Tealwood Asset Management Inc. cut its stake in shares of Meredith Corp. (NYSE:MDP) by 0.8% during the second quarter, Holdings Channel reports. The fund owned 89,994 shares of the company’s stock after selling 721 shares during the period. Meredith Corp. comprises approximately 2.1% of Tealwood Asset Management Inc.’s investment portfolio, making the stock its 9th largest position. Tealwood Asset Management Inc.’s holdings in Meredith Corp. were worth $4,672,000 at the end of the most recent quarter.
A number of other institutional investors also recently added to or reduced their stakes in the stock. BlackRock Fund Advisors raised its position 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 last quarter. Hamlin Capital Management LLC raised its position in Meredith Corp. by 58.1% in the second quarter. Hamlin Capital Management LLC now owns 855,554 shares of the company’s stock valued at $44,412,000 after buying an additional 314,519 shares during the last quarter. Foundry Partners LLC bought a new position in Meredith Corp. during the second quarter valued at $10,435,000. Panagora Asset Management Inc. raised its position in Meredith Corp. by 2,400.5% in the first quarter. Panagora Asset Management Inc. now owns 178,312 shares of the company’s stock valued at $8,470,000 after buying an additional 171,181 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in Meredith Corp. by 334.6% in the first quarter. JPMorgan Chase & Co. now owns 144,372 shares of the company’s stock valued at $6,858,000 after buying an additional 111,153 shares during the last quarter. 82.32% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Meredith Corp. (NYSE:MDP) traded down 0.66% during midday trading on Thursday, hitting $49.58. The company’s stock had a trading volume of 205,689 shares. The company has a 50-day moving average price of $51.80 and a 200 day moving average price of $51.32. The company has a market cap of $2.21 billion, a P/E ratio of 66.11 and a beta of 1.01. Meredith Corp. has a 1-year low of $35.03 and a 1-year high of $57.53.
Meredith Corp. (NYSE:MDP) last issued its quarterly earnings data on Thursday, July 28th. The company reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $1.03 by $0.05. The business had revenue of $435.78 million for the quarter, compared to analyst estimates of $437.78 million. Meredith Corp. had a return on equity of 15.66% and a net margin of 2.06%. Meredith Corp.’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.94 EPS. On average, equities research analysts predict that Meredith Corp. will post $3.68 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 31st were given a dividend of $0.495 per share. The ex-dividend date of this dividend was Monday, August 29th. This represents a $1.98 dividend on an annualized basis and a yield of 3.97%. Meredith Corp.’s dividend payout ratio is currently 275.00%.
MDP has been the subject of several recent analyst reports. Benchmark Co. increased their price target 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 downgraded Meredith Corp. from a “hold” rating to a “sell” rating in a report on Wednesday, September 28th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price 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 stock was sold at an average price of $54.15, for a total transaction of $2,506,224.45. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider John S. Zieser sold 1,206 shares of the business’s stock in a transaction on Thursday, August 18th. The stock was sold at an average price of $55.00, for a total value of $66,330.00. Following the sale, the insider now owns 18,000 shares in the company, valued at approximately $990,000. The disclosure for this sale can be found here. Corporate 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.