Meredith Corporation (MDP) Chairman Stephen M. Lacy Sells 6,736 Shares
Meredith Corporation (NYSE:MDP) Chairman Stephen M. Lacy sold 6,736 shares of the company’s stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $57.17, for a total value of $385,097.12. Following the completion of the transaction, the chairman now directly owns 30,274 shares in the company, valued at $1,730,764.58. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.
Meredith Corporation (NYSE MDP) opened at 56.45 on Wednesday. Meredith Corporation has a one year low of $43.85 and a one year high of $66.25. The firm has a market cap of $2.52 billion, a price-to-earnings ratio of 13.57 and a beta of 1.22. The stock’s 50 day moving average price is $58.99 and its 200-day moving average price is $59.97.
Meredith Corporation (NYSE:MDP) last released its earnings results on Thursday, July 27th. The company reported $1.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.11. The business had revenue of $445.40 million for the quarter, compared to the consensus estimate of $439.61 million. Meredith Corporation had a return on equity of 18.98% and a net margin of 11.03%. Meredith Corporation’s quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.08 earnings per share. Analysts forecast that Meredith Corporation will post $3.38 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Thursday, August 31st will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.68%. The ex-dividend date of this dividend is Tuesday, August 29th. Meredith Corporation’s dividend payout ratio is currently 50.12%.
Several research analysts have weighed in on the company. Jefferies Group LLC reaffirmed a “hold” rating and issued a $57.00 target price on shares of Meredith Corporation in a research report on Monday, April 24th. BidaskClub raised Meredith Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, July 25th. Zacks Investment Research lowered Meredith Corporation from a “buy” rating to a “hold” rating in a report on Friday, June 16th. ValuEngine raised Meredith Corporation from a “hold” rating to a “buy” rating in a report on Friday, August 4th. Finally, Citigroup Inc. raised Meredith Corporation from a “neutral” rating to a “buy” rating and increased their price objective for the company from $58.00 to $65.00 in a report on Tuesday, May 2nd. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $63.50.
Several hedge funds have recently added to or reduced their stakes in MDP. Neuburgh Advisers LLC increased its stake in Meredith Corporation by 15.9% in the first quarter. Neuburgh Advisers LLC now owns 1,606 shares of the company’s stock worth $104,000 after buying an additional 220 shares in the last quarter. Bank of Montreal Can increased its stake in Meredith Corporation by 16.1% in the first quarter. Bank of Montreal Can now owns 1,739 shares of the company’s stock worth $113,000 after buying an additional 241 shares in the last quarter. Tyers Asset Management LLC increased its stake in Meredith Corporation by 15.9% in the first quarter. Tyers Asset Management LLC now owns 2,044 shares of the company’s stock worth $132,000 after buying an additional 280 shares in the last quarter. Strs Ohio increased its stake in Meredith Corporation by 46.7% in the first quarter. Strs Ohio now owns 2,200 shares of the company’s stock worth $142,000 after buying an additional 700 shares in the last quarter. Finally, Invictus RG bought a new stake in Meredith Corporation during the first quarter worth about $154,000. 97.65% of the stock is currently owned by institutional investors and hedge funds.
Meredith Corporation Company Profile
Meredith Corporation is a diversified media company. The Company is focused primarily on the home and family marketplace. The Company operates through two segments: Local Media and National Media. As of June 30, 2016, the Company’s Local Media segment includes 16 owned television stations, one managed television station and related digital and mobile media operations.
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