Channing Capital Management Lowers stake in Meredith Corporation (MDP)

Meredith Corporation (MDP) : Channing Capital Management reduced its stake in Meredith Corporation by 12.08% during the most recent quarter end. The investment management company now holds a total of 941,320 shares of Meredith Corporation which is valued at $50,144,116 after selling 129,367 shares in Meredith Corporation , the firm said in a disclosure report filed with the SEC on Aug 1, 2016.Meredith Corporation makes up approximately 2.02% of Channing Capital Management’s portfolio.

Other Hedge Funds, Including , Boston Private Wealth boosted its stake in MDP in the latest quarter, The investment management firm added 817 additional shares and now holds a total of 7,883 shares of Meredith Corporation which is valued at $419,927. Meredith Corporation makes up approx 0.02% of Boston Private Wealth’s portfolio.Retirement Systems Of Alabama reduced its stake in MDP by selling 112 shares or 0.23% in the most recent quarter. The Hedge Fund company now holds 48,529 shares of MDP which is valued at $2,662,786. Meredith Corporation makes up approx 0.02% of Retirement Systems Of Alabama’s portfolio.Botty Investors boosted its stake in MDP in the latest quarter, The investment management firm added 1,365 additional shares and now holds a total of 5,620 shares of Meredith Corporation which is valued at $317,474. Meredith Corporation makes up approx 0.17% of Botty Investors’s portfolio.Cibc World Markets boosted its stake in MDP in the latest quarter, The investment management firm added 381 additional shares and now holds a total of 5,403 shares of Meredith Corporation which is valued at $305,215.North Star Investment Management Corp. reduced its stake in MDP by selling 2,000 shares or 6.25% in the most recent quarter. The Hedge Fund company now holds 30,025 shares of MDP which is valued at $1,646,871. Meredith Corporation makes up approx 0.30% of North Star Investment Management Corp.’s portfolio.

Meredith Corporation closed down -0.44 points or -0.83% at $52.83 with 3,30,434 shares getting traded on Thursday. Post opening the session at $53.17, the shares hit an intraday low of $52.67 and an intraday high of $53.48 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

On the company’s financial health, Meredith Corporation reported $1.08 EPS for the quarter, beating the analyst consensus estimate by $ 0.05 according to the earnings call on Jul 28, 2016. Analyst had a consensus of $1.03. The company had revenue of $435.80 million for the quarter, compared to analysts expectations of $437.57 million. The company’s revenue was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.94 EPS.

Many Wall Street Analysts have commented on Meredith Corporation. Company shares were Reiterated by The Benchmark Company on Jul 29, 2016 to “Buy”, Firm has raised the Price Target to $ 62 from a previous price target of $57 .

Meredith Corporation is a media and marketing company. The Company operates two business segments namely local media and national media. Its national media segment includes 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. The local media segment consists of the operations of network-affiliated television stations related digital and mobile media and video creation operations. Local media segment consists of 14 owned television stations and one operated television station located across the United States in digital and mobile media and a national video creation unit.

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