Meredith Corporation (MDP) is Bar Harbor Trust Services’ 9th Largest Position
Bar Harbor Trust Services boosted its stake in shares of Meredith Corporation (NYSE:MDP) by 0.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 113,980 shares of the company’s stock after buying an additional 80 shares during the period. Meredith Corporation makes up about 3.6% of Bar Harbor Trust Services’ portfolio, making the stock its 9th largest position. Bar Harbor Trust Services’ holdings in Meredith Corporation were worth $6,776,000 at the end of the most recent reporting period.
Several other institutional investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. increased its position in Meredith Corporation by 16,099.9% in the first quarter. BlackRock Inc. now owns 6,925,800 shares of the company’s stock valued at $447,406,000 after buying an additional 6,883,048 shares during the last quarter. State Street Corp increased its position in Meredith Corporation by 262.5% in the first quarter. State Street Corp now owns 4,227,619 shares of the company’s stock valued at $273,107,000 after buying an additional 3,061,421 shares during the last quarter. Bank of New York Mellon Corp increased its position 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 valued at $87,057,000 after buying an additional 546,916 shares during the last quarter. Vanguard Group Inc. increased its position in Meredith Corporation by 14.5% in the first quarter. Vanguard Group Inc. now owns 3,549,468 shares of the company’s stock valued at $229,296,000 after buying an additional 450,150 shares during the last quarter. Finally, Prudential Financial Inc. increased its position in Meredith Corporation by 363.0% in the first quarter. Prudential Financial Inc. now owns 314,218 shares of the company’s stock valued at $20,298,000 after buying an additional 246,350 shares during the last quarter. 97.65% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Meredith Corporation (MDP) opened at 56.45 on Wednesday. The firm’s 50-day moving average price is $58.99 and its 200 day moving average price is $59.97. The firm has a market capitalization of $2.52 billion, a P/E ratio of 13.57 and a beta of 1.22. Meredith Corporation has a 12 month low of $43.85 and a 12 month high of $66.25.
Meredith Corporation (NYSE:MDP) last posted its quarterly earnings data on Thursday, July 27th. The company reported $1.07 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.11. The company had revenue of $445.40 million for the quarter, compared to analyst estimates 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 period in the previous year, the business posted $1.08 earnings per share. Analysts anticipate that Meredith Corporation will post $3.38 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Thursday, August 31st will be paid a $0.52 dividend. 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 dividend payout ratio is presently 50.12%.
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Several equities analysts recently issued reports on MDP shares. Jefferies Group LLC reissued a “hold” rating and issued a $60.00 target price on shares of Meredith Corporation in a research report on Friday, July 7th. BidaskClub raised Meredith Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, June 15th. Zacks Investment Research raised Meredith Corporation from a “hold” rating to a “buy” rating and set a $59.00 target price on the stock in a research report on Friday, May 26th. Citigroup Inc. raised Meredith Corporation from a “neutral” rating to a “buy” rating and upped their target price for the company from $58.00 to $65.00 in a research report on Tuesday, May 2nd. Finally, Benchmark Co. raised Meredith Corporation from a “hold” rating to a “buy” rating and set a $65.00 target price on the stock in a research report on Monday, June 5th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $63.50.
In other Meredith Corporation news, CEO Stephen M. Lacy sold 10,268 shares of Meredith Corporation stock in a transaction 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 in the company, valued at $569,297.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Thomas H. Harty sold 20,028 shares of Meredith Corporation stock in a transaction on Monday, July 31st. The shares were sold at an average price of $60.46, for a total transaction of $1,210,892.88. Following the completion of the transaction, the insider now owns 44,445 shares in the company, valued at $2,687,144.70. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 65,552 shares of company stock worth $3,898,907. 12.40% of the stock is currently owned by company insiders.
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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