Profund Advisors LLC Cuts Stake in Meredith Corporation (MDP)
Profund Advisors LLC lowered its holdings in Meredith Corporation (NYSE:MDP) by 19.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,660 shares of the company’s stock after selling 1,325 shares during the quarter. Profund Advisors LLC’s holdings in Meredith Corporation were worth $336,000 as of its most recent SEC filing.
Several other large investors have also added to or reduced their stakes in MDP. Bank of Montreal Can increased its stake 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 acquiring an additional 241 shares during the period. Strs Ohio increased its stake 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 acquiring an additional 700 shares during the period. Spot Trading L.L.C. acquired a new stake in shares of Meredith Corporation in the first quarter worth $301,000. Great West Life Assurance Co. Can increased its stake in shares of Meredith Corporation by 3.3% in the first quarter. Great West Life Assurance Co. Can now owns 22,025 shares of the company’s stock worth $1,422,000 after acquiring an additional 699 shares during the period. Finally, UBS Asset Management Americas Inc. increased its stake in shares of Meredith Corporation by 67.9% in the first quarter. UBS Asset Management Americas Inc. now owns 24,235 shares of the company’s stock worth $1,566,000 after acquiring an additional 9,798 shares during the period. Hedge funds and other institutional investors own 96.41% of the company’s stock.
In other Meredith Corporation news, CEO Stephen M. Lacy sold 10,268 shares of the company’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $60.92, for a total transaction of $625,526.56. Following the completion of the transaction, the chief executive officer now owns 9,345 shares in the company, valued at approximately $569,297.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Stephen M. Lacy sold 10,339 shares of the company’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $60.91, for a total transaction of $629,748.49. Following the transaction, the chairman now owns 9,345 shares of the company’s stock, valued at approximately $569,203.95. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 80,659 shares of company stock valued at $4,745,847. 4.00% of the stock is owned by insiders.
A number of research firms have recently weighed in on MDP. Zacks Investment Research lowered shares of Meredith Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, September 26th. ValuEngine lowered shares of Meredith Corporation from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. BidaskClub lowered shares of Meredith Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, August 22nd. Finally, Jefferies Group LLC reiterated a “hold” rating and issued a $60.00 price objective on shares of Meredith Corporation in a research note on Wednesday, August 9th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $63.33.
Shares of Meredith Corporation (NYSE:MDP) opened at 56.00 on Friday. Meredith Corporation has a 1-year low of $43.85 and a 1-year high of $66.25. The stock has a 50 day moving average of $54.65 and a 200-day moving average of $57.86. The firm has a market cap of $2.50 billion, a price-to-earnings ratio of 13.46 and a beta of 1.23.
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 anticipate that Meredith Corporation will post $3.38 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Thursday, August 31st were given a dividend of $0.52 per share. The ex-dividend date was Tuesday, August 29th. This represents a $2.08 dividend on an annualized basis and a yield of 3.71%. Meredith Corporation’s payout ratio is currently 50.12%.
Meredith Corporation 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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