Allianz Asset Management GmbH Sells 171,040 Shares of Meredith Co. (MDP)

Allianz Asset Management GmbH trimmed its holdings in Meredith Co. (NYSE:MDP) by 37.2% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 288,252 shares of the company’s stock after selling 171,040 shares during the period. Allianz Asset Management GmbH owned 0.64% of Meredith worth $14,715,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Commonwealth Bank of Australia purchased a new stake in shares of Meredith in the third quarter valued at about $214,000. Crossmark Global Holdings Inc. purchased a new stake in shares of Meredith in the second quarter valued at about $229,000. State of Alaska Department of Revenue purchased a new stake in shares of Meredith in the third quarter valued at about $257,000. Janney Montgomery Scott LLC purchased a new stake in shares of Meredith in the second quarter valued at about $276,000. Finally, Ausdal Financial Partners Inc. grew its holdings in shares of Meredith by 29.2% in the second quarter. Ausdal Financial Partners Inc. now owns 5,765 shares of the company’s stock valued at $294,000 after purchasing an additional 1,303 shares during the period.

Shares of MDP stock opened at $55.29 on Monday. The company has a quick ratio of 1.52, a current ratio of 1.57 and a debt-to-equity ratio of 2.72. The stock has a market cap of $2.49 billion, a price-to-earnings ratio of 21.77 and a beta of 1.28. Meredith Co. has a 1-year low of $47.30 and a 1-year high of $72.25.

Meredith (NYSE:MDP) last announced its earnings results on Friday, November 9th. The company reported $0.22 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.32) by $0.54. The company had revenue of $756.70 million during the quarter, compared to analyst estimates of $751.33 million. Meredith had a net margin of 3.18% and a return on equity of 13.08%. Meredith’s revenue was up 92.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.73 earnings per share. Equities research analysts anticipate that Meredith Co. will post 3.05 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 14th. Shareholders of record on Friday, November 30th will be paid a dividend of $0.545 per share. This represents a $2.18 annualized dividend and a yield of 3.94%. The ex-dividend date is Thursday, November 29th. Meredith’s dividend payout ratio (DPR) is presently 85.83%.

In other Meredith news, Director Frederick B. Henry sold 1,057 shares of the stock in a transaction dated Thursday, November 15th. The shares were sold at an average price of $57.45, for a total transaction of $60,724.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Joseph H. Ceryanec sold 4,658 shares of the stock in a transaction dated Monday, November 12th. The stock was sold at an average price of $58.10, for a total transaction of $270,629.80. Following the transaction, the chief financial officer now directly owns 2,226 shares of the company’s stock, valued at approximately $129,330.60. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 18,610 shares of company stock valued at $1,081,858. 4.70% of the stock is currently owned by insiders.

MDP has been the subject of a number of analyst reports. TheStreet raised shares of Meredith from a “c+” rating to a “b-” rating in a report on Tuesday, November 27th. Citigroup upped their price objective on shares of Meredith from $61.00 to $67.00 and gave the company a “buy” rating in a report on Thursday, November 29th. Wolfe Research initiated coverage on shares of Meredith in a report on Friday. They issued a “market perform” rating for the company. Jefferies Financial Group reissued a “buy” rating and issued a $57.00 price objective on shares of Meredith in a report on Monday, August 13th. Finally, Zacks Investment Research raised shares of Meredith from a “strong sell” rating to a “hold” rating in a report on Friday, October 12th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $65.25.

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Meredith Profile

Meredith Corporation operates as a diversified media company in the United States, Europe, and Asia. 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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Institutional Ownership by Quarter for Meredith (NYSE:MDP)

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