State Treasurer State of Michigan increased its position in shares of Meredith Corporation (NYSE:MDP) by 1.3% during the second quarter, Holdings Channel reports. The firm owned 15,100 shares of the company’s stock after buying an additional 200 shares during the period. State Treasurer State of Michigan’s holdings in Meredith Corporation were worth $898,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of MDP. Teachers Advisors LLC raised its stake in Meredith Corporation by 2.2% in the fourth quarter. Teachers Advisors LLC now owns 62,004 shares of the company’s stock worth $3,668,000 after buying an additional 1,353 shares during the period. Bank of Montreal Can raised its stake 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 buying an additional 241 shares during the period. Alpha Windward LLC bought a new stake in Meredith Corporation during the first quarter worth about $488,000. Fox Run Management L.L.C. bought a new stake in Meredith Corporation during the first quarter worth about $711,000. Finally, Iowa State Bank raised its stake in Meredith Corporation by 41.9% in the first quarter. Iowa State Bank now owns 16,225 shares of the company’s stock worth $1,048,000 after buying an additional 4,789 shares during the period. Institutional investors and hedge funds own 96.59% of the company’s stock.

Meredith Corporation (NYSE:MDP) traded up 0.17% on Wednesday, reaching $58.10. The company’s stock had a trading volume of 54,655 shares. The stock’s 50 day moving average is $59.02 and its 200-day moving average is $59.95. The firm has a market capitalization of $2.60 billion, a PE ratio of 13.97 and a beta of 1.22. Meredith Corporation has a 52 week low of $43.85 and a 52 week high of $66.25.

Meredith Corporation (NYSE:MDP) last posted its quarterly earnings results on Thursday, July 27th. The company reported $1.07 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.96 by $0.11. The company had revenue of $445.40 million for the quarter, compared to the consensus estimate of $439.61 million. Meredith Corporation had a return on equity of 18.98% and a net margin of 11.03%. The firm’s quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.08 EPS. Analysts predict that Meredith Corporation will post $3.38 EPS for the current year.

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MDP has been the subject of a number of recent analyst reports. Jefferies Group LLC restated a “hold” rating and set a $57.00 price objective on shares of Meredith Corporation in a research note on Monday, April 24th. Citigroup Inc. upgraded Meredith Corporation from a “neutral” rating to a “buy” rating and raised their price objective for the company from $58.00 to $65.00 in a research note on Tuesday, May 2nd. Zacks Investment Research lowered Meredith Corporation from a “buy” rating to a “hold” rating in a research note on Thursday, May 25th. Benchmark Co. upgraded Meredith Corporation from a “hold” rating to a “buy” rating and set a $65.00 price objective for the company in a research note on Monday, June 5th. Finally, ValuEngine lowered Meredith Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, June 7th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $63.50.

In related news, insider Thomas H. Harty sold 10,363 shares of the company’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $57.80, for a total value of $598,981.40. Following the completion of the sale, the insider now owns 14,445 shares in the company, valued at approximately $834,921. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Thomas H. Harty sold 20,028 shares of the company’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $60.46, for a total transaction of $1,210,892.88. Following the completion of the sale, the insider now owns 44,445 shares of the company’s stock, valued at approximately $2,687,144.70. The disclosure for this sale can be found here. In the last 90 days, insiders sold 50,998 shares of company stock valued at $3,065,149. 12.40% of the stock is owned by corporate insiders.

About Meredith Corporation

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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Institutional Ownership by Quarter for Meredith Corporation (NYSE:MDP)

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