Meredith Corporation (MDP) Shares Bought by Legal & General Group Plc
Legal & General Group Plc lifted its position in Meredith Corporation (NYSE:MDP) by 10.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 45,175 shares of the company’s stock after buying an additional 4,440 shares during the quarter. Legal & General Group Plc owned approximately 0.10% of Meredith Corporation worth $2,682,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of MDP. BlackRock Inc. raised its holdings in shares of Meredith Corporation by 16,099.9% in the 1st quarter. BlackRock Inc. now owns 6,925,800 shares of the company’s stock valued at $447,406,000 after buying an additional 6,883,048 shares during the period. State Street Corp increased its holdings in Meredith Corporation by 262.5% during the 1st quarter. State Street Corp now owns 4,227,619 shares of the company’s stock worth $273,107,000 after purchasing an additional 3,061,421 shares during the period. Vanguard Group Inc. increased its holdings in Meredith Corporation by 14.5% during the 1st quarter. Vanguard Group Inc. now owns 3,549,468 shares of the company’s stock worth $229,296,000 after purchasing an additional 450,150 shares during the period. Prudential Financial Inc. increased its holdings in Meredith Corporation by 363.0% during the 1st quarter. Prudential Financial Inc. now owns 314,218 shares of the company’s stock worth $20,298,000 after purchasing an additional 246,350 shares during the period. Finally, Renaissance Technologies LLC purchased a new stake in Meredith Corporation during the 1st quarter worth about $15,791,000. Hedge funds and other institutional investors own 96.41% of the company’s stock.
MDP has been the topic of several recent research reports. ValuEngine upgraded Meredith Corporation from a “hold” rating to a “buy” rating in a report on Friday, August 4th. Zacks Investment Research upgraded Meredith Corporation from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a report on Thursday, June 22nd. BidaskClub upgraded Meredith Corporation from a “hold” rating to a “buy” rating in a report on Thursday, June 15th. Finally, Jefferies Group LLC restated a “hold” rating and set a $60.00 price target on shares of Meredith Corporation in a report on Friday, July 7th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $63.50.
In other Meredith Corporation news, insider Thomas H. Harty sold 20,028 shares of the firm’s stock in a transaction dated 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 $2,687,144.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Stephen M. Lacy sold 10,816 shares of the firm’s stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $56.04, for a total value of $606,128.64. Following the completion of the transaction, the chairman now directly owns 9,274 shares in the company, valued at $519,714.96. The disclosure for this sale can be found here. Insiders sold 80,659 shares of company stock worth $4,745,847 over the last three months. 12.40% of the stock is currently owned by corporate insiders.
Shares of Meredith Corporation (NYSE MDP) opened at 53.50 on Wednesday. The firm’s 50-day moving average price is $55.56 and its 200 day moving average price is $58.54. Meredith Corporation has a one year low of $43.85 and a one year high of $66.25. The stock has a market cap of $2.39 billion, a P/E ratio of 12.86 and a beta of 1.24.
Meredith Corporation (NYSE:MDP) last released its quarterly earnings data on Thursday, July 27th. The company reported $1.07 EPS for the quarter, beating the consensus estimate of $0.96 by $0.11. Meredith Corporation had a return on equity of 18.98% and a net margin of 11.03%. The company had revenue of $445.40 million for the quarter, compared to analyst estimates of $439.61 million. During the same period last year, the company posted $1.08 earnings per share. The firm’s revenue was up 2.2% compared to the same quarter last year. Equities research analysts expect that Meredith Corporation will post $3.38 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Thursday, August 31st were given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 3.89%. The ex-dividend date was Tuesday, August 29th. Meredith Corporation’s dividend payout ratio (DPR) is presently 50.12%.
Meredith Corporation 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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