Insider Selling: Meredith Corp. (MDP) Director Sells $51,896.00 in Stock
Meredith Corp. (NYSE:MDP) Director Frederick B. Henry sold 998 shares of the firm’s stock in a transaction dated Monday, November 14th. The shares were sold at an average price of $52.00, for a total value of $51,896.00. Following the completion of the sale, the director now directly owns 2,085 shares in the company, valued at $108,420. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.
Shares of Meredith Corp. (NYSE:MDP) opened at 53.60 on Monday. The firm has a market capitalization of $2.39 billion, a P/E ratio of 42.51 and a beta of 0.94. Meredith Corp. has a 12-month low of $35.03 and a 12-month high of $57.53. The firm’s 50-day moving average price is $48.93 and its 200-day moving average price is $51.38.
Meredith Corp. (NYSE:MDP) last issued its quarterly earnings results on Thursday, October 27th. The company reported $0.75 EPS for the quarter, topping the consensus estimate of $0.72 by $0.03. Meredith Corp. had a net margin of 3.42% and a return on equity of 16.93%. The firm had revenue of $399.90 million for the quarter, compared to analysts’ expectations of $400.77 million. During the same period in the previous year, the firm posted $0.52 EPS. The company’s revenue for the quarter was up 4.0% on a year-over-year basis. Equities analysts predict that Meredith Corp. will post $3.70 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Wednesday, November 30th will be given a dividend of $0.495 per share. The ex-dividend date is Monday, November 28th. This represents a $1.98 annualized dividend and a yield of 3.69%. Meredith Corp.’s dividend payout ratio (DPR) is presently 160.98%.
A number of large investors have recently modified their holdings of MDP. LS Investment Advisors LLC boosted its stake in shares of 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 period. Public Employees Retirement System of Ohio boosted its stake in shares of 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 valued at $142,000 after buying an additional 229 shares during the period. Pacad Investment Ltd. acquired a new stake in shares of Meredith Corp. during the second quarter valued at approximately $197,000. Riverhead Capital Management LLC acquired a new stake in shares of Meredith Corp. during the first quarter valued at approximately $199,000. Finally, Opus Capital Group LLC acquired a new stake in shares of Meredith Corp. during the second quarter valued at approximately $205,000. 85.16% of the stock is currently owned by hedge funds and other institutional investors.
Several equities research analysts have recently issued reports on MDP shares. Benchmark Co. raised 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 downgraded Meredith Corp. from a “hold” rating to a “sell” rating in a research report on Wednesday, September 28th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $54.20.
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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