Comerica Bank boosted its position in Meredith Co. (NYSE:MDP) by 55.1% during the 1st quarter, Holdings Channel.com reports. The fund owned 66,942 shares of the company’s stock after buying an additional 23,795 shares during the quarter. Comerica Bank’s holdings in Meredith were worth $2,085,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in MDP. S&T Bank boosted its stake in shares of Meredith by 0.3% in the 4th quarter. S&T Bank now owns 436,509 shares of the company’s stock valued at $8,382,000 after purchasing an additional 1,291 shares during the last quarter. Hussman Strategic Advisors Inc. boosted its stake in Meredith by 2.0% in the fourth quarter. Hussman Strategic Advisors Inc. now owns 35,700 shares of the company’s stock valued at $685,000 after acquiring an additional 700 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in Meredith by 61.1% during the 4th quarter. Russell Investments Group Ltd. now owns 47,186 shares of the company’s stock worth $905,000 after acquiring an additional 17,892 shares during the period. Los Angeles Capital Management LLC raised its position in shares of Meredith by 1.6% during the 4th quarter. Los Angeles Capital Management LLC now owns 50,020 shares of the company’s stock valued at $960,000 after acquiring an additional 800 shares during the last quarter. Finally, Pacer Advisors Inc. acquired a new position in shares of Meredith in the 4th quarter valued at $1,021,000. 88.24% of the stock is owned by hedge funds and other institutional investors.
NYSE:MDP opened at $33.70 on Thursday. Meredith Co. has a 1 year low of $10.75 and a 1 year high of $37.50. The stock has a 50-day moving average price of $32.18 and a two-hundred day moving average price of $25.14. The stock has a market cap of $1.54 billion, a price-to-earnings ratio of -3.66 and a beta of 2.26. The company has a current ratio of 1.35, a quick ratio of 1.31 and a debt-to-equity ratio of 6.65.
Meredith (NYSE:MDP) last released its quarterly earnings data on Thursday, April 29th. The company reported $0.53 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.32 by $0.21. The business had revenue of $664.50 million for the quarter, compared to analysts’ expectations of $671.61 million. Meredith had a positive return on equity of 37.46% and a negative net margin of 7.03%. Meredith’s revenue for the quarter was down 5.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.49 EPS. Sell-side analysts forecast that Meredith Co. will post 4.84 earnings per share for the current year.
A number of equities research analysts recently commented on MDP shares. Zacks Investment Research downgraded Meredith from a “hold” rating to a “strong sell” rating in a report on Thursday, March 4th. Benchmark raised Meredith from a “hold” rating to a “buy” rating and set a $38.00 price target for the company in a research note on Monday, March 8th. Citigroup increased their price target on shares of Meredith from $21.00 to $28.00 in a research report on Tuesday, February 9th. Finally, TheStreet raised shares of Meredith from a “d” rating to a “c-” rating in a research note on Tuesday, February 9th.
Meredith Profile
Meredith Corporation operates as a diversified media company primarily in the United States. It operates in two segments, National Media and Local Media. The National Media segment offers national consumer media brands through various media platforms, including print magazines, digital and mobile media, brand licensing activities, database-related activities, affinity marketing, and business-to-business marketing products and services.
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