AMG National Trust Bank continued to hold its stake in shares of Meredith Corporation (NYSE:MDP) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,186 shares of the company’s stock at the end of the second quarter. AMG National Trust Bank’s holdings in Meredith Corporation were worth $249,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently made changes to their positions in MDP. Teachers Advisors LLC raised its position in Meredith Corporation by 2.2% during the fourth quarter. Teachers Advisors LLC now owns 62,004 shares of the company’s stock valued at $3,668,000 after purchasing an additional 1,353 shares in the last quarter. Bank of Montreal Can raised its position in Meredith Corporation by 16.1% during the first 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 in the last quarter. Louisiana State Employees Retirement System raised its position in Meredith Corporation by 2.2% during the first quarter. Louisiana State Employees Retirement System now owns 9,200 shares of the company’s stock valued at $594,000 after purchasing an additional 200 shares in the last quarter. Strs Ohio raised its position in Meredith Corporation by 46.7% during the first quarter. Strs Ohio now owns 2,200 shares of the company’s stock valued at $142,000 after purchasing an additional 700 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund raised its position in Meredith Corporation by 1.6% during the first quarter. Oregon Public Employees Retirement Fund now owns 12,826 shares of the company’s stock valued at $829,000 after purchasing an additional 200 shares in the last quarter. Institutional investors and hedge funds own 96.41% of the company’s stock.
In other Meredith Corporation news, Chairman Stephen M. Lacy sold 10,816 shares of Meredith Corporation stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $56.04, for a total transaction of $606,128.64. Following the completion of the sale, the chairman now directly owns 9,274 shares in the company, valued at approximately $519,714.96. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Stephen M. Lacy sold 10,268 shares of Meredith Corporation stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $60.92, for a total transaction of $625,526.56. Following the sale, the chief executive officer now owns 9,345 shares of the company’s stock, valued at $569,297.40. 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 over the last quarter. 12.40% of the stock is owned by company insiders.
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Meredith Corporation (NYSE:MDP) opened at 53.45 on Friday. Meredith Corporation has a 52-week low of $43.85 and a 52-week high of $66.25. The company has a market cap of $2.38 billion, a PE ratio of 12.85 and a beta of 1.24. 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 earnings results on Thursday, July 27th. The company reported $1.07 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.11. The company had revenue of $445.40 million during the quarter, compared to analysts’ expectations 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 for the quarter was up 2.2% on a year-over-year basis. During the same period last year, the business earned $1.08 EPS. Equities research analysts predict that Meredith Corporation will post $3.38 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Thursday, August 31st were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 3.89%. The ex-dividend date of this dividend was Tuesday, August 29th. Meredith Corporation’s dividend payout ratio (DPR) is presently 50.12%.
Several research analysts have recently issued reports on the stock. BidaskClub upgraded shares of Meredith Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, July 25th. Zacks Investment Research downgraded shares of Meredith Corporation from a “buy” rating to a “hold” rating in a report on Friday, June 16th. Jefferies Group LLC reiterated a “hold” rating and set a $60.00 price target on shares of Meredith Corporation in a report on Friday, July 7th. Finally, ValuEngine upgraded shares of Meredith Corporation from a “hold” rating to a “buy” rating in a report on Friday, August 4th. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $63.50.
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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