Schroder Investment Management Group Has $29.54 Million Stake in Meredith Corporation (MDP)
Schroder Investment Management Group lessened its position in Meredith Corporation (NYSE:MDP) by 23.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 541,928 shares of the company’s stock after selling 162,008 shares during the quarter. Schroder Investment Management Group owned 1.21% of Meredith worth $29,535,000 at the end of the most recent reporting period.
Several other institutional investors have also recently added to or reduced their stakes in the company. Trexquant Investment LP lifted its holdings in shares of Meredith by 45.2% in the 3rd quarter. Trexquant Investment LP now owns 4,936 shares of the company’s stock worth $274,000 after acquiring an additional 1,536 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Meredith by 19.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 118,641 shares of the company’s stock worth $6,467,000 after acquiring an additional 18,990 shares during the last quarter. Legal & General Group Plc lifted its holdings in shares of Meredith by 8.8% in the 3rd quarter. Legal & General Group Plc now owns 49,142 shares of the company’s stock worth $2,725,000 after acquiring an additional 3,967 shares during the last quarter. Nordea Investment Management AB lifted its holdings in shares of Meredith by 1.6% in the 3rd quarter. Nordea Investment Management AB now owns 159,793 shares of the company’s stock worth $8,869,000 after acquiring an additional 2,447 shares during the last quarter. Finally, TD Asset Management Inc. lifted its holdings in shares of Meredith by 5.5% in the 3rd quarter. TD Asset Management Inc. now owns 23,704 shares of the company’s stock worth $1,316,000 after acquiring an additional 1,240 shares during the last quarter. Hedge funds and other institutional investors own 98.04% of the company’s stock.
In other news, Director Frederick B. Henry sold 1,048 shares of the business’s stock in a transaction dated Wednesday, November 29th. The shares were sold at an average price of $66.50, for a total value of $69,692.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Paul Karpowicz sold 5,000 shares of the business’s stock in a transaction dated Wednesday, November 29th. The shares were sold at an average price of $68.61, for a total transaction of $343,050.00. The disclosure for this sale can be found here. Insiders own 4.00% of the company’s stock.
Shares of Meredith Corporation (MDP) traded down $0.25 on Monday, reaching $67.90. 973,200 shares of the company were exchanged, compared to its average volume of 532,598. Meredith Corporation has a one year low of $50.63 and a one year high of $70.85. The company has a market cap of $3,033.50, a price-to-earnings ratio of 17.28, a price-to-earnings-growth ratio of 2.51 and a beta of 1.29. The company has a quick ratio of 1.04, a current ratio of 1.08 and a debt-to-equity ratio of 0.64.
Meredith (NYSE:MDP) last announced its quarterly earnings data on Thursday, October 26th. The company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.06. Meredith had a net margin of 11.04% and a return on equity of 18.24%. The company had revenue of $393.00 million during the quarter, compared to analyst estimates of $397.50 million. During the same quarter last year, the business posted $0.75 EPS. The firm’s revenue for the quarter was down 1.7% on a year-over-year basis. equities analysts predict that Meredith Corporation will post 3.39 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 30th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Wednesday, November 29th. This represents a $2.08 annualized dividend and a dividend yield of 3.06%. Meredith’s dividend payout ratio is currently 50.36%.
A number of equities research analysts recently weighed in on MDP shares. Benchmark reiterated a “buy” rating and set a $77.00 price objective (up previously from $67.00) on shares of Meredith in a report on Monday, November 27th. Jefferies Group upgraded shares of Meredith from a “hold” rating to a “buy” rating and lifted their price objective for the company from $56.00 to $80.00 in a report on Tuesday, November 28th. ValuEngine upgraded shares of Meredith from a “hold” rating to a “buy” rating in a report on Monday, November 27th. Citigroup lowered shares of Meredith from a “buy” rating to a “neutral” rating in a report on Friday. Finally, BidaskClub lowered shares of Meredith from a “buy” rating to a “hold” rating in a report on Tuesday, August 22nd. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $71.40.
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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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