Meredith Corporation (MDP) Chairman Stephen M. Lacy Sells 6,736 Shares
Meredith Corporation (NYSE:MDP) Chairman Stephen M. Lacy sold 6,736 shares of the stock in a transaction on Monday, August 14th. The stock was sold at an average price of $57.17, for a total transaction of $385,097.12. Following the completion of the sale, the chairman now owns 30,274 shares in the company, valued at approximately $1,730,764.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.
Meredith Corporation (NYSE MDP) traded down 0.62% during mid-day trading on Tuesday, reaching $56.45. 160,658 shares of the company traded hands. The firm has a market capitalization of $2.52 billion, a price-to-earnings ratio of 13.57 and a beta of 1.22. The stock’s 50 day moving average price is $59.02 and its 200 day moving average price is $60.01. Meredith Corporation has a 52 week low of $43.85 and a 52 week high of $66.25.
Meredith Corporation (NYSE:MDP) last announced its quarterly earnings data on Thursday, July 27th. The company reported $1.07 EPS for the quarter, topping the Zacks’ consensus estimate of $0.96 by $0.11. The company had revenue of $445.40 million during the quarter, compared to the consensus estimate of $439.61 million. Meredith Corporation had a net margin of 11.03% and a return on equity of 18.98%. Meredith Corporation’s quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.08 EPS. Equities analysts forecast 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. Shareholders of record on Thursday, August 31st will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $2.08 dividend on an annualized basis and a yield of 3.68%. Meredith Corporation’s payout ratio is currently 50.12%.
Several analysts recently commented on MDP shares. 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 research report on Tuesday, May 2nd. ValuEngine upgraded shares of Meredith Corporation from a “hold” rating to a “buy” rating in a research report on Friday, August 4th. Zacks Investment Research upgraded shares of Meredith Corporation from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a research report on Thursday, June 22nd. BidaskClub upgraded shares of Meredith Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, June 15th. Finally, Jefferies Group LLC restated a “hold” rating and set a $57.00 price target on shares of Meredith Corporation in a research report on Monday, April 24th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $63.50.
A number of institutional investors have recently made changes to their positions in the company. Neuburgh Advisers LLC increased its position in shares of Meredith Corporation by 15.9% in the first quarter. Neuburgh Advisers LLC now owns 1,606 shares of the company’s stock worth $104,000 after buying an additional 220 shares during the last quarter. Bank of Montreal Can increased its position in shares of Meredith Corporation by 16.1% in the first quarter. Bank of Montreal Can now owns 1,739 shares of the company’s stock worth $113,000 after buying an additional 241 shares during the last quarter. Tyers Asset Management LLC increased its position in shares of Meredith Corporation by 15.9% in the first quarter. Tyers Asset Management LLC now owns 2,044 shares of the company’s stock worth $132,000 after buying an additional 280 shares during the last quarter. Strs Ohio increased its position in shares of Meredith Corporation by 46.7% in the first quarter. Strs Ohio now owns 2,200 shares of the company’s stock worth $142,000 after buying an additional 700 shares during the last quarter. Finally, Invictus RG purchased a new position in shares of Meredith Corporation during the first quarter worth approximately $154,000. Institutional investors own 97.65% 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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