Foundry Partners LLC boosted its position in shares of Meredith Corporation (NYSE:MDP) by 10.0% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 269,692 shares of the company’s stock after buying an additional 24,469 shares during the period. Meredith Corporation accounts for approximately 0.7% of Foundry Partners LLC’s portfolio, making the stock its 24th largest position. Foundry Partners LLC owned approximately 0.60% of Meredith Corporation worth $16,033,000 as of its most recent filing with the SEC.
Several other institutional investors have also recently made changes to their positions in MDP. First Midwest Bank Trust Division boosted its position in shares of Meredith Corporation by 27.9% in the first quarter. First Midwest Bank Trust Division now owns 11,435 shares of the company’s stock worth $739,000 after buying an additional 2,495 shares in the last quarter. Tealwood Asset Management Inc. boosted its position in shares of Meredith Corporation by 0.8% in the first quarter. Tealwood Asset Management Inc. now owns 87,497 shares of the company’s stock worth $5,652,000 after buying an additional 723 shares in the last quarter. Strs Ohio boosted its position in shares of Meredith Corporation by 46.7% in the first quarter. Strs Ohio now owns 2,200 shares of the company’s stock worth $142,000 after buying an additional 700 shares in the last quarter. Acadian Asset Management LLC boosted its position in shares of Meredith Corporation by 57,162.5% in the first quarter. Acadian Asset Management LLC now owns 82,458 shares of the company’s stock worth $5,327,000 after buying an additional 82,314 shares in the last quarter. Finally, ProShare Advisors LLC boosted its position in shares of Meredith Corporation by 19.5% in the first quarter. ProShare Advisors LLC now owns 293,085 shares of the company’s stock worth $18,933,000 after buying an additional 47,772 shares in the last quarter. 96.59% of the stock is currently owned by institutional investors.
Meredith Corporation (NYSE MDP) opened at 57.20 on Friday. The firm has a 50-day moving average price of $59.00 and a 200-day moving average price of $59.99. Meredith Corporation has a 52 week low of $43.85 and a 52 week high of $66.25. The stock has a market capitalization of $2.56 billion, a PE ratio of 13.75 and a beta of 1.22.
Meredith Corporation (NYSE:MDP) last posted its quarterly earnings data on Thursday, July 27th. The company reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.11. The business had revenue of $445.40 million during the quarter, compared to analyst estimates of $439.61 million. Meredith Corporation had a return on equity of 18.98% and a net margin of 11.03%. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period last year, the company 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 disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Thursday, August 31st will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 3.64%. The ex-dividend date is Tuesday, August 29th. Meredith Corporation’s payout ratio is 50.12%.
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A number of equities analysts recently weighed in on the company. Jefferies Group LLC reissued a “hold” rating and set a $57.00 price objective on shares of Meredith Corporation in a report 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 cut 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, August 4th. Finally, Citigroup Inc. raised Meredith Corporation from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $58.00 to $65.00 in a research note on Tuesday, May 2nd. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $63.50.
In other news, insider Thomas H. Harty sold 20,028 shares of the firm’s stock in a transaction that occurred on Monday, July 31st. The stock was 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 of the company’s stock, valued at approximately $2,687,144.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Stephen M. Lacy sold 10,268 shares of the firm’s stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $60.92, for a total value 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. Insiders sold a total of 50,998 shares of company stock valued at $3,065,149 over the last ninety days. Corporate insiders own 12.40% of the company’s stock.
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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