Copper Rock Capital Partners LLC bought a new position in shares of Meredith Corp. (NYSE:MDP) during the third quarter, Holdings Channel reports. The firm bought 701,672 shares of the company’s stock, valued at approximately $36,045,000. Meredith Corp. comprises approximately 2.3% of Copper Rock Capital Partners LLC’s holdings, making the stock its 5th largest position.
Several other hedge funds have also added to or reduced their stakes in the stock. Riverhead Capital Management LLC acquired a new stake in Meredith Corp. during the first quarter worth about $199,000. AXA raised its stake in Meredith Corp. by 1.5% in the first quarter. AXA now owns 6,900 shares of the company’s stock worth $328,000 after buying an additional 100 shares during the last quarter. Meeder Asset Management Inc. acquired a new stake in Meredith Corp. during the first quarter worth about $567,000. BB&T Securities LLC raised its stake in Meredith Corp. by 18.4% in the first quarter. BB&T Securities LLC now owns 47,529 shares of the company’s stock worth $2,257,000 after buying an additional 7,400 shares during the last quarter. Finally, OMERS ADMINISTRATION Corp acquired a new stake in Meredith Corp. during the first quarter worth about $499,000. Institutional investors own 82.34% of the company’s stock.
Shares of Meredith Corp. (NYSE:MDP) traded down 1.81% during mid-day trading on Thursday, hitting $50.94. The company had a trading volume of 73,855 shares. Meredith Corp. has a one year low of $35.03 and a one year high of $57.53. The firm’s 50-day moving average price is $52.37 and its 200 day moving average price is $51.18. The company has a market capitalization of $2.27 billion, a P/E ratio of 67.92 and a beta of 1.01.
Meredith Corp. (NYSE:MDP) last posted its quarterly earnings data on Thursday, July 28th. The company reported $1.08 EPS for the quarter, beating the consensus estimate of $1.03 by $0.05. The business had revenue of $435.78 million for the quarter, compared to analysts’ expectations of $437.78 million. Meredith Corp. had a net margin of 2.06% and a return on equity of 15.66%. The firm’s revenue was up 2.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.94 EPS. Analysts predict that Meredith Corp. will post $3.68 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 31st were given a $0.495 dividend. The ex-dividend date was Monday, August 29th. This represents a $1.98 annualized dividend and a yield of 3.82%. Meredith Corp.’s dividend payout ratio is currently 275.00%.
Several brokerages recently issued reports on MDP. Benchmark Co. increased their price objective on Meredith Corp. from $57.00 to $62.00 and gave the stock a “buy” rating in a report on Friday, July 29th. Zacks Investment Research lowered Meredith Corp. from a “hold” rating to a “sell” rating in a report on Wednesday, September 28th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. Meredith Corp. has a consensus rating of “Hold” and an average price target of $54.20.
In related news, Chairman Stephen M. Lacy sold 46,283 shares of the business’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $54.15, for a total value of $2,506,224.45. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Joseph H. Ceryanec sold 9,145 shares of the business’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $54.03, for a total transaction of $494,104.35. The disclosure for this sale can be found here. 11.24% of the stock is currently owned by corporate insiders.
About Meredith Corp.
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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