Alpha Windward LLC acquired a new position in shares of Meredith Co. (NYSE:MDP) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 8,280 shares of the company’s stock, valued at approximately $547,000.
A number of other institutional investors have also modified their holdings of MDP. State Street Corp raised its stake in Meredith by 16.8% during the 2nd quarter. State Street Corp now owns 4,938,340 shares of the company’s stock worth $293,589,000 after buying an additional 710,721 shares during the period. BlackRock Inc. raised its stake in Meredith by 9.1% during the 2nd quarter. BlackRock Inc. now owns 7,553,017 shares of the company’s stock worth $449,025,000 after buying an additional 627,217 shares during the period. Nordea Investment Management AB acquired a new stake in Meredith during the 2nd quarter worth $9,354,000. Macquarie Group Ltd. raised its stake in Meredith by 17.5% during the 2nd quarter. Macquarie Group Ltd. now owns 989,983 shares of the company’s stock worth $58,854,000 after buying an additional 147,297 shares during the period. Finally, Channing Capital Management LLC raised its stake in Meredith by 14.0% during the 3rd quarter. Channing Capital Management LLC now owns 799,034 shares of the company’s stock worth $44,346,000 after buying an additional 98,014 shares during the period. 97.26% of the stock is currently owned by institutional investors and hedge funds.
Several analysts recently commented on MDP shares. Jefferies Group reaffirmed a “hold” rating and set a $60.00 price objective on shares of Meredith in a research note on Monday, October 16th. JMP Securities started coverage on Meredith in a research note on Monday, November 13th. They set a “market perform” rating on the stock. Benchmark reaffirmed a “buy” rating and set a $77.00 price objective (up previously from $67.00) on shares of Meredith in a research note on Monday, November 27th. Wells Fargo & Co raised Meredith from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $54.00 to $76.00 in a research note on Monday, November 27th. Finally, Zacks Investment Research downgraded Meredith from a “hold” rating to a “sell” rating in a research note on Friday, October 20th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Meredith has a consensus rating of “Buy” and a consensus target price of $74.20.
Meredith Co. (NYSE MDP) opened at $66.70 on Friday. The stock has a market capitalization of $2,970.00, a PE ratio of 16.11, a price-to-earnings-growth ratio of 2.48 and a beta of 1.30. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.04 and a current ratio of 1.08. Meredith Co. has a 1-year low of $50.63 and a 1-year high of $72.25.
Meredith (NYSE:MDP) last released its earnings results on Thursday, October 26th. The company reported $0.69 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.06. The firm had revenue of $393.00 million during the quarter, compared to analysts’ expectations of $397.50 million. Meredith had a return on equity of 18.24% and a net margin of 11.04%. The company’s revenue was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.75 EPS. equities analysts forecast that Meredith Co. will post 3.39 earnings per share for the current year.
In other news, CFO Joseph H. Ceryanec sold 3,200 shares of the firm’s stock in a transaction dated Friday, December 8th. The stock was sold at an average price of $71.54, for a total value of $228,928.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Edwin T. Iv Meredith sold 3,600 shares of the firm’s stock in a transaction dated Friday, December 15th. The shares were sold at an average price of $70.10, for a total value of $252,360.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 35,024 shares of company stock valued at $2,443,024. Corporate insiders own 4.00% of the company’s stock.
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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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