Meredith Corporation (MDP) CEO Sells $625,526.56 in Stock
Meredith Corporation (NYSE:MDP) CEO Stephen M. Lacy sold 10,268 shares of the business’s stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 9,345 shares in the company, valued at approximately $569,297.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Meredith Corporation (NYSE MDP) opened at 57.85 on Friday. The firm has a market cap of $2.59 billion, a P/E ratio of 13.91 and a beta of 1.22. The firm has a 50 day moving average of $59.07 and a 200 day moving average of $60.00. Meredith Corporation has a 1-year low of $43.85 and a 1-year high of $66.25.
Meredith Corporation (NYSE:MDP) last issued its earnings results on Thursday, July 27th. The company reported $1.07 EPS for the quarter, beating the Zacks’ consensus estimate of $0.96 by $0.11. Meredith Corporation had a net margin of 11.03% and a return on equity of 18.98%. The business had revenue of $445.40 million for the quarter, compared to the consensus estimate of $439.61 million. During the same quarter last year, the firm posted $1.08 EPS. The business’s revenue for the quarter was up 2.2% compared to the same quarter last year. On average, equities research analysts expect that Meredith Corporation will post $3.38 EPS for the current year.
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Several institutional investors have recently modified their holdings of the stock. Neuburgh Advisers LLC increased its position in shares of Meredith Corporation by 15.9% in the first quarter. Neuburgh Advisers LLC now owns 1,606 shares of the company’s stock worth $104,000 after buying an additional 220 shares in the last quarter. Bank of Montreal Can increased its position in shares of 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 buying an additional 241 shares in the last quarter. Tyers Asset Management LLC increased its position in shares of Meredith Corporation by 15.9% in the first quarter. Tyers Asset Management LLC now owns 2,044 shares of the company’s stock worth $132,000 after buying an additional 280 shares in the last quarter. Strs Ohio increased its position in shares of Meredith Corporation by 46.7% in the first quarter. Strs Ohio now owns 2,200 shares of the company’s stock worth $142,000 after buying an additional 700 shares in the last quarter. Finally, Invictus RG acquired a new position in shares of Meredith Corporation during the first quarter worth approximately $154,000. 96.47% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages have issued reports on MDP. ValuEngine lowered Meredith Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, June 7th. Benchmark Co. upgraded shares of Meredith Corporation from a “hold” rating to a “buy” rating and set a $65.00 price target for the company in a research note on Monday, June 5th. BidaskClub downgraded shares of Meredith Corporation from a “buy” rating to a “hold” rating in a research note on Friday, June 23rd. Jefferies Group LLC restated a “hold” rating and issued a $57.00 price target on shares of Meredith Corporation in a research note on Monday, April 24th. Finally, Citigroup Inc. upgraded shares of Meredith Corporation from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $58.00 to $65.00 in a research note on Tuesday, May 2nd. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Meredith Corporation has an average rating of “Buy” and a consensus target price of $63.50.
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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