Public Employees Retirement System of Ohio decreased its stake in Meredith Corporation (NYSE:MDP) by 1.8% during the first quarter, according to its most recent disclosure with the SEC. The firm owned 2,711 shares of the company’s stock after selling 50 shares during the period. Public Employees Retirement System of Ohio’s holdings in Meredith Corporation were worth $175,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of 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 valued at $447,406,000 after buying an additional 6,883,048 shares during the period. 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 valued at $273,107,000 after buying an additional 3,061,421 shares during the period. 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 valued at $87,057,000 after buying an additional 546,916 shares during the period. 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 valued at $229,296,000 after buying an additional 450,150 shares during the period. 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 valued at $20,298,000 after buying an additional 246,350 shares during the period. 96.59% of the stock is owned by institutional investors.

Shares of Meredith Corporation (NYSE:MDP) traded down 0.87% during midday trading on Friday, hitting $56.70. The stock had a trading volume of 91,566 shares. Meredith Corporation has a 12-month low of $43.85 and a 12-month high of $66.25. The stock has a 50-day moving average price of $59.00 and a 200-day moving average price of $59.99. The stock has a market cap of $2.54 billion, a P/E ratio of 13.63 and a beta of 1.22.

Meredith Corporation (NYSE:MDP) last issued 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 analyst estimates of $439.61 million. Meredith Corporation had a return on equity of 18.98% and a net margin of 11.03%. The business’s quarterly revenue was up 2.2% on a year-over-year basis. During the same period last year, the company posted $1.08 EPS. Equities analysts forecast that Meredith Corporation will post $3.38 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Thursday, August 31st will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 3.64%. The ex-dividend date is Tuesday, August 29th. Meredith Corporation’s dividend payout ratio (DPR) is currently 50.12%.

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MDP has been the subject of a number of research reports. Jefferies Group LLC reaffirmed a “hold” rating and issued a $60.00 price objective on shares of Meredith Corporation in a research note on Friday, July 7th. BidaskClub raised Meredith Corporation from a “hold” rating to a “buy” rating in a research note on Thursday, June 15th. Zacks Investment Research raised Meredith Corporation from a “hold” rating to a “buy” rating and set a $59.00 price objective for the company in a research note on Friday, May 26th. Citigroup Inc. raised Meredith Corporation from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $58.00 to $65.00 in a research note on Tuesday, May 2nd. Finally, Benchmark Co. raised Meredith Corporation from a “hold” rating to a “buy” rating and set a $65.00 price objective for the company in a research note on Monday, June 5th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Meredith Corporation currently has a consensus rating of “Buy” and a consensus price target of $63.50.

In related news, insider Thomas H. Harty sold 10,363 shares of the stock in a transaction on Friday, August 4th. The stock was sold at an average price of $57.80, for a total value of $598,981.40. Following the transaction, the insider now directly owns 14,445 shares of the company’s stock, valued at approximately $834,921. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Stephen M. Lacy sold 10,268 shares of the stock in a transaction on Monday, July 31st. The stock was sold at an average price of $60.92, for a total value of $625,526.56. Following the completion of the transaction, the chief executive officer now directly owns 9,345 shares in the company, valued at $569,297.40. The disclosure for this sale can be found here. Insiders sold a total of 50,998 shares of company stock worth $3,065,149 over the last ninety days. Corporate insiders own 12.40% of the company’s stock.

About Meredith Corporation

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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Institutional Ownership by Quarter for Meredith Corporation (NYSE:MDP)

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