Piedmont Investment Advisors LLC cut its holdings in shares of Meredith Corporation (NYSE:MDP) by 58.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,948 shares of the company’s stock after selling 22,879 shares during the quarter. Piedmont Investment Advisors LLC’s holdings in Meredith were worth $885,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of MDP. Russell Investments Group Ltd. lifted its position in Meredith by 38.9% during the 2nd quarter. Russell Investments Group Ltd. now owns 10,703 shares of the company’s stock worth $636,000 after buying an additional 2,999 shares in the last quarter. Great West Life Assurance Co. Can lifted its position in Meredith by 3.6% during the 2nd quarter. Great West Life Assurance Co. Can now owns 22,810 shares of the company’s stock worth $1,355,000 after buying an additional 785 shares in the last quarter. Sei Investments Co. increased its stake in shares of Meredith by 1,054.7% during the 2nd quarter. Sei Investments Co. now owns 8,083 shares of the company’s stock worth $480,000 after purchasing an additional 7,383 shares during the last quarter. Schwab Charles Investment Management Inc. increased its stake in shares of Meredith by 3.3% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 352,658 shares of the company’s stock worth $20,966,000 after purchasing an additional 11,185 shares during the last quarter. Finally, Arizona State Retirement System increased its stake in shares of Meredith by 2.0% during the 2nd quarter. Arizona State Retirement System now owns 15,500 shares of the company’s stock worth $921,000 after purchasing an additional 300 shares during the last quarter. 98.04% of the stock is currently owned by hedge funds and other institutional investors.
In related news, CFO Joseph H. Ceryanec sold 3,200 shares of the company’s stock in a transaction dated Friday, December 8th. The shares were sold at an average price of $71.54, for a total value of $228,928.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Paul Karpowicz sold 5,000 shares of the company’s stock in a transaction dated Wednesday, November 29th. The shares were sold at an average price of $68.61, for a total transaction of $343,050.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 9,248 shares of company stock worth $641,670. 4.00% of the stock is owned by company insiders.
MDP has been the topic of several recent analyst reports. BidaskClub lowered shares of Meredith from a “buy” rating to a “hold” rating in a research note on Tuesday, August 22nd. ValuEngine lowered shares of Meredith from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Zacks Investment Research lowered shares of Meredith from a “hold” rating to a “sell” rating in a research note on Tuesday, September 26th. Jefferies Group restated a “hold” rating and set a $60.00 price objective on shares of Meredith in a research note on Monday, October 16th. Finally, Wells Fargo & Company lowered their price objective on shares of Meredith from $62.00 to $54.00 and set a “market perform” rating on the stock in a research note on Friday, October 27th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $71.40.
Meredith Corporation (MDP) opened at $69.50 on Friday. Meredith Corporation has a 52 week low of $50.63 and a 52 week high of $72.25. The company has a market cap of $3,104.98, a PE ratio of 17.68, a P/E/G ratio of 2.56 and a beta of 1.29. The company has a quick ratio of 1.04, a current ratio of 1.08 and a debt-to-equity ratio of 0.64.
Meredith (NYSE:MDP) last announced its quarterly earnings results on Thursday, October 26th. The company reported $0.69 EPS for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.06. Meredith had a net margin of 11.04% and a return on equity of 18.24%. The business had revenue of $393.00 million for the quarter, compared to analyst estimates of $397.50 million. During the same quarter in the prior year, the business earned $0.75 EPS. Meredith’s quarterly revenue was down 1.7% on a year-over-year basis. equities analysts forecast that Meredith Corporation will post 3.39 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Thursday, November 30th were paid a $0.52 dividend. The ex-dividend date of this dividend was Wednesday, November 29th. This represents a $2.08 dividend on an annualized basis and a yield of 2.99%. Meredith’s dividend payout ratio (DPR) is currently 50.36%.
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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