Allianz Asset Management GmbH boosted its position in shares of Meredith Corporation (NYSE:MDP) by 3.7% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 769,716 shares of the company’s stock after buying an additional 27,449 shares during the quarter. Allianz Asset Management GmbH owned approximately 1.72% of Meredith worth $42,719,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Burney Co. raised its holdings in Meredith by 29.5% during the 2nd quarter. Burney Co. now owns 23,870 shares of the company’s stock valued at $1,412,000 after buying an additional 5,440 shares during the last quarter. Aberdeen Asset Management PLC UK raised its holdings in Meredith by 151.4% during the 2nd quarter. Aberdeen Asset Management PLC UK now owns 351,997 shares of the company’s stock valued at $20,926,000 after buying an additional 211,997 shares during the last quarter. BNP Paribas Arbitrage SA raised its holdings in Meredith by 77.1% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 22,815 shares of the company’s stock valued at $1,356,000 after buying an additional 9,936 shares during the last quarter. Royal Bank of Canada raised its holdings in Meredith by 44.3% during the 2nd quarter. Royal Bank of Canada now owns 11,349 shares of the company’s stock valued at $675,000 after buying an additional 3,486 shares during the last quarter. Finally, Channing Capital Management LLC raised its holdings in Meredith by 14.0% during the 3rd quarter. Channing Capital Management LLC now owns 799,034 shares of the company’s stock valued at $44,346,000 after buying an additional 98,014 shares during the last quarter. Institutional investors own 98.04% of the company’s stock.

In related news, insider Paul Karpowicz sold 5,000 shares of the stock in a transaction dated Wednesday, November 29th. The shares were sold at an average price of $68.61, for a total transaction of $343,050.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Frederick B. Henry sold 1,048 shares of the stock in a transaction dated Wednesday, November 29th. The shares were sold at an average price of $66.50, for a total transaction of $69,692.00. The disclosure for this sale can be found here. 4.00% of the stock is owned by company insiders.

Several research analysts have commented on MDP shares. Citigroup lowered shares of Meredith from a “buy” rating to a “neutral” rating in a report on Friday, December 1st. Jefferies Group upgraded shares of Meredith from a “hold” rating to a “buy” rating and upped their price objective for the stock from $56.00 to $80.00 in a report on Tuesday, November 28th. ValuEngine upgraded shares of Meredith from a “hold” rating to a “buy” rating in a report on Monday, November 27th. Benchmark restated a “buy” rating and issued a $77.00 price objective (up from $67.00) on shares of Meredith in a report on Monday, November 27th. Finally, Wells Fargo & Company upgraded shares of Meredith from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $54.00 to $76.00 in a report on Monday, November 27th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Meredith has a consensus rating of “Buy” and an average price target of $71.40.

Shares of Meredith Corporation (NYSE MDP) traded up $1.00 during trading on Friday, hitting $71.20. 621,900 shares of the company traded hands, compared to its average volume of 533,558. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.04 and a current ratio of 1.08. The company has a market cap of $3,136.25, a price-to-earnings ratio of 17.86, a price-to-earnings-growth ratio of 2.59 and a beta of 1.29. Meredith Corporation has a 52 week low of $50.63 and a 52 week high of $71.57.

Meredith (NYSE:MDP) last issued its quarterly earnings results on Thursday, October 26th. The company reported $0.69 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.63 by $0.06. The company had revenue of $393.00 million during the quarter, compared to analyst estimates of $397.50 million. Meredith had a net margin of 11.04% and a return on equity of 18.24%. Meredith’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period last year, the business earned $0.75 EPS. equities analysts anticipate that Meredith Corporation will post 3.39 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 30th will be paid a $0.52 dividend. The ex-dividend date is Wednesday, November 29th. This represents a $2.08 annualized dividend and a dividend yield of 2.92%. Meredith’s payout ratio is 50.36%.

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About Meredith

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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Institutional Ownership by Quarter for Meredith (NYSE:MDP)

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