Comerica Bank Lowers Position in Meredith Co. (NYSE:MDP)

Comerica Bank cut its stake in Meredith Co. (NYSE:MDP) by 5.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 63,464 shares of the company’s stock after selling 3,478 shares during the period. Comerica Bank’s holdings in Meredith were worth $2,691,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Citigroup Inc. lifted its holdings in Meredith by 1,036.4% in the second quarter. Citigroup Inc. now owns 259,876 shares of the company’s stock worth $11,289,000 after buying an additional 237,008 shares during the period. Victory Capital Management Inc. lifted its holdings in Meredith by 15.4% in the second quarter. Victory Capital Management Inc. now owns 51,639 shares of the company’s stock worth $2,243,000 after buying an additional 6,881 shares during the period. Canada Pension Plan Investment Board purchased a new stake in Meredith in the second quarter worth about $2,606,000. UBS Asset Management Americas Inc. lifted its holdings in Meredith by 11.9% in the second quarter. UBS Asset Management Americas Inc. now owns 53,128 shares of the company’s stock worth $2,308,000 after buying an additional 5,629 shares during the period. Finally, Russell Investments Group Ltd. lifted its holdings in shares of Meredith by 239.7% during the second quarter. Russell Investments Group Ltd. now owns 80,109 shares of the company’s stock valued at $3,478,000 after purchasing an additional 56,524 shares during the last quarter. Institutional investors and hedge funds own 78.23% of the company’s stock.

Several research firms have recently issued reports on MDP. Benchmark lifted their target price on shares of Meredith from $43.00 to $58.00 and gave the company a “buy” rating in a report on Friday, August 13th. Citigroup lowered shares of Meredith from a “buy” rating to a “neutral” rating and lifted their target price for the company from $54.00 to $59.00 in a report on Friday, October 8th. Finally, Zacks Investment Research lowered shares of Meredith from a “buy” rating to a “hold” rating in a report on Wednesday, August 4th. Two equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $53.00.

Shares of NYSE MDP opened at $58.88 on Thursday. Meredith Co. has a twelve month low of $18.00 and a twelve month high of $58.98. The stock has a market cap of $2.70 billion, a price-to-earnings ratio of 9.98 and a beta of 2.07. The stock has a 50 day moving average price of $53.30. The company has a debt-to-equity ratio of 4.03, a quick ratio of 1.36 and a current ratio of 1.39.

Meredith (NYSE:MDP) last announced its quarterly earnings data on Thursday, October 28th. The company reported $0.86 earnings per share for the quarter, topping analysts’ consensus estimates of $0.68 by $0.18. Meredith had a net margin of 9.66% and a return on equity of 41.72%. The company had revenue of $708.60 million during the quarter, compared to analyst estimates of $681.84 million. During the same period in the previous year, the business earned $1.04 EPS. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. Equities research analysts predict that Meredith Co. will post 5.61 earnings per share for the current year.

Meredith Company Profile

Meredith Corp. engages in television broadcasting and magazine advertising business. It operates through the Local Media and National Media business segments. The Local Media segment includes television stations and offers websites, mobile-optimized websites, and mobile applications. The National Media segment consists of 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.

Recommended Story: Stock Market News Sentiment

Want to see what other hedge funds are holding MDP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Meredith Co. (NYSE:MDP).

Institutional Ownership by Quarter for Meredith (NYSE:MDP)

Receive News & Ratings for Meredith Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Meredith and related companies with MarketBeat.com's FREE daily email newsletter.