Meredith Corporation (MDP) Holdings Trimmed by Gotham Asset Management LLC
Gotham Asset Management LLC cut its holdings in Meredith Corporation (NYSE:MDP) by 61.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,879 shares of the company’s stock after selling 22,491 shares during the quarter. Gotham Asset Management LLC’s holdings in Meredith Corporation were worth $825,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Invictus RG acquired a new stake in shares of Meredith Corporation in the first quarter valued at approximately $154,000. LS Investment Advisors LLC grew its position in shares of Meredith Corporation by 20.8% in the second quarter. LS Investment Advisors LLC now owns 2,951 shares of the company’s stock valued at $175,000 after purchasing an additional 508 shares during the last quarter. State of Alaska Department of Revenue grew its position in shares of Meredith Corporation by 3.4% in the second quarter. State of Alaska Department of Revenue now owns 3,050 shares of the company’s stock valued at $181,000 after purchasing an additional 100 shares during the last quarter. Teacher Retirement System of Texas acquired a new stake in shares of Meredith Corporation in the first quarter valued at approximately $201,000. Finally, Tudor Investment Corp ET AL acquired a new stake in shares of Meredith Corporation in the first quarter valued at approximately $224,000. Institutional investors and hedge funds own 96.40% of the company’s stock.
Meredith Corporation (NYSE:MDP) opened at 53.85 on Thursday. The company’s 50 day moving average is $54.70 and its 200 day moving average is $57.32. Meredith Corporation has a 52 week low of $43.85 and a 52 week high of $66.25. The stock has a market cap of $2.40 billion, a P/E ratio of 12.94 and a beta of 1.23.
Meredith Corporation (NYSE:MDP) last released its earnings results on Thursday, July 27th. The company reported $1.07 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.11. The business had revenue of $445.40 million for 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%. The firm’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same period last year, the firm posted $1.08 earnings per share. Equities analysts predict that Meredith Corporation will post $3.38 earnings per share for the current year.
In other news, CEO Stephen M. Lacy sold 10,268 shares of Meredith Corporation stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $60.92, for a total value of $625,526.56. Following the transaction, the chief executive officer now directly owns 9,345 shares of the company’s stock, valued at $569,297.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider John S. Zieser sold 1,924 shares of Meredith Corporation stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $57.26, for a total transaction of $110,168.24. Following the completion of the transaction, the insider now directly owns 6,800 shares in the company, valued at $389,368. The disclosure for this sale can be found here. Over the last three months, insiders sold 80,659 shares of company stock worth $4,745,847. 4.00% of the stock is currently owned by insiders.
MDP has been the topic of several research reports. ValuEngine lowered shares of Meredith Corporation from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. BidaskClub lowered shares of Meredith Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, August 22nd. Zacks Investment Research lowered shares of Meredith Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, September 26th. Finally, Jefferies Group LLC reiterated a “hold” rating and issued a $60.00 price target on shares of Meredith Corporation in a research report on Wednesday, August 9th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $63.33.
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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