Macquarie Group Ltd. reduced its stake in Meredith Co. (NYSE:MDP) by 21.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 664,406 shares of the company’s stock after selling 180,269 shares during the period. Macquarie Group Ltd. owned 1.48% of Meredith worth $34,509,000 as of its most recent SEC filing.
A number of other institutional investors also recently made changes to their positions in the business. BlackRock Inc. lifted its holdings in shares of Meredith by 2.9% during the fourth quarter. BlackRock Inc. now owns 5,640,273 shares of the company’s stock worth $292,955,000 after purchasing an additional 159,486 shares during the period. Vanguard Group Inc lifted its holdings in Meredith by 1.5% in the third quarter. Vanguard Group Inc now owns 3,642,663 shares of the company’s stock valued at $185,957,000 after acquiring an additional 55,167 shares during the period. Vanguard Group Inc. lifted its holdings in Meredith by 1.5% in the third quarter. Vanguard Group Inc. now owns 3,642,663 shares of the company’s stock valued at $185,957,000 after acquiring an additional 55,167 shares during the period. Ceredex Value Advisors LLC increased its position in shares of Meredith by 43.7% in the fourth quarter. Ceredex Value Advisors LLC now owns 2,686,195 shares of the company’s stock valued at $139,521,000 after buying an additional 817,094 shares in the last quarter. Finally, Royce & Associates LP increased its position in shares of Meredith by 4.7% in the fourth quarter. Royce & Associates LP now owns 2,357,915 shares of the company’s stock valued at $122,470,000 after buying an additional 104,804 shares in the last quarter.
Meredith stock traded down $0.12 during midday trading on Friday, reaching $59.23. 500,642 shares of the company were exchanged, compared to its average volume of 298,809. The stock has a market cap of $2.67 billion, a PE ratio of 23.32 and a beta of 1.16. Meredith Co. has a 1 year low of $47.30 and a 1 year high of $62.40. The company has a current ratio of 1.25, a quick ratio of 1.19 and a debt-to-equity ratio of 2.38.
A number of research analysts have recently weighed in on MDP shares. Zacks Investment Research upgraded Meredith from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a research report on Wednesday, January 2nd. Benchmark restated a “buy” rating and issued a $70.00 price target on shares of Meredith in a research report on Tuesday, February 12th. Gabelli assumed coverage on Meredith in a research report on Thursday, February 14th. They issued a “buy” rating and a $54.97 price target for the company. Finally, ValuEngine upgraded Meredith from a “hold” rating to a “buy” rating in a research report on Monday, April 15th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $61.39.
In other Meredith news, insider John S. Zieser sold 2,550 shares of Meredith stock in a transaction dated Friday, February 22nd. The stock was sold at an average price of $56.96, for a total value of $145,248.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 4.70% of the stock is owned by insiders.
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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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