Alps Advisors Inc. raised its stake in Meredith Corporation (NYSE:MDP) by 171.7% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 15,860 shares of the company’s stock after buying an additional 10,023 shares during the quarter. Alps Advisors Inc.’s holdings in Meredith Corporation were worth $880,000 at the end of the most recent quarter.
A number of other large investors also recently modified their holdings of MDP. Spot Trading L.L.C. purchased a new stake in Meredith Corporation in the 1st quarter valued at $301,000. OppenheimerFunds Inc. grew its holdings in Meredith Corporation by 26.0% in the 1st quarter. OppenheimerFunds Inc. now owns 7,646 shares of the company’s stock valued at $494,000 after buying an additional 1,578 shares in the last quarter. Wellington Management Group LLP acquired a new position in shares of Meredith Corporation in the 1st quarter valued at $766,000. Teachers Advisors LLC lifted its stake in shares of Meredith Corporation by 5.0% in the 1st quarter. Teachers Advisors LLC now owns 65,135 shares of the company’s stock valued at $4,208,000 after purchasing an additional 3,131 shares during the last quarter. Finally, Tudor Investment Corp ET AL acquired a new position in shares of Meredith Corporation in the 1st quarter valued at $224,000. Institutional investors own 94.48% of the company’s stock.
Several equities analysts have recently commented on MDP shares. ValuEngine lowered Meredith Corporation from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Zacks Investment Research lowered Meredith Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, September 26th. Wells Fargo & Company decreased their price target on Meredith Corporation from $62.00 to $54.00 and set a “market perform” rating on the stock in a research note on Friday, October 27th. BidaskClub raised Meredith Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, July 25th. Finally, Jefferies Group LLC reissued a “hold” rating on shares of Meredith Corporation in a research note on Sunday, October 29th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $60.60.
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In other Meredith Corporation news, Chairman Stephen M. Lacy sold 10,816 shares of the stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $56.04, for a total value of $606,128.64. Following the sale, the chairman now owns 9,274 shares of the company’s stock, valued at approximately $519,714.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul Karpowicz sold 4,291 shares of the stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $56.12, for a total value of $240,810.92. Following the completion of the sale, the insider now directly owns 66,473 shares in the company, valued at approximately $3,730,464.76. The disclosure for this sale can be found here. 4.00% of the stock is owned by company insiders.
Meredith Corporation (NYSE MDP) opened at $52.85 on Tuesday. The company has a current ratio of 1.08, a quick ratio of 1.04 and a debt-to-equity ratio of 0.64. The stock has a market capitalization of $2,376.76, a PE ratio of 13.54, a P/E/G ratio of 4.03 and a beta of 1.20. Meredith Corporation has a 12 month low of $50.60 and a 12 month high of $66.25.
Meredith Corporation (NYSE:MDP) last posted its quarterly earnings results on Thursday, October 26th. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.06. The company had revenue of $393.00 million for the quarter, compared to analyst estimates of $397.50 million. Meredith Corporation had a return on equity of 18.24% and a net margin of 11.04%. Meredith Corporation’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.75 EPS. analysts forecast that Meredith Corporation will post 3.39 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 30th will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 3.94%. The ex-dividend date of this dividend is Wednesday, November 29th. Meredith Corporation’s dividend payout ratio is currently 50.36%.
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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