Meredith Corp. (MDP) Shares Sold by Deprince Race & Zollo Inc.
Deprince Race & Zollo Inc. reduced its position in shares of Meredith Corp. (NYSE:MDP) by 48.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 621,302 shares of the company’s stock after selling 587,614 shares during the period. Deprince Race & Zollo Inc. owned 1.39% of Meredith Corp. worth $32,252,000 at the end of the most recent reporting period.
A number of other hedge funds also recently modified their holdings of the stock. BlackRock Fund Advisors raised its stake in shares of Meredith Corp. by 15.5% in the first quarter. BlackRock Fund Advisors now owns 5,215,985 shares of the company’s stock worth $247,759,000 after buying an additional 701,153 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in shares of Meredith Corp. by 1.9% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,094,652 shares of the company’s stock worth $51,996,000 after buying an additional 20,189 shares in the last quarter. Hamlin Capital Management LLC raised its stake in shares of Meredith Corp. by 58.1% in the second quarter. Hamlin Capital Management LLC now owns 855,554 shares of the company’s stock worth $44,412,000 after buying an additional 314,519 shares in the last quarter. Silvercrest Asset Management Group LLC increased its position in Meredith Corp. by 8.0% in the first quarter. Silvercrest Asset Management Group LLC now owns 405,004 shares of the company’s stock valued at $19,237,000 after buying an additional 29,901 shares during the last quarter. Finally, Foundry Partners LLC acquired a new position in Meredith Corp. during the second quarter valued at about $10,435,000. Hedge funds and other institutional investors own 82.34% of the company’s stock.
Shares of Meredith Corp. (NYSE:MDP) traded up 0.29% during trading on Monday, reaching $52.14. 329,278 shares of the company were exchanged. The stock has a market capitalization of $2.32 billion, a PE ratio of 69.52 and a beta of 1.01. The stock has a 50-day moving average price of $52.51 and a 200-day moving average price of $51.10. Meredith Corp. has a one year low of $35.03 and a one year high of $57.53.
Meredith Corp. (NYSE:MDP) last released its quarterly earnings results 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 net margin of 2.06% and a return on equity of 15.66%. The business earned $435.78 million during the quarter, compared to analysts’ expectations of $437.78 million. During the same quarter in the previous year, the company earned $0.94 EPS. The business’s quarterly revenue was up 2.3% compared to the same quarter last year. Analysts forecast that Meredith Corp. will post $3.68 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Wednesday, August 31st were paid a $0.495 dividend. 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 3.80%. Meredith Corp.’s dividend payout ratio is presently 275.00%.
MDP has been the subject of several analyst reports. Benchmark Co. raised their price target on shares of Meredith Corp. from $57.00 to $62.00 and gave the company a “buy” rating in a research note on Friday, July 29th. Zacks Investment Research downgraded shares of Meredith Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, June 29th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. Meredith Corp. presently has an average 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 business’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $54.15, for a total value of $2,506,224.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider John S. Zieser sold 1,206 shares of the business’s stock in a transaction that occurred on Thursday, August 18th. The stock was sold at an average price of $55.00, for a total transaction of $66,330.00. Following the completion of the transaction, the insider now directly owns 18,000 shares of the company’s stock, valued at approximately $990,000. The disclosure for this sale can be found here. 11.24% of the stock is currently owned by company insiders.
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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