Engineers Gate Manager LP lowered its holdings in shares of Meredith Corporation (NYSE:MDP) by 78.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 13,956 shares of the company’s stock after selling 50,883 shares during the quarter. Engineers Gate Manager LP’s holdings in Meredith Corporation were worth $830,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in MDP. Bank of Montreal Can lifted its position in Meredith Corporation by 16.1% during the first quarter. Bank of Montreal Can now owns 1,739 shares of the company’s stock valued at $113,000 after purchasing an additional 241 shares during the last quarter. Strs Ohio lifted its position in Meredith Corporation by 46.7% during the first quarter. Strs Ohio now owns 2,200 shares of the company’s stock valued at $142,000 after purchasing an additional 700 shares during the last quarter. Oregon Public Employees Retirement Fund lifted its position in Meredith Corporation by 1.6% during the first quarter. Oregon Public Employees Retirement Fund now owns 12,826 shares of the company’s stock valued at $829,000 after purchasing an additional 200 shares during the last quarter. Spot Trading L.L.C. bought a new position in Meredith Corporation during the first quarter valued at $301,000. Finally, Great West Life Assurance Co. Can lifted its position in Meredith Corporation by 3.3% during the first quarter. Great West Life Assurance Co. Can now owns 22,025 shares of the company’s stock valued at $1,422,000 after purchasing an additional 699 shares during the last quarter. Institutional investors and hedge funds own 96.42% of the company’s stock.

Shares of Meredith Corporation (NYSE MDP) opened at 53.75 on Friday. The stock has a market cap of $2.40 billion, a P/E ratio of 12.92 and a beta of 1.24. The stock has a 50 day moving average of $55.97 and a 200 day moving average of $58.78. Meredith Corporation has a 52 week low of $43.85 and a 52 week high of $66.25.

Meredith Corporation (NYSE:MDP) last announced its earnings results on Thursday, July 27th. The company reported $1.07 earnings per share (EPS) for the quarter, topping the 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 company had revenue of $445.40 million for the quarter, compared to analysts’ expectations of $439.61 million. During the same quarter in the previous year, the company posted $1.08 EPS. The firm’s quarterly revenue was up 2.2% on a year-over-year basis. On average, analysts expect that Meredith Corporation will post $3.38 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Thursday, August 31st were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Tuesday, August 29th. This represents a $2.08 annualized dividend and a dividend yield of 3.87%. Meredith Corporation’s payout ratio is 50.12%.

In other news, insider John S. Zieser sold 1,924 shares of the business’s stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $57.26, for a total transaction of $110,168.24. Following the transaction, the insider now owns 6,800 shares of the company’s stock, valued at approximately $389,368. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Thomas H. Harty sold 20,028 shares of the business’s stock in a transaction dated 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 directly owns 44,445 shares in the company, valued at approximately $2,687,144.70. The disclosure for this sale can be found here. In the last three months, insiders have sold 80,659 shares of company stock worth $4,745,847. Corporate insiders own 12.40% of the company’s stock.

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Several equities analysts have commented on the stock. BidaskClub upgraded shares of Meredith Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, June 29th. Zacks Investment Research lowered shares of Meredith Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, June 28th. Jefferies Group LLC reiterated a “hold” rating and set a $60.00 price objective on shares of Meredith Corporation in a research report on Wednesday, August 9th. Benchmark Co. upgraded shares of Meredith Corporation from a “hold” rating to a “buy” rating and set a $65.00 price objective for the company in a research report on Monday, June 5th. Finally, ValuEngine lowered shares of Meredith Corporation from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $63.50.

Meredith Corporation 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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