Insider Selling: Meredith Corporation (MDP) Insider Sells 5,000 Shares of Stock
Meredith Corporation (NYSE:MDP) insider Paul Karpowicz sold 5,000 shares of the company’s stock in a transaction on Wednesday, November 29th. The shares were sold at an average price of $68.61, for a total value of $343,050.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.
Meredith Corporation (NYSE:MDP) traded down $0.25 during trading hours on Friday, hitting $67.90. The stock had a trading volume of 973,288 shares, compared to its average volume of 532,598. The company has a market cap of $2,960.00, a P/E ratio of 17.13, a price-to-earnings-growth ratio of 5.09 and a beta of 1.20. The company has a current ratio of 1.08, a quick ratio of 1.04 and a debt-to-equity ratio of 0.64. Meredith Corporation has a 1 year low of $50.63 and a 1 year high of $70.85.
Meredith (NYSE:MDP) last announced its quarterly earnings data on Thursday, October 26th. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.06. Meredith had a return on equity of 18.24% and a net margin of 11.04%. The business had revenue of $393.00 million during the quarter, compared to the consensus estimate of $397.50 million. During the same period in the prior year, the company earned $0.75 EPS. Meredith’s revenue for the quarter was down 1.7% on a year-over-year basis. analysts expect that Meredith Corporation will post 3.39 EPS for the current fiscal year.
Several hedge funds have recently made changes to their positions in MDP. State Street Corp lifted its position in shares of Meredith by 16.8% during the 2nd quarter. State Street Corp now owns 4,938,340 shares of the company’s stock worth $293,589,000 after buying an additional 710,721 shares during the last quarter. BlackRock Inc. lifted its position in shares of Meredith by 9.1% during the 2nd quarter. BlackRock Inc. now owns 7,553,017 shares of the company’s stock worth $449,025,000 after buying an additional 627,217 shares during the last quarter. Royce & Associates LP lifted its position in shares of Meredith by 28.1% during the 2nd quarter. Royce & Associates LP now owns 1,520,641 shares of the company’s stock worth $90,402,000 after buying an additional 333,861 shares during the last quarter. Systematic Financial Management LP lifted its position in shares of Meredith by 904.1% during the 2nd quarter. Systematic Financial Management LP now owns 297,323 shares of the company’s stock worth $17,676,000 after buying an additional 267,713 shares during the last quarter. Finally, Aberdeen Asset Management PLC UK lifted its position in shares of Meredith by 151.4% during the 2nd quarter. Aberdeen Asset Management PLC UK now owns 351,997 shares of the company’s stock worth $20,926,000 after buying an additional 211,997 shares during the last quarter. Institutional investors and hedge funds own 98.06% of the company’s stock.
A number of research firms have recently weighed in on MDP. ValuEngine upgraded Meredith from a “hold” rating to a “buy” rating in a research report on Monday. Zacks Investment Research downgraded Meredith from a “hold” rating to a “sell” rating in a research report on Tuesday, September 26th. Jefferies Group reiterated a “hold” rating on shares of Meredith in a research report on Sunday, October 29th. JMP Securities began coverage on Meredith in a research report on Monday, November 13th. They set a “market perform” rating for the company. Finally, Wells Fargo & Company upgraded Meredith from a “market perform” rating to an “outperform” rating and upped their target price for the company from $54.00 to $76.00 in a research report on Monday. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $71.40.
Meredith 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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