Stevens Capital Management LP Invests $1.49 Million in Meredith Corporation (MDP)
Stevens Capital Management LP bought a new stake in shares of Meredith Corporation (NYSE:MDP) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 26,811 shares of the company’s stock, valued at approximately $1,488,000. Stevens Capital Management LP owned about 0.07% of Meredith Corporation at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of the company. Empirical Finance LLC bought a new position in shares of Meredith Corporation during the third quarter valued at approximately $1,170,000. State Board of Administration of Florida Retirement System grew its holdings in Meredith Corporation by 41.1% in the 3rd quarter. State Board of Administration of Florida Retirement System now owns 19,035 shares of the company’s stock worth $1,056,000 after buying an additional 5,542 shares in the last quarter. Channing Capital Management LLC grew its holdings in Meredith Corporation by 14.0% in the 3rd quarter. Channing Capital Management LLC now owns 799,034 shares of the company’s stock worth $44,346,000 after buying an additional 98,014 shares in the last quarter. Foundry Partners LLC grew its holdings in Meredith Corporation by 6.5% in the 3rd quarter. Foundry Partners LLC now owns 287,237 shares of the company’s stock worth $15,942,000 after buying an additional 17,545 shares in the last quarter. Finally, Parametrica Management Ltd bought a new position in Meredith Corporation in the 3rd quarter worth approximately $240,000. 94.48% of the stock is owned by institutional investors.
Shares of Meredith Corporation (MDP) opened at $53.20 on Monday. Meredith Corporation has a 52-week low of $48.65 and a 52-week high of $66.25. The company has a market capitalization of $2,376.76, a price-to-earnings ratio of 13.54, a PEG ratio of 4.03 and a beta of 1.20. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.04 and a current ratio of 1.08.
Meredith Corporation (NYSE:MDP) last announced its quarterly earnings data on Thursday, October 26th. The company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.06. Meredith Corporation had a return on equity of 18.24% and a net margin of 11.04%. The company had revenue of $393.00 million during the quarter, compared to the consensus estimate of $397.50 million. During the same quarter in the prior year, the firm earned $0.75 EPS. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. sell-side analysts forecast that Meredith Corporation will post 3.39 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 30th will be given a dividend of $0.52 per share. The ex-dividend date is Wednesday, November 29th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.91%. Meredith Corporation’s dividend payout ratio (DPR) is presently 50.36%.
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A number of equities analysts recently issued reports on the company. Zacks Investment Research raised Meredith Corporation from a “sell” rating to a “buy” rating and set a $59.00 price objective for the company in a report on Tuesday, October 31st. Jefferies Group LLC reissued a “hold” rating on shares of Meredith Corporation in a report on Sunday, October 29th. Wells Fargo & Company decreased their price objective on Meredith Corporation from $62.00 to $54.00 and set a “market perform” rating for the company in a report on Friday, October 27th. ValuEngine raised Meredith Corporation from a “hold” rating to a “buy” rating in a report on Friday, October 13th. Finally, BidaskClub downgraded Meredith Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, August 22nd. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Meredith Corporation has a consensus rating of “Buy” and an average target price of $60.60.
In other news, insider John S. Zieser sold 1,924 shares of the stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $57.26, for a total value of $110,168.24. Following the completion of the sale, the insider now owns 6,800 shares in the company, valued at $389,368. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Stephen M. Lacy sold 10,816 shares of the stock in a transaction on 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 sale, the chairman now owns 9,274 shares of the company’s stock, valued at approximately $519,714.96. The disclosure for this sale can be found here. Insiders have sold a total of 17,031 shares of company stock valued at $957,108 in the last quarter. Insiders own 4.00% 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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