Meredith Corporation (NYSE:MDP) Shares Sold by Bank of America Corp DE

Bank of America Corp DE cut its stake in Meredith Corporation (NYSE:MDP) by 20.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 69,881 shares of the company’s stock after selling 17,796 shares during the period. Bank of America Corp DE owned approximately 0.16% of Meredith Corporation worth $4,515,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Neuburgh Advisers LLC increased its position in shares of Meredith Corporation by 15.9% in the first quarter. Neuburgh Advisers LLC now owns 1,606 shares of the company’s stock valued at $104,000 after buying an additional 220 shares in the last quarter. Bank of Montreal Can increased its position in shares of Meredith Corporation by 16.1% in the first quarter. Bank of Montreal Can now owns 1,739 shares of the company’s stock valued at $113,000 after buying an additional 241 shares in the last quarter. Tyers Asset Management LLC increased its position in shares of Meredith Corporation by 15.9% in the first quarter. Tyers Asset Management LLC now owns 2,044 shares of the company’s stock valued at $132,000 after buying an additional 280 shares in the last quarter. Strs Ohio increased its position in shares of Meredith Corporation by 46.7% in the first quarter. Strs Ohio now owns 2,200 shares of the company’s stock valued at $142,000 after buying an additional 700 shares in the last quarter. Finally, Invictus RG purchased a new position in shares of Meredith Corporation during the first quarter valued at $154,000. 96.59% of the stock is owned by institutional investors.

Shares of Meredith Corporation (NYSE MDP) traded down 0.70% during mid-day trading on Friday, hitting $56.80. 345,012 shares of the stock traded hands. The company has a market cap of $2.54 billion, a P/E ratio of 13.65 and a beta of 1.22. The firm has a 50 day moving average of $59.03 and a 200 day moving average of $60.00. Meredith Corporation has a 12 month low of $43.85 and a 12 month high of $66.25.

Meredith Corporation (NYSE:MDP) last posted its quarterly earnings results on Thursday, July 27th. The company reported $1.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.11. The firm had revenue of $445.40 million for the quarter, compared to analyst estimates of $439.61 million. Meredith Corporation had a net margin of 11.03% and a return on equity of 18.98%. Meredith Corporation’s quarterly revenue was up 2.2% on a year-over-year basis. During the same period in the previous year, the business posted $1.08 earnings per share. Equities analysts anticipate that Meredith Corporation will post $3.38 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Thursday, August 31st will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $2.08 dividend on an annualized basis and a yield of 3.66%. Meredith Corporation’s payout ratio is presently 50.12%.

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Several brokerages recently weighed in on MDP. ValuEngine raised shares of Meredith Corporation from a “hold” rating to a “buy” rating in a report on Friday, August 4th. Jefferies Group LLC reiterated a “hold” rating and issued a $60.00 price target on shares of Meredith Corporation in a research note on Wednesday. BidaskClub upgraded shares of Meredith Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, July 25th. Zacks Investment Research upgraded shares of Meredith Corporation from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a research note on Thursday, June 22nd. Finally, Benchmark Co. upgraded shares of Meredith Corporation from a “hold” rating to a “buy” rating and set a $65.00 price target on the stock in a research note on Monday, June 5th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $63.50.

In other Meredith Corporation news, insider Thomas H. Harty sold 20,028 shares of Meredith Corporation stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $60.46, for a total transaction of $1,210,892.88. Following the transaction, the insider now directly owns 44,445 shares of the company’s stock, valued at $2,687,144.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Thomas H. Harty sold 10,363 shares of Meredith Corporation stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $57.80, for a total transaction of $598,981.40. Following the transaction, the insider now directly owns 14,445 shares in the company, valued at $834,921. The disclosure for this sale can be found here. Insiders have sold 50,998 shares of company stock worth $3,065,149 over the last 90 days. 12.40% of the stock is currently owned by company insiders.

Meredith Corporation 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.

Institutional Ownership by Quarter for Meredith Corporation (NYSE:MDP)

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