Meredith Corporation (NYSE:MDP) Position Increased by Tealwood Asset Management Inc.

Tealwood Asset Management Inc. increased its stake in Meredith Corporation (NYSE:MDP) by 1.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 88,486 shares of the company’s stock after buying an additional 989 shares during the period. Meredith Corporation comprises about 2.0% of Tealwood Asset Management Inc.’s investment portfolio, making the stock its 6th largest position. Tealwood Asset Management Inc. owned approximately 0.22% of Meredith Corporation worth $5,261,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Fox Run Management L.L.C. acquired a new position in shares of Meredith Corporation during the first quarter worth about $711,000. Alpha Windward LLC acquired a new position in shares of Meredith Corporation during the first quarter worth about $488,000. Bank of Montreal Can increased its position in shares of Meredith Corporation by 16.1% in the first quarter. Bank of Montreal Can now owns 1,739 shares of the company’s stock worth $113,000 after buying an additional 241 shares in the last quarter. Copper Rock Capital Partners LLC increased its position in shares of Meredith Corporation by 1.7% in the first quarter. Copper Rock Capital Partners LLC now owns 708,119 shares of the company’s stock worth $45,603,000 after buying an additional 11,956 shares in the last quarter. Finally, Weaver C. Barksdale & Associates Inc. increased its position in shares of Meredith Corporation by 22.0% in the first quarter. Weaver C. Barksdale & Associates Inc. now owns 22,582 shares of the company’s stock worth $1,459,000 after buying an additional 4,066 shares in the last quarter. 96.47% of the stock is currently owned by hedge funds and other institutional investors.

Meredith Corporation (NYSE:MDP) opened at 57.85 on Friday. The firm has a market capitalization of $2.59 billion, a P/E ratio of 13.91 and a beta of 1.22. The company’s 50-day moving average price is $59.07 and its 200-day moving average price is $60.00. Meredith Corporation has a 1-year low of $43.85 and a 1-year high of $66.25.

Meredith Corporation (NYSE:MDP) last issued its quarterly earnings data on Thursday, July 27th. The company reported $1.07 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.96 by $0.11. Meredith Corporation had a net margin of 11.03% and a return on equity of 18.98%. The business had revenue of $445.40 million during the quarter, compared to analyst estimates of $439.61 million. During the same period last year, the business posted $1.08 earnings per share. Meredith Corporation’s quarterly revenue was up 2.2% compared to the same quarter last year. Equities research analysts expect that Meredith Corporation will post $3.38 earnings per share for the current fiscal year.

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A number of brokerages have recently issued reports on MDP. Jefferies Group LLC reissued a “hold” rating and issued a $57.00 price objective on shares of Meredith Corporation in a research note on Monday, April 24th. BidaskClub raised Meredith Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, July 25th. Zacks Investment Research downgraded Meredith Corporation from a “buy” rating to a “hold” rating in a research note on Friday, June 16th. ValuEngine raised Meredith Corporation from a “hold” rating to a “buy” rating in a research note on Friday. Finally, Citigroup Inc. raised Meredith Corporation from a “neutral” rating to a “buy” rating and upped their price target for the stock from $58.00 to $65.00 in a research note on Tuesday, May 2nd. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $63.50.

In other Meredith Corporation news, insider Thomas H. Harty sold 20,028 shares of the firm’s stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $60.46, for a total value of $1,210,892.88. Following the completion of the sale, the insider now directly owns 44,445 shares in the company, valued at $2,687,144.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through 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 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 40,635 shares of company stock valued at $2,466,168 over the last 90 days. 12.40% of the stock is currently owned by company 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.