Strs Ohio increased its stake in shares of Meredith Corp. (NYSE:MDP) by 0.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 23,200 shares of the company’s stock after buying an additional 200 shares during the period. Strs Ohio’s holdings in Meredith Corp. were worth $1,204,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in MDP. AXA raised its position in Meredith Corp. by 1.5% in the first quarter. AXA now owns 6,900 shares of the company’s stock worth $328,000 after buying an additional 100 shares in the last quarter. Marshwinds Advisory Co. raised its position in Meredith Corp. by 3.3% in the second quarter. Marshwinds Advisory Co. now owns 11,876 shares of the company’s stock worth $616,000 after buying an additional 375 shares in the last quarter. CIBC World Markets Inc. raised its position in Meredith Corp. by 7.6% in the second quarter. CIBC World Markets Inc. now owns 5,403 shares of the company’s stock worth $280,000 after buying an additional 381 shares in the last quarter. LS Investment Advisors LLC raised its position in Meredith Corp. by 69.6% in the second quarter. LS Investment Advisors LLC now owns 2,319 shares of the company’s stock worth $120,000 after buying an additional 952 shares in the last quarter. Finally, Metropolitan Life Insurance Co. NY raised its position in Meredith Corp. by 1.7% in the first quarter. Metropolitan Life Insurance Co. NY now owns 59,000 shares of the company’s stock worth $2,803,000 after buying an additional 984 shares in the last quarter. 82.32% of the stock is currently owned by institutional investors and hedge funds.
Meredith Corp. (NYSE:MDP) traded down 0.58% during midday trading on Wednesday, hitting $49.91. The stock had a trading volume of 240,166 shares. The company has a market capitalization of $2.22 billion, a PE ratio of 66.55 and a beta of 1.01. The company’s 50-day moving average price is $51.92 and its 200 day moving average price is $51.33. Meredith Corp. has a 52 week low of $35.03 and a 52 week high of $57.53.
Meredith Corp. (NYSE:MDP) last posted its quarterly earnings data on Thursday, July 28th. The company reported $1.08 EPS for the quarter, topping the Zacks’ consensus estimate of $1.03 by $0.05. Meredith Corp. had a return on equity of 15.66% and a net margin of 2.06%. The firm had revenue of $435.78 million for the quarter, compared to analyst estimates of $437.78 million. During the same quarter last year, the company earned $0.94 EPS. The company’s revenue was up 2.3% on a year-over-year basis. On average, analysts expect that Meredith Corp. will post $3.68 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Wednesday, August 31st were paid a dividend of $0.495 per share. The ex-dividend date of this dividend was Monday, August 29th. This represents a $1.98 dividend on an annualized basis and a yield of 3.97%. Meredith Corp.’s dividend payout ratio (DPR) is presently 275.00%.
A number of research firms have commented on MDP. Zacks Investment Research raised Meredith Corp. from a “sell” rating to a “hold” rating in a research note on Wednesday. Benchmark Co. boosted their price objective on Meredith Corp. from $57.00 to $62.00 and gave the stock a “buy” rating in a research note on Friday, July 29th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Meredith Corp. currently has a consensus rating of “Hold” and an average price target of $54.20.
In other Meredith Corp. news, Chairman Stephen M. Lacy sold 46,283 shares of the firm’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $54.15, for a total transaction of $2,506,224.45. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider John S. Zieser sold 1,206 shares of the firm’s stock in a transaction on Thursday, August 18th. The stock was sold at an average price of $55.00, for a total value of $66,330.00. Following the transaction, the insider now owns 18,000 shares in the company, valued at approximately $990,000. The disclosure for this sale can be found here. Company insiders own 11.24% of the company’s stock.
Meredith Corp. Company Profile
Meredith Corporation is a media and marketing company. The Company operates two business segments namely local media and national media. Its national media segment includes national consumer media brands delivered via multiple media platforms including print magazines and digital and mobile media, brand licensing activities, database-related activities and business-to-business marketing products and services.
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