Meredith Corporation (MDP) Position Boosted by Advisor Group Inc.
Advisor Group Inc. boosted its holdings in Meredith Corporation (NYSE:MDP) by 0.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,398 shares of the company’s stock after buying an additional 49 shares during the quarter. Advisor Group Inc.’s holdings in Meredith Corporation were worth $321,000 at the end of the most recent quarter.
Other large investors have also bought and sold shares of the company. Invictus RG purchased a new position in shares of Meredith Corporation during the first quarter worth about $154,000. LS Investment Advisors LLC grew its holdings in shares of Meredith Corporation by 20.8% during the second quarter. LS Investment Advisors LLC now owns 2,951 shares of the company’s stock worth $175,000 after purchasing an additional 508 shares during the last quarter. State of Alaska Department of Revenue grew its holdings in shares of Meredith Corporation by 3.4% during the second quarter. State of Alaska Department of Revenue now owns 3,050 shares of the company’s stock worth $181,000 after purchasing an additional 100 shares during the last quarter. Teacher Retirement System of Texas purchased a new position in shares of Meredith Corporation during the first quarter worth about $201,000. Finally, Tudor Investment Corp ET AL purchased a new position in shares of Meredith Corporation during the first quarter worth about $224,000. 96.41% of the stock is currently owned by hedge funds and other institutional investors.
Several brokerages have recently weighed in on MDP. BidaskClub upgraded shares of Meredith Corporation from a “hold” rating to a “buy” rating in a research note on Thursday, June 29th. Zacks Investment Research downgraded shares of Meredith Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, September 26th. Jefferies Group LLC reiterated a “hold” rating and set a $60.00 target price on shares of Meredith Corporation in a research note on Wednesday, August 9th. Finally, ValuEngine downgraded shares of Meredith Corporation from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $63.33.
In other Meredith Corporation news, Chairman Stephen M. Lacy sold 10,816 shares of the company’s stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $56.04, for a total value of $606,128.64. Following the completion of the transaction, the chairman now owns 9,274 shares in the company, valued at approximately $519,714.96. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Stephen M. Lacy sold 10,268 shares of the company’s stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $60.92, for a total transaction of $625,526.56. Following the completion of the transaction, the chief executive officer now owns 9,345 shares of the company’s stock, valued at approximately $569,297.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 80,659 shares of company stock valued at $4,745,847. 4.00% of the stock is owned by insiders.
Shares of Meredith Corporation (NYSE:MDP) opened at 54.65 on Friday. Meredith Corporation has a 52 week low of $43.85 and a 52 week high of $66.25. The firm has a market cap of $2.44 billion, a P/E ratio of 13.14 and a beta of 1.23. The stock’s 50 day moving average is $54.72 and its 200 day moving average is $57.64.
Meredith Corporation (NYSE:MDP) last announced its quarterly earnings data on Thursday, July 27th. The company reported $1.07 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $439.61 million. During the same quarter in the prior year, the firm earned $1.08 EPS. The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. On average, equities research analysts predict that Meredith Corporation will post $3.38 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Thursday, August 31st were given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 3.81%. The ex-dividend date of this dividend was Tuesday, August 29th. Meredith Corporation’s dividend payout ratio (DPR) is 50.12%.
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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