Public Employees Retirement System of Ohio grew its position in Meredith Corporation (NYSE:MDP) by 291.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,605 shares of the company’s stock after purchasing an additional 7,894 shares during the period. Public Employees Retirement System of Ohio’s holdings in Meredith Corporation were worth $630,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of MDP. State Street Corp lifted its position in shares of Meredith Corporation 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. increased its stake in shares of Meredith Corporation by 9.1% in the 2nd quarter. BlackRock Inc. now owns 7,553,017 shares of the company’s stock valued at $449,025,000 after buying an additional 627,217 shares during the period. Royce & Associates LP increased its stake in shares of Meredith Corporation by 28.1% in the 2nd quarter. Royce & Associates LP now owns 1,520,641 shares of the company’s stock valued at $90,402,000 after buying an additional 333,861 shares during the period. Systematic Financial Management LP grew its stake in shares of Meredith Corporation by 904.1% during the second quarter. Systematic Financial Management LP now owns 297,323 shares of the company’s stock worth $17,676,000 after purchasing an additional 267,713 shares during the period. Finally, Aberdeen Asset Management PLC UK grew its stake in shares of Meredith Corporation by 151.4% during the second quarter. Aberdeen Asset Management PLC UK now owns 351,997 shares of the company’s stock worth $20,926,000 after purchasing an additional 211,997 shares during the period. 94.82% of the stock is currently owned by institutional investors.
Meredith Corporation (MDP) opened at $53.20 on Friday. Meredith Corporation has a 1 year low of $48.65 and a 1 year high of $66.25. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.08 and a quick ratio of 1.04. The firm has a market cap 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 (NYSE:MDP) last issued its quarterly earnings results on Thursday, October 26th. The company reported $0.69 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.63 by $0.06. Meredith Corporation had a net margin of 11.04% and a return on equity of 18.24%. The company had revenue of $393.00 million during the quarter, compared to analyst estimates of $397.50 million. During the same quarter last year, the business posted $0.75 EPS. Meredith Corporation’s quarterly revenue was down 1.7% compared to the same quarter last year. equities analysts expect that Meredith Corporation will post 3.39 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 30th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Wednesday, November 29th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.91%. Meredith Corporation’s dividend payout ratio (DPR) is currently 50.36%.
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A number of analysts have recently commented on MDP shares. BidaskClub upgraded Meredith Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, July 25th. ValuEngine raised Meredith Corporation from a “hold” rating to a “buy” rating in a research report on Friday, August 4th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $60.00 target price on shares of Meredith Corporation in a research report on Wednesday, August 9th. Zacks Investment Research cut Meredith Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, September 26th. Finally, Wells Fargo & Company cut their target price on Meredith Corporation from $62.00 to $54.00 and set a “market perform” rating for the company in a research note on Friday, October 27th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $60.60.
In other Meredith Corporation news, Chairman Stephen M. Lacy sold 10,816 shares of the business’s stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $56.04, for a total value of $606,128.64. Following the transaction, the chairman now owns 9,274 shares in the company, valued at $519,714.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Stephen M. Lacy sold 6,736 shares of the business’s stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $57.17, for a total transaction of $385,097.12. Following the completion of the transaction, the chairman now owns 30,274 shares in the company, valued at approximately $1,730,764.58. The disclosure for this sale can be found here. Insiders have sold a total of 29,661 shares of company stock valued at $1,680,697 over the last ninety days. 4.00% of the stock is currently owned by insiders.
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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