Public Employees Retirement System of Ohio lessened its holdings in shares of Meredith Co. (NYSE:MDP) by 72.4% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,930 shares of the company’s stock after selling 7,675 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Meredith were worth $163,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also modified their holdings of MDP. Migdal Insurance & Financial Holdings Ltd. bought a new position in Meredith during the third quarter valued at approximately $167,000. Janney Montgomery Scott LLC bought a new position in Meredith during the third quarter valued at approximately $204,000. Crossmark Global Holdings Inc. bought a new position in Meredith during the third quarter valued at approximately $207,000. Flinton Capital Management LLC raised its position in Meredith by 53.4% during the second quarter. Flinton Capital Management LLC now owns 3,808 shares of the company’s stock valued at $226,000 after acquiring an additional 1,326 shares in the last quarter. Finally, Riverhead Capital Management LLC raised its position in Meredith by 54.6% during the second quarter. Riverhead Capital Management LLC now owns 3,864 shares of the company’s stock valued at $230,000 after acquiring an additional 1,364 shares in the last quarter. 97.26% of the stock is currently owned by hedge funds and other institutional investors.
Several brokerages recently weighed in on MDP. ValuEngine raised shares of Meredith from a “hold” rating to a “buy” rating in a research report on Monday, November 27th. Zacks Investment Research lowered shares of Meredith from a “hold” rating to a “sell” rating in a research report on Tuesday, September 26th. Jefferies Group reissued a “hold” rating on shares of Meredith in a research report on Sunday, October 29th. JMP Securities initiated coverage on shares of Meredith in a research report on Monday, November 13th. They issued a “market perform” rating on the stock. Finally, Wells Fargo & Co raised shares of Meredith from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $54.00 to $76.00 in a research report on Monday, November 27th. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Meredith presently has an average rating of “Buy” and an average price target of $74.20.
Meredith (NYSE:MDP) last released its quarterly earnings results on Thursday, October 26th. The company reported $0.69 EPS for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.06. Meredith had a net margin of 11.04% and a return on equity of 18.24%. The company had revenue of $393.00 million for the quarter, compared to analyst estimates of $397.50 million. During the same quarter last year, the firm posted $0.75 earnings per share. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. sell-side analysts forecast that Meredith Co. will post 3.39 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, December 15th. Stockholders of record on Thursday, November 30th were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.20%. The ex-dividend date was Wednesday, November 29th. Meredith’s dividend payout ratio is 50.24%.
In other news, Director Meredith D. Mell Frazier sold 22,176 shares of the firm’s stock in a transaction on Friday, December 15th. The shares were sold at an average price of $69.85, for a total value of $1,548,993.60. Following the sale, the director now owns 6,000 shares in the company, valued at $419,100. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, major shareholder Edwin T. Iv Meredith sold 3,600 shares of the firm’s stock in a transaction on Friday, December 15th. The stock was sold at an average price of $70.10, for a total transaction of $252,360.00. The disclosure for this sale can be found here. In the last three months, insiders sold 35,024 shares of company stock worth $2,443,024. Insiders own 4.00% of the company’s stock.
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Meredith 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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