Teacher Retirement System of Texas boosted its stake in shares of Meredith Corp. (NYSE:MDP) by 13.8% during the second quarter, Holdings Channel reports. The fund owned 5,257 shares of the company’s stock after buying an additional 636 shares during the period. Teacher Retirement System of Texas’ holdings in Meredith Corp. were worth $273,000 at the end of the most recent reporting period.
Other hedge funds have also recently bought and sold shares of the company. LS Investment Advisors LLC increased its stake in Meredith Corp. by 69.6% in the second quarter. LS Investment Advisors LLC now owns 2,319 shares of the company’s stock valued at $120,000 after buying an additional 952 shares during the last quarter. Riverhead Capital Management LLC purchased a new stake in Meredith Corp. during the first quarter valued at $199,000. Opus Capital Group LLC purchased a new stake in Meredith Corp. during the second quarter valued at $205,000. AMG National Trust Bank purchased a new stake in Meredith Corp. during the second quarter valued at $217,000. Finally, Jones Financial Companies Lllp purchased a new stake in Meredith Corp. during the first quarter valued at $280,000. 83.92% of the stock is owned by institutional investors and hedge funds.
Meredith Corp. (NYSE:MDP) opened at 48.45 on Monday. The firm’s 50-day moving average price is $51.52 and its 200 day moving average price is $51.32. Meredith Corp. has a 52-week low of $35.03 and a 52-week high of $57.53. The firm has a market cap of $2.16 billion, a PE ratio of 64.60 and a beta of 1.01.
Meredith Corp. (NYSE:MDP) last posted its quarterly earnings data on Thursday, July 28th. The company reported $1.08 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.05. Meredith Corp. had a net margin of 2.06% and a return on equity of 15.66%. The firm had revenue of $435.78 million for the quarter, compared to analysts’ expectations of $437.78 million. During the same period in the previous year, the company posted $0.94 EPS. The company’s quarterly revenue was up 2.3% compared to the same quarter last year. On average, equities analysts anticipate that Meredith Corp. will post $3.68 earnings per share for the current year.
Several research firms have recently weighed in on MDP. Zacks Investment Research downgraded Meredith Corp. from a “hold” rating to a “sell” rating in a report on Wednesday, September 28th. Benchmark Co. upped their price objective on Meredith Corp. from $57.00 to $62.00 and gave the company 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 stock. Meredith Corp. has a consensus rating of “Hold” and an average target price of $54.20.
In other news, insider John S. Zieser sold 1,206 shares of the business’s stock in a transaction on Thursday, August 18th. The shares were sold at an average price of $55.00, for a total transaction of $66,330.00. Following the transaction, the insider now directly owns 18,000 shares in the company, valued at approximately $990,000. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Joseph H. Ceryanec sold 9,145 shares of the business’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $54.03, for a total transaction of $494,104.35. The disclosure for this sale can be found here. Company insiders own 11.24% of the company’s stock.
About Meredith Corp.
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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