Public Employees Retirement System of Ohio reduced its stake in Meredith Corporation (NYSE:MDP) by 1.8% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 2,711 shares of the company’s stock after selling 50 shares during the period. Public Employees Retirement System of Ohio’s holdings in Meredith Corporation were worth $175,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Goldman Sachs Group Inc. boosted its position in shares of Meredith Corporation by 24.3% in the first quarter. Goldman Sachs Group Inc. now owns 330,692 shares of the company’s stock valued at $21,363,000 after buying an additional 64,633 shares during the last quarter. Bragg Financial Advisors Inc boosted its position in shares of Meredith Corporation by 0.4% in the first quarter. Bragg Financial Advisors Inc now owns 75,456 shares of the company’s stock valued at $4,874,000 after buying an additional 335 shares during the last quarter. Macquarie Group Ltd. boosted its position in shares of Meredith Corporation by 2.3% in the first quarter. Macquarie Group Ltd. now owns 842,686 shares of the company’s stock valued at $54,438,000 after buying an additional 19,155 shares during the last quarter. Tudor Investment Corp ET AL purchased a new position in shares of Meredith Corporation during the first quarter valued at about $224,000. Finally, AQR Capital Management LLC boosted its position in shares of Meredith Corporation by 55.0% in the first quarter. AQR Capital Management LLC now owns 598,754 shares of the company’s stock valued at $38,680,000 after buying an additional 212,411 shares during the last quarter. 96.59% of the stock is currently owned by institutional investors and hedge funds.
Meredith Corporation (MDP) traded down 0.87% on Friday, hitting $56.70. The stock had a trading volume of 91,566 shares. Meredith Corporation has a 12 month low of $43.85 and a 12 month high of $66.25. The company’s 50 day moving average is $59.00 and its 200-day moving average is $59.99. The stock has a market cap of $2.54 billion, a P/E ratio of 13.63 and a beta of 1.22.
Meredith Corporation (NYSE:MDP) last posted its earnings results on Thursday, July 27th. The company reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.11. The company had revenue of $445.40 million during the quarter, compared to analysts’ expectations of $439.61 million. Meredith Corporation had a return on equity of 18.98% and a net margin of 11.03%. The firm’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.08 earnings per share. Analysts forecast that Meredith Corporation will post $3.38 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Thursday, August 31st will be paid a dividend of $0.52 per share. The ex-dividend date is Tuesday, August 29th. This represents a $2.08 annualized dividend and a yield of 3.64%. Meredith Corporation’s dividend payout ratio (DPR) is 50.12%.
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Several brokerages have issued reports on MDP. Jefferies Group LLC reissued a “hold” rating and issued a $60.00 target price on shares of Meredith Corporation in a research report on Wednesday. ValuEngine raised Meredith Corporation from a “hold” rating to a “buy” rating in a research report on Friday, August 4th. BidaskClub raised Meredith Corporation from a “hold” rating to a “buy” rating in a research report on Tuesday, July 25th. Finally, Zacks Investment Research cut Meredith Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, June 28th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $63.50.
In other Meredith Corporation news, insider Thomas H. Harty sold 10,363 shares of the firm’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $57.80, for a total transaction of $598,981.40. Following the completion of the sale, the insider now owns 14,445 shares of the company’s stock, valued at $834,921. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Thomas H. Harty sold 20,028 shares of the firm’s stock in a transaction 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 sale, the insider now directly owns 44,445 shares of the company’s stock, valued at approximately $2,687,144.70. The disclosure for this sale can be found here. In the last three months, insiders have sold 50,998 shares of company stock valued at $3,065,149. 12.40% 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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