Principal Financial Group Inc. boosted its position in Meredith Corporation (NYSE:MDP) by 11.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 184,863 shares of the company’s stock after purchasing an additional 19,044 shares during the quarter. Principal Financial Group Inc. owned about 0.47% of Meredith Corporation worth $10,990,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also recently made changes to their positions in the company. Bank of Montreal Can raised its stake in 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 purchasing an additional 241 shares during the last quarter. Strs Ohio raised its stake in Meredith Corporation by 46.7% in the 1st quarter. Strs Ohio now owns 2,200 shares of the company’s stock valued at $142,000 after purchasing an additional 700 shares during the last quarter. Invictus RG acquired a new position in Meredith Corporation in the 1st quarter valued at about $154,000. LS Investment Advisors LLC raised its stake in Meredith Corporation by 20.8% in the 2nd quarter. LS Investment Advisors LLC now owns 2,951 shares of the company’s stock valued at $175,000 after purchasing an additional 508 shares during the last quarter. Finally, State of Alaska Department of Revenue raised its stake in Meredith Corporation by 3.4% in the 2nd quarter. State of Alaska Department of Revenue now owns 3,050 shares of the company’s stock valued at $181,000 after purchasing an additional 100 shares during the last quarter. 96.41% of the stock is owned by hedge funds and other institutional investors.
Meredith Corporation (NYSE MDP) opened at 53.45 on Friday. The firm has a market cap of $2.38 billion, a P/E ratio of 12.85 and a beta of 1.24. Meredith Corporation has a 1-year low of $43.85 and a 1-year high of $66.25. The stock’s 50 day moving average is $55.56 and its 200-day moving average is $58.54.
Meredith Corporation (NYSE:MDP) last released its quarterly earnings results on Thursday, July 27th. The company reported $1.07 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.96 by $0.11. Meredith Corporation had a return on equity of 18.98% and a net margin of 11.03%. The business had revenue of $445.40 million during the quarter, compared to analyst estimates of $439.61 million. During the same quarter last year, the company posted $1.08 EPS. Meredith Corporation’s revenue for the quarter was up 2.2% on a year-over-year basis. Analysts forecast that Meredith Corporation will post $3.38 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Thursday, August 31st were given a $0.52 dividend. The ex-dividend date was Tuesday, August 29th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.89%. Meredith Corporation’s dividend payout ratio (DPR) is 50.12%.
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In related news, insider Paul Karpowicz sold 4,291 shares of the stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $56.12, for a total value of $240,810.92. Following the completion of the transaction, the insider now owns 66,473 shares in the company, valued at approximately $3,730,464.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Thomas H. Harty sold 20,028 shares of the stock in a transaction on Monday, July 31st. The shares were sold at an average price of $60.46, for a total value of $1,210,892.88. Following the completion of the transaction, the insider now owns 44,445 shares of the company’s stock, valued at approximately $2,687,144.70. The disclosure for this sale can be found here. Insiders sold a total of 80,659 shares of company stock valued at $4,745,847 in the last quarter. 12.40% of the stock is currently owned by corporate insiders.
MDP has been the subject of several analyst reports. Benchmark Co. raised shares of Meredith Corporation from a “hold” rating to a “buy” rating and set a $65.00 target price for the company in a research note on Monday, June 5th. ValuEngine downgraded shares of Meredith Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, June 7th. BidaskClub raised shares of Meredith Corporation from a “hold” rating to a “buy” rating in a research note on Thursday, June 15th. Zacks Investment Research downgraded shares of Meredith Corporation from a “buy” rating to a “hold” rating in a research note on Friday, June 16th. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $60.00 target price on shares of Meredith Corporation in a research note on Friday, July 7th. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $63.50.
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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