Bar Harbor Trust Services Has $6.16 Million Position in Meredith Corporation (MDP)
Bar Harbor Trust Services lowered its stake in shares of Meredith Corporation (NYSE:MDP) by 2.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 110,900 shares of the company’s stock after selling 3,080 shares during the quarter. Meredith comprises approximately 3.3% of Bar Harbor Trust Services’ investment portfolio, making the stock its 13th biggest position. Bar Harbor Trust Services owned about 0.25% of Meredith worth $6,155,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of the stock. LS Investment Advisors LLC boosted its holdings in shares of Meredith by 20.8% in the 2nd quarter. LS Investment Advisors LLC now owns 2,951 shares of the company’s stock valued at $175,000 after purchasing an additional 508 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Meredith in the 3rd quarter valued at $167,000. State of Alaska Department of Revenue boosted its holdings in shares of Meredith by 3.4% in the 2nd quarter. State of Alaska Department of Revenue now owns 3,050 shares of the company’s stock valued at $181,000 after purchasing an additional 100 shares in the last quarter. Crossmark Global Holdings Inc. acquired a new stake in shares of Meredith in the 3rd quarter valued at $207,000. Finally, Flinton Capital Management LLC boosted its holdings in shares of Meredith by 53.4% in the 2nd quarter. Flinton Capital Management LLC now owns 3,808 shares of the company’s stock valued at $226,000 after purchasing an additional 1,326 shares in the last quarter. 98.06% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts have recently commented on MDP shares. Zacks Investment Research upgraded Meredith from a “sell” rating to a “buy” rating and set a $59.00 price target for the company in a research note on Tuesday, October 31st. ValuEngine upgraded Meredith from a “hold” rating to a “buy” rating in a research note on Friday, October 13th. Benchmark reiterated a “buy” rating and issued a $77.00 price target (up from $67.00) on shares of Meredith in a research note on Monday. Jefferies Group upgraded Meredith from a “hold” rating to a “buy” rating and increased their price target for the company from $56.00 to $80.00 in a research note on Tuesday. Finally, BidaskClub cut Meredith from a “buy” rating to a “hold” rating in a research note on Tuesday, August 22nd. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $71.40.
Shares of Meredith Corporation (MDP) traded down $0.25 on Wednesday, hitting $67.30. The stock had a trading volume of 1,652,300 shares, compared to its average volume of 529,743. Meredith Corporation has a one year low of $50.63 and a one year high of $70.85. The company has a market cap of $2,725.24, a PE ratio of 15.52, a price-to-earnings-growth ratio of 4.62 and a beta of 1.20. The company has a quick ratio of 1.04, a current ratio of 1.08 and a debt-to-equity ratio of 0.64.
Meredith (NYSE:MDP) last announced its quarterly earnings results on Thursday, October 26th. The company reported $0.69 EPS for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.06. Meredith 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 analysts’ expectations of $397.50 million. During the same period in the prior year, the company earned $0.75 EPS. Meredith’s revenue was down 1.7% compared to the same quarter last year. research analysts anticipate that Meredith Corporation will post 3.39 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 30th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 3.09%. The ex-dividend date is Wednesday, November 29th. Meredith’s dividend payout ratio is currently 50.36%.
Meredith 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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