Empirical Finance LLC acquired a new position in shares of Meredith Corporation (NYSE:MDP) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 21,076 shares of the company’s stock, valued at approximately $1,170,000. Empirical Finance LLC owned 0.05% of Meredith Corporation at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. LS Investment Advisors LLC raised its stake in Meredith Corporation by 20.8% during the 2nd quarter. LS Investment Advisors LLC now owns 2,951 shares of the company’s stock worth $175,000 after buying an additional 508 shares during the period. State of Alaska Department of Revenue raised its stake 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 buying an additional 100 shares during the period. Crossmark Global Holdings Inc. acquired a new stake in Meredith Corporation during the 3rd quarter worth $207,000. Tudor Investment Corp ET AL acquired a new stake in Meredith Corporation during the 1st quarter worth $224,000. Finally, Flinton Capital Management LLC raised its stake in Meredith Corporation by 53.4% during the 2nd quarter. Flinton Capital Management LLC now owns 3,808 shares of the company’s stock worth $226,000 after buying an additional 1,326 shares during the period. 94.49% of the stock is currently owned by institutional investors and hedge funds.
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Meredith Corporation (MDP) traded down $0.50 on Friday, hitting $51.15. The company’s stock had a trading volume of 550,380 shares, compared to its average volume of 432,652. Meredith Corporation has a 1 year low of $43.85 and a 1 year high of $66.25. The firm has a market cap of $2,280.98, a P/E ratio of 13.02, a price-to-earnings-growth ratio of 3.87 and a beta of 1.20. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.08 and a quick ratio of 1.04.
Meredith Corporation (NYSE:MDP) last released its quarterly earnings results on Thursday, October 26th. The company reported $0.69 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.06. Meredith Corporation had a return on equity of 18.24% and a net margin of 11.04%. The firm had revenue of $393.00 million for the quarter, compared to the consensus estimate of $397.50 million. During the same quarter last year, the business posted $0.75 EPS. The company’s revenue for the quarter was down 1.7% on a year-over-year basis. research analysts expect that Meredith Corporation will post 3.39 EPS for the current year.
In other Meredith Corporation news, insider John S. Zieser sold 1,924 shares of Meredith Corporation stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $57.26, for a total value of $110,168.24. Following the sale, the insider now owns 6,800 shares of the company’s stock, valued at approximately $389,368. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Stephen M. Lacy sold 6,736 shares of Meredith Corporation stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $57.17, for a total value of $385,097.12. Following the completion of the sale, the chairman now directly owns 30,274 shares in the company, valued at approximately $1,730,764.58. The disclosure for this sale can be found here. Insiders sold a total of 29,661 shares of company stock worth $1,680,697 in the last three months. Company insiders own 4.00% of the company’s stock.
Several analysts recently commented on MDP shares. ValuEngine downgraded Meredith Corporation from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Jefferies Group LLC reaffirmed a “hold” rating and set a $60.00 price objective on shares of Meredith Corporation in a research note on Monday, October 16th. Zacks Investment Research downgraded Meredith Corporation from a “hold” rating to a “sell” rating in a research note on Friday, October 20th. BidaskClub downgraded Meredith Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, August 22nd. Finally, Wells Fargo & Company dropped their price objective on Meredith Corporation from $62.00 to $54.00 and set a “market perform” rating on the stock in a research note on Friday, October 27th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company has an average rating of “Buy” and an average target price of $60.60.
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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