California State Teachers Retirement System cut its stake in shares of Meredith Co. (NYSE:MDP) by 9.6% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 63,394 shares of the company’s stock after selling 6,721 shares during the period. California State Teachers Retirement System owned approximately 0.14% of Meredith worth $3,518,000 at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. Migdal Insurance & Financial Holdings Ltd. acquired a new position in Meredith during the 3rd quarter worth approximately $167,000. Crossmark Global Holdings Inc. acquired a new position in shares of Meredith in the 3rd quarter valued at approximately $207,000. Flinton Capital Management LLC raised its position in shares of Meredith by 53.4% in the 2nd quarter. Flinton Capital Management LLC now owns 3,808 shares of the company’s stock valued at $226,000 after purchasing an additional 1,326 shares in the last quarter. Riverhead Capital Management LLC raised its position in shares of Meredith by 54.6% in the 2nd quarter. Riverhead Capital Management LLC now owns 3,864 shares of the company’s stock valued at $230,000 after purchasing an additional 1,364 shares in the last quarter. Finally, Parametrica Management Ltd acquired a new position in shares of Meredith in the 3rd quarter valued at approximately $240,000. 97.26% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Meredith Co. (MDP) opened at $67.20 on Tuesday. Meredith Co. has a twelve month low of $50.63 and a twelve month high of $72.25. 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 capitalization of $3,002.23, a P/E ratio of 16.27, a PEG ratio of 2.48 and a beta of 1.30.
Meredith (NYSE:MDP) last issued its quarterly earnings results on Thursday, October 26th. The company reported $0.69 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.06. Meredith had a return on equity of 18.24% and a net margin of 11.04%. The business had revenue of $393.00 million during the quarter, compared to the consensus estimate of $397.50 million. During the same period in the previous year, the business earned $0.75 EPS. The business’s quarterly revenue was down 1.7% on a year-over-year basis. sell-side analysts predict that Meredith Co. will post 3.39 earnings per share for the current fiscal year.
In related news, CFO Joseph H. Ceryanec sold 3,200 shares of the company’s stock in a transaction on Friday, December 8th. The stock was sold at an average price of $71.54, for a total transaction of $228,928.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Edwin T. Iv Meredith sold 3,600 shares of the company’s stock in a transaction on Friday, December 15th. The stock was 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. Over the last 90 days, insiders have sold 35,024 shares of company stock valued at $2,443,024. 4.00% of the stock is owned by company insiders.
A number of equities analysts have issued reports on MDP shares. Jefferies Group raised Meredith from a “hold” rating to a “buy” rating and upped their target price for the company from $56.00 to $80.00 in a research report on Tuesday, November 28th. ValuEngine raised Meredith from a “hold” rating to a “buy” rating in a research report on Monday, November 27th. Benchmark reaffirmed a “buy” rating and issued a $77.00 target price (up from $67.00) on shares of Meredith in a research report on Monday, November 27th. Finally, Zacks Investment Research raised Meredith from a “sell” rating to a “buy” rating and set a $59.00 target price on the stock in a research report on Tuesday, October 31st. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $74.20.
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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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