QS Investors LLC Holds Stake in Meredith Corporation (MDP)
QS Investors LLC held its position in shares of Meredith Corporation (NYSE:MDP) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 50,937 shares of the company’s stock at the end of the 2nd quarter. QS Investors LLC owned approximately 0.13% of Meredith Corporation worth $3,028,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also bought and sold shares of MDP. Bank of Montreal Can lifted its holdings in shares of Meredith Corporation by 16.1% in the 1st quarter. Bank of Montreal Can now owns 1,739 shares of the company’s stock valued at $113,000 after buying an additional 241 shares during the period. Strs Ohio raised its holdings in Meredith Corporation by 46.7% during the first quarter. Strs Ohio now owns 2,200 shares of the company’s stock worth $142,000 after purchasing an additional 700 shares during the last quarter. Invictus RG acquired a new position in Meredith Corporation during the first quarter worth $154,000. LS Investment Advisors LLC raised its holdings in Meredith Corporation by 20.8% during the second quarter. LS Investment Advisors LLC now owns 2,951 shares of the company’s stock worth $175,000 after purchasing an additional 508 shares during the last quarter. Finally, State of Alaska Department of Revenue raised its holdings in Meredith Corporation by 3.4% during the second quarter. State of Alaska Department of Revenue now owns 3,050 shares of the company’s stock worth $181,000 after purchasing an additional 100 shares during the last quarter. 96.41% of the stock is owned by institutional investors and hedge funds.
Meredith Corporation (NYSE:MDP) opened at 56.40 on Thursday. The firm has a market capitalization of $2.52 billion, a PE ratio of 13.56 and a beta of 1.23. Meredith Corporation has a one year low of $43.85 and a one year high of $66.25. The company’s 50-day moving average price is $54.60 and its 200 day moving average price is $57.92.
Meredith Corporation (NYSE:MDP) last issued its quarterly earnings results on Thursday, July 27th. The company reported $1.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.11. The firm had revenue of $445.40 million during 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 firm’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. On average, analysts forecast that Meredith Corporation will post $3.38 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Thursday, August 31st were paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 3.69%. The ex-dividend date was Tuesday, August 29th. Meredith Corporation’s payout ratio is currently 50.12%.
In other Meredith Corporation news, insider Thomas H. Harty sold 20,028 shares of the stock in a transaction on Monday, July 31st. The stock was 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 directly owns 44,445 shares of the company’s stock, valued at approximately $2,687,144.70. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Paul Karpowicz sold 4,291 shares of the stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $56.12, for a total value of $240,810.92. Following the transaction, the insider now directly owns 66,473 shares of the company’s stock, valued at $3,730,464.76. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 80,659 shares of company stock valued at $4,745,847. 4.00% of the stock is currently owned by corporate insiders.
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Several equities analysts recently issued reports on MDP shares. ValuEngine cut Meredith Corporation from a “buy” rating to a “hold” rating in a report on Friday, September 1st. BidaskClub cut Meredith Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, August 22nd. Jefferies Group LLC reaffirmed a “hold” rating and set a $60.00 price objective on shares of Meredith Corporation in a report on Wednesday, August 9th. Finally, Zacks Investment Research cut Meredith Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, September 26th. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $63.33.
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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