Kayne Anderson Rudnick Investment Management LLC lessened its stake in Meredith Corporation (NYSE:MDP) by 1.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 154,080 shares of the company’s stock after selling 2,434 shares during the period. Kayne Anderson Rudnick Investment Management LLC owned 0.39% of Meredith Corporation worth $9,160,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. North Star Investment Management Corp. increased its stake in Meredith Corporation by 14.8% in the 2nd quarter. North Star Investment Management Corp. now owns 31,025 shares of the company’s stock worth $1,844,000 after buying an additional 4,000 shares during the period. Burney Co. increased its stake in Meredith Corporation by 29.5% in the 2nd quarter. Burney Co. now owns 23,870 shares of the company’s stock worth $1,412,000 after buying an additional 5,440 shares during the period. Gotham Asset Management LLC purchased a new position in Meredith Corporation in the 1st quarter worth about $2,350,000. Mason Street Advisors LLC increased its position in Meredith Corporation by 1.4% during the 1st quarter. Mason Street Advisors LLC now owns 17,282 shares of the company’s stock valued at $1,116,000 after purchasing an additional 234 shares during the period. Finally, Renaissance Technologies LLC purchased a new position in Meredith Corporation during the 1st quarter valued at about $15,791,000. 96.41% of the stock is currently owned by institutional investors.
Shares of Meredith Corporation (MDP) opened at 53.55 on Friday. The company has a market capitalization of $2.39 billion, a PE ratio of 12.87 and a beta of 1.24. Meredith Corporation has a 12-month low of $43.85 and a 12-month high of $66.25. The stock has a 50 day moving average of $55.56 and a 200-day moving average of $58.54.
Meredith Corporation (NYSE:MDP) last released its earnings results on Thursday, July 27th. The company reported $1.07 earnings per share 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 firm had revenue of $445.40 million for the quarter, compared to analyst estimates of $439.61 million. During the same period in the prior year, the firm earned $1.08 earnings per share. The business’s quarterly revenue was up 2.2% compared to the same quarter last year. Analysts predict that Meredith Corporation will post $3.38 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Thursday, August 31st were paid a dividend of $0.52 per share. The ex-dividend date was Tuesday, August 29th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.86%. Meredith Corporation’s payout ratio is 50.12%.
In related news, Chairman Stephen M. Lacy sold 10,816 shares of the company’s stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $56.04, for a total transaction of $606,128.64. Following the sale, the chairman now directly owns 9,274 shares in the company, valued at $519,714.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Thomas H. Harty sold 20,028 shares of the company’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 transaction of $1,210,892.88. Following the sale, 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. Insiders have sold 80,659 shares of company stock worth $4,745,847 over the last 90 days. Insiders own 12.40% of the company’s stock.
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A number of research firms have commented on MDP. BidaskClub raised shares of Meredith Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, June 29th. Zacks Investment Research downgraded shares of Meredith Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, June 28th. Jefferies Group LLC reissued a “hold” rating and set a $60.00 target price on shares of Meredith Corporation in a research report on Wednesday, August 9th. Benchmark Co. raised shares of Meredith Corporation from a “hold” rating to a “buy” rating and set a $65.00 target price on the stock in a research report on Monday, June 5th. Finally, ValuEngine downgraded shares of Meredith Corporation from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Five analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Meredith Corporation presently has a consensus rating of “Hold” and a consensus target price of $63.50.
Meredith Corporation Company Profile
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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