BlueCrest Capital Management Ltd Increases Position in Meredith Corporation (MDP)

BlueCrest Capital Management Ltd increased its stake in shares of Meredith Corporation (NYSE:MDP) by 99.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 41,790 shares of the company’s stock after acquiring an additional 20,807 shares during the quarter. BlueCrest Capital Management Ltd owned about 0.11% of Meredith Corporation worth $2,484,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Invictus RG bought a new position in Meredith Corporation during the first quarter worth $154,000. LS Investment Advisors LLC increased its position in Meredith Corporation by 20.8% during the second quarter. LS Investment Advisors LLC now owns 2,951 shares of the company’s stock worth $175,000 after acquiring an additional 508 shares during the period. State of Alaska Department of Revenue increased its position in Meredith Corporation by 3.4% during the second quarter. State of Alaska Department of Revenue now owns 3,050 shares of the company’s stock worth $181,000 after acquiring an additional 100 shares during the period. Teacher Retirement System of Texas bought a new position in Meredith Corporation during the first quarter worth $201,000. Finally, Tudor Investment Corp ET AL bought a new position in Meredith Corporation during the first quarter worth $224,000. 96.41% of the stock is currently owned by institutional investors and hedge funds.

In other Meredith Corporation news, insider Thomas H. Harty sold 10,363 shares of the stock in a transaction on 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 owns 14,445 shares in the company, valued at approximately $834,921. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Thomas H. Harty sold 20,028 shares of the stock in a transaction on Monday, July 31st. The stock was sold at an average price of $60.46, for a total value of $1,210,892.88. Following the transaction, the insider now owns 44,445 shares in the company, valued at approximately $2,687,144.70. The disclosure for this sale can be found here. In the last 90 days, insiders sold 80,659 shares of company stock worth $4,745,847. 4.00% of the stock is owned by company insiders.

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Meredith Corporation (MDP) opened at 54.80 on Wednesday. The company’s 50-day moving average is $54.69 and its 200-day moving average is $57.68. The company has a market cap of $2.44 billion, a price-to-earnings ratio of 13.17 and a beta of 1.23. 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, beating analysts’ consensus estimates of $0.96 by $0.11. Meredith Corporation had a return on equity of 18.98% and a net margin of 11.03%. The business had revenue of $445.40 million for the quarter, compared to analysts’ expectations of $439.61 million. During the same quarter in the prior year, the business earned $1.08 EPS. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. On average, equities research analysts anticipate that Meredith Corporation will post $3.38 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Thursday, August 31st were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 3.78%. The ex-dividend date of this dividend was Tuesday, August 29th. Meredith Corporation’s dividend payout ratio (DPR) is presently 50.12%.

A number of brokerages recently issued reports on MDP. BidaskClub lowered shares of Meredith Corporation from a “buy” rating to a “hold” rating in a research report on Friday, June 23rd. ValuEngine raised shares of Meredith Corporation from a “hold” rating to a “buy” rating in a research report on Friday, August 4th. Jefferies Group LLC reaffirmed a “hold” rating and set a $60.00 target price on shares of Meredith Corporation in a research report on Friday, July 7th. Finally, Zacks Investment Research lowered shares of Meredith Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, September 26th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $63.33.

About Meredith Corporation

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

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