm’s 50-day moving average is $52.90 and its 200-day moving average is $50.76. The stock has a market capitalization of $2.26 billion, a PE ratio of 67.65 and a beta of 1.07.
Meredith Corp. (NYSE:MDP) last released its earnings results on Thursday, July 28th. The company reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $1.03 by $0.05. Meredith Corp. had a return on equity of 15.66% and a net margin of 2.06%. The business had revenue of $435.78 million for the quarter, compared to analyst estimates of $437.78 million. During the same quarter last year, the firm posted $0.94 earnings per share. The business’s revenue was up 2.3% compared to the same quarter last year. Equities analysts expect that Meredith Corp. will post $3.68 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Wednesday, August 31st were paid a $0.495 dividend. The ex-dividend date was Monday, August 29th. This represents a $1.98 dividend on an annualized basis and a yield of 3.94%. Meredith Corp.’s payout ratio is 275.00%.
A number of analysts have recently commented on the stock. Benchmark Co. boosted their target price on shares of Meredith Corp. from $57.00 to $62.00 and gave the company a “buy” rating in a report on Friday, July 29th. Zacks Investment Research lowered Meredith Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, June 29th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Meredith Corp. currently has a consensus rating of “Hold” and an average price target of $54.20.
In other Meredith Corp. news, insider John S. Zieser sold 1,206 shares of the stock in a transaction on Thursday, August 18th. The stock was sold at an average price of $55.00, for a total value of $66,330.00. Following the sale, the insider now owns 18,000 shares in the company, valued at $990,000. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Stephen M. Lacy sold 46,283 shares of the stock in a transaction on Monday, August 1st. The stock was sold at an average price of $54.15, for a total value of $2,506,224.45. The disclosure for this sale can be found here. 11.24% of the stock is owned by company insiders.
About Meredith Corp.
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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