12,202 Shares in Meredith Corporation (MDP) Acquired by LMR Partners LLP
LMR Partners LLP acquired a new position in Meredith Corporation (NYSE:MDP) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 12,202 shares of the company’s stock, valued at approximately $726,000.
Other hedge funds have also recently added to or reduced their stakes in the company. North Star Investment Management Corp. increased its stake in Meredith Corporation by 14.8% in the second quarter. North Star Investment Management Corp. now owns 31,025 shares of the company’s stock worth $1,844,000 after buying an additional 4,000 shares during the last quarter. Mason Street Advisors LLC increased its stake in Meredith Corporation by 1.4% in the first quarter. Mason Street Advisors LLC now owns 17,282 shares of the company’s stock worth $1,116,000 after buying an additional 234 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in Meredith Corporation during the first quarter worth approximately $15,791,000. Gotham Asset Management LLC purchased a new stake in Meredith Corporation during the first quarter worth approximately $2,350,000. Finally, 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 during the last quarter. Institutional investors and hedge funds own 97.65% of the company’s stock.
Shares of Meredith Corporation (MDP) opened at 54.40 on Monday. The stock has a market capitalization of $2.43 billion, a PE ratio of 13.08 and a beta of 1.22. Meredith Corporation has a 12 month low of $43.85 and a 12 month high of $66.25. The company’s 50-day moving average is $58.65 and its 200-day moving average is $59.85.
Meredith Corporation (NYSE:MDP) last released its quarterly earnings results on Thursday, July 27th. The company reported $1.07 earnings per share 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 net margin of 11.03% and a return on equity of 18.98%. Meredith Corporation’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.08 EPS. Equities research analysts expect that Meredith Corporation will post $3.38 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Thursday, August 31st will be issued a dividend of $0.52 per share. The ex-dividend date is Tuesday, August 29th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.82%. Meredith Corporation’s dividend payout ratio is currently 50.12%.
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MDP has been the subject of a number of research analyst reports. BidaskClub upgraded Meredith Corporation from a “hold” rating to a “buy” rating in a report on Thursday, June 15th. Zacks Investment Research cut shares of Meredith Corporation from a “buy” rating to a “hold” rating in a research report on Thursday, May 25th. ValuEngine raised shares of Meredith Corporation from a “hold” rating to a “buy” rating in a research report on Friday, August 4th. Citigroup Inc. raised shares of Meredith Corporation from a “neutral” rating to a “buy” rating and upped their price target for the stock from $58.00 to $65.00 in a research report on Tuesday, May 2nd. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $60.00 price target on shares of Meredith Corporation in a research report on Friday, July 7th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $63.50.
In other news, insider Paul Karpowicz sold 4,291 shares of the firm’s stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $56.12, for a total transaction of $240,810.92. Following the transaction, the insider now owns 66,473 shares in the company, valued at approximately $3,730,464.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Thomas H. Harty sold 20,028 shares of the firm’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $60.46, for a total transaction of $1,210,892.88. Following the transaction, the insider now owns 44,445 shares in the company, valued at approximately $2,687,144.70. The disclosure for this sale can be found here. Insiders have sold a total of 80,659 shares of company stock worth $4,745,847 in the last 90 days. 12.40% of the stock is owned by insiders.
About Meredith Corporation
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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