US Bancorp DE reduced its stake in shares of Meredith Corporation (NYSE:MDP) by 27.7% during the second quarter, Holdings Channel reports. The firm owned 16,391 shares of the company’s stock after selling 6,268 shares during the period. US Bancorp DE’s holdings in Meredith Corporation were worth $975,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in the stock. State of Alaska Department of Revenue boosted its position in shares of Meredith Corporation by 3.4% in the second quarter. State of Alaska Department of Revenue now owns 3,050 shares of the company’s stock valued at $181,000 after buying an additional 100 shares during the period. Arizona State Retirement System boosted its position in shares of Meredith Corporation by 0.8% in the first quarter. Arizona State Retirement System now owns 15,200 shares of the company’s stock valued at $982,000 after buying an additional 126 shares during the period. Louisiana State Employees Retirement System boosted its position in shares of Meredith Corporation by 2.2% in the first quarter. Louisiana State Employees Retirement System now owns 9,200 shares of the company’s stock valued at $594,000 after buying an additional 200 shares during the period. Oregon Public Employees Retirement Fund boosted its position in shares of Meredith Corporation by 1.6% in the first quarter. Oregon Public Employees Retirement Fund now owns 12,826 shares of the company’s stock valued at $829,000 after buying an additional 200 shares during the period. Finally, State Treasurer State of Michigan boosted its position in shares of Meredith Corporation by 1.4% in the first quarter. State Treasurer State of Michigan now owns 14,900 shares of the company’s stock valued at $963,000 after buying an additional 200 shares during the period. Institutional investors own 96.59% of the company’s stock.

Shares of Meredith Corporation (NYSE MDP) traded down 0.17% during trading on Thursday, hitting $57.60. The stock had a trading volume of 36,580 shares. The firm has a market capitalization of $2.58 billion, a P/E ratio of 13.85 and a beta of 1.22. The stock’s 50-day moving average price is $58.99 and its 200 day moving average price is $60.01. Meredith Corporation has a 1-year low of $43.85 and a 1-year high of $66.25.

Meredith Corporation (NYSE:MDP) last announced its quarterly earnings data on Thursday, July 27th. The company reported $1.07 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.96 by $0.11. The business had revenue of $445.40 million during the quarter, compared to the consensus estimate of $439.61 million. Meredith Corporation had a net margin of 11.03% and a return on equity of 18.98%. The firm’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.08 earnings per share. On average, analysts anticipate that Meredith Corporation will post $3.38 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Thursday, August 31st will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 3.60%. Meredith Corporation’s dividend payout ratio is currently 50.12%.

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Several equities analysts have recently weighed in on the company. ValuEngine cut Meredith Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, June 7th. Jefferies Group LLC reiterated a “hold” rating and issued a $60.00 price target on shares of Meredith Corporation in a research report on Wednesday. Benchmark Co. upgraded Meredith Corporation from a “hold” rating to a “buy” rating and set a $65.00 price target for the company in a research report on Monday, June 5th. BidaskClub cut Meredith Corporation from a “buy” rating to a “hold” rating in a research report on Friday, June 23rd. Finally, Citigroup Inc. upgraded Meredith Corporation from a “neutral” rating to a “buy” rating and lifted their price target for the company from $58.00 to $65.00 in a research report on Tuesday, May 2nd. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $63.50.

In related news, insider Thomas H. Harty sold 10,363 shares of the business’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $57.80, for a total transaction of $598,981.40. Following the completion of the transaction, the insider now directly owns 14,445 shares in the company, valued at $834,921. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Thomas H. Harty sold 20,028 shares of the business’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 transaction, the insider now owns 44,445 shares of the company’s stock, valued at $2,687,144.70. The disclosure for this sale can be found here. Insiders sold 50,998 shares of company stock worth $3,065,149 over the last ninety days. Corporate insiders own 12.40% of the company’s stock.

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

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