Systematic Financial Management LP Boosts Position in Meredith Corporation (MDP)
Systematic Financial Management LP boosted its stake in shares of Meredith Corporation (NYSE:MDP) by 904.1% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 297,323 shares of the company’s stock after buying an additional 267,713 shares during the quarter. Systematic Financial Management LP owned approximately 0.75% of Meredith Corporation worth $17,676,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently bought and sold shares of the company. North Star Investment Management Corp. grew its position in Meredith Corporation by 14.8% during the second quarter. North Star Investment Management Corp. now owns 31,025 shares of the company’s stock valued at $1,844,000 after buying an additional 4,000 shares during the period. Gotham Asset Management LLC bought a new position in Meredith Corporation during the first quarter valued at about $2,350,000. Mason Street Advisors LLC grew its position in Meredith Corporation by 1.4% during the first quarter. Mason Street Advisors LLC now owns 17,282 shares of the company’s stock valued at $1,116,000 after buying an additional 234 shares during the period. Renaissance Technologies LLC bought a new position in Meredith Corporation during the first quarter valued at about $15,791,000. Finally, Bank of Montreal Can grew its position in Meredith Corporation by 16.1% during the first quarter. Bank of Montreal Can now owns 1,739 shares of the company’s stock valued at $113,000 after buying an additional 241 shares during the period. Institutional investors own 96.44% of the company’s stock.
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MDP has been the topic of several recent research reports. ValuEngine raised shares of Meredith Corporation from a “hold” rating to a “buy” rating in a report on Friday, August 4th. Zacks Investment Research raised shares of Meredith Corporation from a “hold” rating to a “buy” rating and set a $64.00 price objective on the stock in a report on Thursday, June 22nd. BidaskClub raised shares of Meredith Corporation from a “hold” rating to a “buy” rating in a report on Thursday, June 15th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $60.00 price objective on shares of Meredith Corporation in a report on Friday, July 7th. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Meredith Corporation has an average rating of “Hold” and an average price target of $63.50.
Shares of Meredith Corporation (NYSE MDP) opened at 54.60 on Friday. The stock has a market capitalization of $2.44 billion, a P/E ratio of 13.12 and a beta of 1.24. The stock has a 50 day moving average of $56.88 and a 200-day moving average of $59.09. Meredith Corporation has a one year low of $43.85 and a one year high of $66.25.
Meredith Corporation (NYSE:MDP) last announced its quarterly earnings data on Thursday, July 27th. The company reported $1.07 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.96 by $0.11. The company had revenue of $445.40 million during 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%. The firm’s revenue was up 2.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.08 EPS. Equities analysts forecast that Meredith Corporation will post $3.38 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Thursday, August 31st will be paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.81%. Meredith Corporation’s dividend payout ratio (DPR) is presently 50.12%.
In related news, insider Thomas H. Harty sold 20,028 shares of the business’s stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $60.46, for a total value of $1,210,892.88. Following the transaction, the insider now directly owns 44,445 shares of the company’s stock, valued at approximately $2,687,144.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Stephen M. Lacy sold 10,268 shares of the business’s stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $60.92, for a total value of $625,526.56. Following the completion of the transaction, the chief executive officer now directly owns 9,345 shares in the company, valued at $569,297.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 80,659 shares of company stock valued at $4,745,847. 12.40% of the stock is currently owned by corporate insiders.
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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