Meredith Corporation (MDP) Shares Bought by Bank of New York Mellon Corp

Bank of New York Mellon Corp boosted its position in Meredith Corporation (NYSE:MDP) by 11.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,501,656 shares of the company’s stock after buying an additional 154,036 shares during the period. Bank of New York Mellon Corp owned 3.36% of Meredith Corporation worth $89,273,000 as of its most recent filing with the SEC.

Other institutional investors have also recently modified their holdings of the company. Neuburgh Advisers LLC raised its position in shares of Meredith Corporation by 15.9% in the first quarter. Neuburgh Advisers LLC now owns 1,606 shares of the company’s stock worth $104,000 after buying an additional 220 shares during the period. Bank of Montreal Can raised 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 during the period. Tyers Asset Management LLC raised its position in shares of Meredith Corporation by 15.9% in the first quarter. Tyers Asset Management LLC now owns 2,044 shares of the company’s stock worth $132,000 after buying an additional 280 shares during the period. Strs Ohio raised 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 during the period. Finally, Invictus RG purchased a new position in shares of Meredith Corporation during the first quarter worth about $154,000. Institutional investors own 97.65% of the company’s stock.

Shares of Meredith Corporation (NYSE MDP) opened at 54.50 on Friday. Meredith Corporation has a 12 month low of $43.85 and a 12 month high of $66.25. The firm’s 50-day moving average price is $57.96 and its 200 day moving average price is $59.60. The firm has a market capitalization of $2.44 billion, a P/E ratio of 13.10 and a beta of 1.22.

Meredith Corporation (NYSE:MDP) last posted its quarterly earnings results on Thursday, July 27th. The company reported $1.07 earnings per share (EPS) for the quarter, topping the Zacks’ 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 company had revenue of $445.40 million for the quarter, compared to the consensus estimate of $439.61 million. During the same period last year, the firm posted $1.08 EPS. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. Analysts anticipate that Meredith Corporation will post $3.38 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Thursday, August 31st will be given a $0.52 dividend. The ex-dividend date is Tuesday, August 29th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.82%. Meredith Corporation’s payout ratio is currently 50.12%.

Several equities research analysts have weighed in on the company. Jefferies Group LLC reaffirmed a “hold” rating and set a $60.00 price target on shares of Meredith Corporation in a research report on Wednesday, August 9th. BidaskClub downgraded Meredith Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, August 22nd. ValuEngine downgraded Meredith Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, June 7th. Zacks Investment Research raised Meredith Corporation from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a research report on Thursday, June 22nd. Finally, Benchmark Co. raised Meredith Corporation from a “hold” rating to a “buy” rating and set a $65.00 price target on the stock in a research report on Monday, June 5th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Meredith Corporation currently has an average rating of “Hold” and an average target price of $63.50.

In other news, insider Paul Karpowicz sold 4,291 shares of the firm’s stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $56.12, for a total value of $240,810.92. Following the transaction, the insider now directly owns 66,473 shares in the company, valued at approximately $3,730,464.76. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Thomas H. Harty sold 20,028 shares of the firm’s stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $60.46, for a total transaction of $1,210,892.88. Following the completion of the transaction, the insider now owns 44,445 shares in the company, valued at $2,687,144.70. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 80,659 shares of company stock worth $4,745,847. 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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