AMG National Trust Bank continued to hold its stake in shares of Meredith Corporation (NYSE:MDP) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 4,186 shares of the company’s stock at the end of the 2nd quarter. AMG National Trust Bank’s holdings in Meredith Corporation were worth $249,000 as of its most recent filing with the SEC.
Several other hedge funds also recently bought and sold shares of MDP. BlackRock Inc. grew its stake in shares of Meredith Corporation by 16,099.9% in the first quarter. BlackRock Inc. now owns 6,925,800 shares of the company’s stock valued at $447,406,000 after buying an additional 6,883,048 shares in the last quarter. State Street Corp grew its stake in Meredith Corporation by 262.5% during the 1st quarter. State Street Corp now owns 4,227,619 shares of the company’s stock valued at $273,107,000 after purchasing an additional 3,061,421 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Meredith Corporation by 68.3% during the 1st quarter. Bank of New York Mellon Corp now owns 1,347,620 shares of the company’s stock valued at $87,057,000 after purchasing an additional 546,916 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Meredith Corporation by 14.5% during the 1st quarter. Vanguard Group Inc. now owns 3,549,468 shares of the company’s stock worth $229,296,000 after buying an additional 450,150 shares during the last quarter. Finally, Royce & Associates LP lifted its holdings in Meredith Corporation by 28.1% during the 2nd quarter. Royce & Associates LP now owns 1,520,641 shares of the company’s stock worth $90,402,000 after buying an additional 333,861 shares during the last quarter. Institutional investors and hedge funds own 96.42% of the company’s stock.
Shares of Meredith Corporation (NYSE:MDP) traded up 0.09% during mid-day trading on Friday, hitting $54.00. The company’s stock had a trading volume of 104,780 shares. The stock has a market cap of $2.41 billion, a PE ratio of 12.98 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 company has a 50-day moving average price of $56.21 and a 200-day moving average price of $58.85.
Meredith Corporation (NYSE:MDP) last posted its earnings results on Thursday, July 27th. The company reported $1.07 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.96 by $0.11. The business had revenue of $445.40 million for the quarter, compared to analyst estimates of $439.61 million. Meredith Corporation had a net margin of 11.03% and a return on equity of 18.98%. Meredith Corporation’s revenue was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.08 EPS. Analysts predict that Meredith Corporation will post $3.38 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Thursday, August 31st will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.86%. The ex-dividend date is Tuesday, August 29th. Meredith Corporation’s payout ratio is 50.12%.
Several analysts recently issued reports on the company. Jefferies Group LLC reiterated a “hold” rating and set a $60.00 price target on shares of Meredith Corporation in a research report on Wednesday, August 9th. ValuEngine cut Meredith Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, June 7th. Zacks Investment Research cut Meredith Corporation from a “buy” rating to a “hold” rating in a report on Thursday, May 25th. BidaskClub cut Meredith Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, August 22nd. Finally, Benchmark Co. upgraded Meredith Corporation from a “hold” rating to a “buy” rating and set a $65.00 target price on the stock in a report on Monday, June 5th. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $63.50.
In other Meredith Corporation news, Chairman Stephen M. Lacy sold 10,339 shares of the stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $60.91, for a total transaction of $629,748.49. Following the completion of the sale, the chairman now owns 9,345 shares of the company’s stock, valued at approximately $569,203.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Stephen M. Lacy sold 10,268 shares of the firm’s stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $60.92, for a total transaction of $625,526.56. Following the completion of the sale, the chief executive officer now directly owns 9,345 shares of the company’s stock, valued at $569,297.40. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 80,659 shares of company stock worth $4,745,847. 12.40% of the stock is owned by insiders.
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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