ING Groep NV Purchases Shares of 4,462 Meredith Corporation (MDP)
ING Groep NV purchased a new position in shares of Meredith Corporation (NYSE:MDP) during the second quarter, Holdings Channel reports. The fund purchased 4,462 shares of the company’s stock, valued at approximately $265,000.
Other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. boosted its stake in Meredith Corporation by 16,099.9% in the first quarter. BlackRock Inc. now owns 6,925,800 shares of the company’s stock worth $447,406,000 after buying an additional 6,883,048 shares in the last quarter. State Street Corp boosted its stake in Meredith Corporation by 262.5% in the first quarter. State Street Corp now owns 4,227,619 shares of the company’s stock worth $273,107,000 after buying an additional 3,061,421 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Meredith Corporation by 68.3% in the first quarter. Bank of New York Mellon Corp now owns 1,347,620 shares of the company’s stock worth $87,057,000 after buying an additional 546,916 shares in the last quarter. Vanguard Group Inc. boosted its stake in Meredith Corporation by 14.5% in the first quarter. Vanguard Group Inc. now owns 3,549,468 shares of the company’s stock worth $229,296,000 after buying an additional 450,150 shares in the last quarter. Finally, Prudential Financial Inc. boosted its stake in Meredith Corporation by 363.0% in the first quarter. Prudential Financial Inc. now owns 314,218 shares of the company’s stock worth $20,298,000 after buying an additional 246,350 shares in the last quarter. Institutional investors and hedge funds own 96.59% of the company’s stock.
Shares of Meredith Corporation (NYSE MDP) traded down 0.17% during trading on Friday, hitting $57.10. 137,775 shares of the company traded hands. The company has a 50-day moving average of $59.00 and a 200-day moving average of $59.99. The stock has a market capitalization of $2.55 billion, a PE ratio of 13.73 and a beta of 1.22. Meredith Corporation has a 52-week low of $43.85 and a 52-week high of $66.25.
Meredith Corporation (NYSE:MDP) last posted its quarterly earnings data on Thursday, July 27th. The company reported $1.07 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.96 by $0.11. The business had revenue of $445.40 million during the quarter, compared to the consensus estimate of $439.61 million. Meredith Corporation had a return on equity of 18.98% and a net margin of 11.03%. The company’s revenue was up 2.2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.08 earnings per share. Equities analysts expect that Meredith Corporation will post $3.38 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Thursday, August 31st will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 3.64%. The ex-dividend date of this dividend is Tuesday, August 29th. Meredith Corporation’s payout ratio is currently 50.12%.
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A number of analysts have recently weighed in on MDP shares. Jefferies Group LLC restated a “hold” rating and issued a $60.00 price target on shares of Meredith Corporation in a report on Friday, July 7th. BidaskClub upgraded shares of Meredith Corporation from a “hold” rating to a “buy” rating in a report on Thursday, June 15th. Zacks Investment Research upgraded shares of Meredith Corporation from a “hold” rating to a “buy” rating and set a $59.00 price target on the stock in a report on Friday, May 26th. Citigroup Inc. upgraded shares of Meredith Corporation from a “neutral” rating to a “buy” rating and raised their price target for the company from $58.00 to $65.00 in a report on Tuesday, May 2nd. Finally, Benchmark Co. upgraded shares of Meredith Corporation from a “hold” rating to a “buy” rating and set a $65.00 price target on the stock in a report on Monday, June 5th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $63.50.
In other news, CEO Stephen M. Lacy sold 10,268 shares of the company’s stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $60.92, for a total transaction of $625,526.56. Following the completion of the sale, the chief executive officer now owns 9,345 shares in the company, valued at $569,297.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Thomas H. Harty sold 20,028 shares of the company’s stock in a transaction that occurred 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 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. Insiders sold 50,998 shares of company stock valued at $3,065,149 over the last three months. Corporate insiders own 12.40% of the company’s stock.
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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