Meredith Corporation (MDP) Shares Sold by JPMorgan Chase & Co.
JPMorgan Chase & Co. trimmed its stake in shares of Meredith Corporation (NYSE:MDP) by 45.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 99,651 shares of the company’s stock after selling 83,879 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.25% of Meredith Corporation worth $5,925,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in the stock. State of Alaska Department of Revenue increased its position in Meredith Corporation by 3.4% during the 2nd quarter. State of Alaska Department of Revenue now owns 3,050 shares of the company’s stock worth $181,000 after purchasing an additional 100 shares in the last quarter. Lowe Brockenbrough & Co. Inc. increased its position in Meredith Corporation by 2.2% during the 2nd quarter. Lowe Brockenbrough & Co. Inc. now owns 5,860 shares of the company’s stock worth $348,000 after purchasing an additional 125 shares in the last quarter. Arizona State Retirement System increased its position in Meredith Corporation by 0.8% during the 1st quarter. Arizona State Retirement System now owns 15,200 shares of the company’s stock worth $982,000 after purchasing an additional 126 shares in the last quarter. State Treasurer State of Michigan increased its position in Meredith Corporation by 1.3% during the 2nd quarter. State Treasurer State of Michigan now owns 15,100 shares of the company’s stock worth $898,000 after purchasing an additional 200 shares in the last quarter. Finally, Mason Street Advisors LLC increased its position in Meredith Corporation by 1.4% during the 1st quarter. Mason Street Advisors LLC now owns 17,282 shares of the company’s stock worth $1,116,000 after purchasing an additional 234 shares in the last quarter. Institutional investors and hedge funds own 96.41% of the company’s stock.
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A number of equities analysts recently issued reports on the stock. BidaskClub upgraded shares of Meredith Corporation from a “hold” rating to a “buy” rating in a research report on Tuesday, July 25th. Jefferies Group LLC reiterated a “hold” rating and set a $60.00 price objective on shares of Meredith Corporation in a research report on Friday, July 7th. ValuEngine upgraded shares of Meredith Corporation from a “hold” rating to a “buy” rating in a research report on Friday, August 4th. Finally, Zacks Investment Research cut shares of Meredith Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, September 26th. One analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $63.33.
Shares of Meredith Corporation (NYSE MDP) opened at 56.40 on Thursday. The company has a market capitalization of $2.52 billion, a price-to-earnings ratio of 13.56 and a beta of 1.23. The firm’s 50-day moving average is $54.60 and its 200-day moving average is $57.92. Meredith Corporation has a 12-month low of $43.85 and a 12-month high of $66.25.
Meredith Corporation (NYSE:MDP) last announced its 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 quarterly revenue was up 2.2% on a year-over-year basis. During the same period last year, the firm posted $1.08 earnings per share. On average, equities analysts predict that Meredith Corporation will post $3.38 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Thursday, August 31st were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 3.69%. The ex-dividend date of this dividend was Tuesday, August 29th. Meredith Corporation’s dividend payout ratio is currently 50.12%.
In related news, Chairman Stephen M. Lacy sold 10,339 shares of the firm’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $60.91, for a total value of $629,748.49. Following the sale, the chairman now directly owns 9,345 shares of the company’s stock, valued at $569,203.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Thomas H. Harty sold 20,028 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 44,445 shares in the company, valued at $2,687,144.70. The disclosure for this sale can be found here. Insiders sold 80,659 shares of company stock worth $4,745,847 over the last ninety days. 4.00% of the stock is currently owned by 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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