361 Capital LLC Boosts Position in Meredith Corporation (MDP)
361 Capital LLC boosted its stake in Meredith Corporation (NYSE:MDP) by 95.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,996 shares of the company’s stock after acquiring an additional 12,663 shares during the quarter. 361 Capital LLC owned 0.07% of Meredith Corporation worth $1,545,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. BlackRock Inc. lifted its position in Meredith Corporation by 9.1% in the 2nd quarter. BlackRock Inc. now owns 7,553,017 shares of the company’s stock valued at $449,025,000 after acquiring an additional 627,217 shares in the last quarter. State Street Corp lifted its position in Meredith Corporation by 16.8% in the 2nd quarter. State Street Corp now owns 4,938,340 shares of the company’s stock valued at $293,589,000 after acquiring an additional 710,721 shares in the last quarter. Vanguard Group Inc. lifted its position in Meredith Corporation by 0.4% in the 2nd quarter. Vanguard Group Inc. now owns 3,564,353 shares of the company’s stock valued at $211,902,000 after acquiring an additional 14,885 shares in the last quarter. Royce & Associates LP lifted its position in Meredith Corporation by 28.1% in the 2nd quarter. Royce & Associates LP now owns 1,520,641 shares of the company’s stock valued at $90,402,000 after acquiring an additional 333,861 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Meredith Corporation by 11.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,501,656 shares of the company’s stock valued at $89,273,000 after acquiring an additional 154,036 shares in the last quarter. 96.41% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts recently commented on MDP shares. ValuEngine raised shares of Meredith Corporation from a “hold” rating to a “buy” rating in a research report on Friday, August 4th. BidaskClub raised shares of Meredith Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, June 15th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $60.00 price objective on shares of Meredith Corporation in a research report on Friday, July 7th. 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 research analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. Meredith Corporation currently has an average rating of “Hold” and an average price target of $63.33.
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Shares of Meredith Corporation (NYSE:MDP) remained flat at $55.00 during midday trading on Wednesday. 18,206 shares of the company’s stock were exchanged. The stock has a market capitalization of $2.18 billion, a price-to-earnings ratio of 13.22 and a beta of 1.23. Meredith Corporation has a one year low of $43.85 and a one year high of $66.25. The firm’s 50-day moving average price is $54.69 and its 200 day moving average price is $57.68.
Meredith Corporation (NYSE:MDP) last issued its earnings results on Thursday, July 27th. The company reported $1.07 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.96 by $0.11. The business had revenue of $445.40 million for the quarter, compared to analyst estimates 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 was up 2.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.08 earnings per share. Analysts forecast that Meredith Corporation will post $3.38 EPS for the current fiscal 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 dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 3.78%. The ex-dividend date was Tuesday, August 29th. Meredith Corporation’s dividend payout ratio is presently 50.12%.
In other Meredith Corporation news, Chairman Stephen M. Lacy sold 10,816 shares of the firm’s stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $56.04, for a total value of $606,128.64. Following the transaction, the chairman now directly owns 9,274 shares of the company’s stock, valued at $519,714.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 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 completion of the transaction, 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. Over the last three months, insiders have sold 80,659 shares of company stock worth $4,745,847. 4.00% 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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