Copper Rock Capital Partners LLC Purchases New Stake in Meredith Corp. (MDP)
Copper Rock Capital Partners LLC purchased a new position in shares of Meredith Corp. (NYSE:MDP) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 701,672 shares of the company’s stock, valued at approximately $36,045,000. Meredith Corp. makes up 2.3% of Copper Rock Capital Partners LLC’s holdings, making the stock its 5th largest position. Copper Rock Capital Partners LLC owned approximately 1.57% of Meredith Corp. as of its most recent SEC filing.
A number of other large investors also recently bought and sold shares of the stock. LS Investment Advisors LLC raised 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 worth $120,000 after buying an additional 952 shares in the last quarter. Public Employees Retirement System of Ohio raised its stake in Meredith Corp. by 9.1% in the second quarter. Public Employees Retirement System of Ohio now owns 2,734 shares of the company’s stock worth $142,000 after buying an additional 229 shares in the last quarter. Pacad Investment Ltd. bought a new stake in Meredith Corp. during the second quarter worth about $197,000. Riverhead Capital Management LLC bought a new stake in Meredith Corp. during the first quarter worth about $199,000. Finally, Botty Investors LLC bought a new stake in Meredith Corp. during the first quarter worth about $202,000. 82.34% of the stock is currently owned by institutional investors.
Shares of Meredith Corp. (NYSE:MDP) traded down 1.81% during midday trading on Thursday, hitting $50.94. The stock had a trading volume of 73,855 shares. The company has a market cap of $2.27 billion, a P/E ratio of 67.92 and a beta of 1.01. Meredith Corp. has a one year low of $35.03 and a one year high of $57.53. The stock has a 50 day moving average of $52.37 and a 200-day moving average of $51.18.
Meredith Corp. (NYSE:MDP) last announced its quarterly earnings data on Thursday, July 28th. The company reported $1.08 EPS for the quarter, beating analysts’ consensus estimates of $1.03 by $0.05. Meredith Corp. had a return on equity of 15.66% and a net margin of 2.06%. The company earned $435.78 million during the quarter, compared to the consensus estimate of $437.78 million. During the same quarter in the prior year, the firm earned $0.94 EPS. The company’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 fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st were given a dividend of $0.495 per share. The ex-dividend date was Monday, August 29th. This represents a $1.98 dividend on an annualized basis and a dividend yield of 3.82%. Meredith Corp.’s dividend payout ratio (DPR) is presently 275.00%.
MDP has been the topic of a number of analyst reports. Benchmark Co. increased their price target on Meredith Corp. from $57.00 to $62.00 and gave the company a “buy” rating in a research report on Friday, July 29th. Zacks Investment Research lowered Meredith Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, June 29th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. Meredith Corp. presently has an average rating of “Hold” and an average target price of $54.20.
In other news, Chairman Stephen M. Lacy sold 14,110 shares of the stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $54.10, for a total transaction of $763,351.00. Following the completion of the sale, the chairman now owns 15,415 shares in the company, valued at approximately $833,951.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John S. Zieser sold 1,206 shares of the stock in a transaction on Thursday, August 18th. The shares were sold at an average price of $55.00, for a total value of $66,330.00. Following the completion of the sale, the insider now owns 18,000 shares of the company’s stock, valued at approximately $990,000. The disclosure for this sale can be found here. 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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