Ameriprise Financial Inc. boosted its stake in shares of Meredith Corp. (NYSE:MDP) by 19.4% during the second quarter, Holdings Channel reports. The firm owned 125,891 shares of the company’s stock after buying an additional 20,480 shares during the period. Ameriprise Financial Inc. owned approximately 0.28% of Meredith Corp. worth $6,535,000 at the end of the most recent reporting period.
Other hedge funds have also recently bought and sold shares of the company. CIBC World Markets Inc. purchased a new stake in Meredith Corp. during the first quarter valued at $239,000. TIAA CREF Investment Management LLC raised its stake in Meredith Corp. by 10.2% in the first quarter. TIAA CREF Investment Management LLC now owns 145,588 shares of the company’s stock valued at $6,915,000 after buying an additional 13,449 shares during the period. BlackRock Inc. raised its stake in Meredith Corp. by 15.5% in the first quarter. BlackRock Inc. now owns 27,667 shares of the company’s stock valued at $1,314,000 after buying an additional 3,715 shares during the period. BlackRock Group LTD raised its stake in Meredith Corp. by 41.5% in the first quarter. BlackRock Group LTD now owns 102,995 shares of the company’s stock valued at $4,893,000 after buying an additional 30,203 shares during the period. Finally, BlackRock Fund Advisors raised its stake in Meredith Corp. by 15.5% in the first quarter. BlackRock Fund Advisors now owns 5,215,985 shares of the company’s stock valued at $247,759,000 after buying an additional 701,153 shares during the period. 82.32% of the stock is currently owned by institutional investors.
Meredith Corp. (NYSE:MDP) traded up 1.18% during trading on Monday, reaching $51.49. The company had a trading volume of 24,286 shares. Meredith Corp. has a 12 month low of $35.03 and a 12 month high of $57.53. The firm has a market capitalization of $2.29 billion, a price-to-earnings ratio of 68.65 and a beta of 1.01. The stock has a 50 day moving average price of $52.15 and a 200 day moving average price of $51.21.
Meredith Corp. (NYSE:MDP) last issued its quarterly earnings results on Thursday, July 28th. The company reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.05. Meredith Corp. had a return on equity of 15.66% and a net margin of 2.06%. The company had revenue of $435.78 million for the quarter, compared to analysts’ expectations of $437.78 million. During the same period last year, the firm earned $0.94 EPS. The firm’s revenue for the quarter was up 2.3% on a year-over-year basis. On average, equities research analysts predict that Meredith Corp. will post $3.68 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st were given a dividend of $0.495 per share. This represents a $1.98 annualized dividend and a dividend yield of 3.89%. The ex-dividend date of this dividend was Monday, August 29th. Meredith Corp.’s dividend payout ratio (DPR) is presently 275.00%.
Several analysts have recently issued reports on the company. Zacks Investment Research downgraded Meredith Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, June 29th. Benchmark Co. upped their price objective on Meredith Corp. from $57.00 to $62.00 and gave the company a “buy” rating in a research report on Friday, July 29th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $54.20.
In other news, insider John S. Zieser sold 1,206 shares of Meredith Corp. stock in a transaction on Thursday, August 18th. The stock was sold at an average price of $55.00, for a total transaction of $66,330.00. Following the transaction, the insider now directly owns 18,000 shares in the company, valued at approximately $990,000. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Joseph H. Ceryanec sold 9,145 shares of Meredith Corp. stock in a transaction on Monday, August 1st. The shares were sold at an average price of $54.03, for a total value of $494,104.35. The disclosure for this sale can be found here. Insiders own 11.24% of the company’s stock.
Meredith Corp. Company Profile
Meredith Corporation is a media and marketing company. The Company operates two business segments namely local media and national media. Its national media segment includes national consumer media brands delivered via multiple media platforms including print magazines and digital and mobile media, brand licensing activities, database-related activities and business-to-business marketing products and services.
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