Michael Burry Is Selling These 5 Stocks

In this article, we discuss the 5 stocks Michael Burry is selling. If you want to read our detailed analysis of these stocks, go directly to Michael Burry Is Selling These 15 Stocks.

5. Meredith Corporation (NYSE: MDP)

Number of Hedge Fund Holders: 22  

Meredith Corporation (NYSE: MDP) is placed fifth on our list of 15 stocks Michael Burry is selling. It operates from Iowa as a diversified media company. According to the latest data, Scion Asset Management, which sold off the entire stake it had in the company during the second quarter of 2021, paid an estimated average price of $29.78 per share for the stake. At the end of June, the shares for the company were trading at $43.44. 

On August 13, investment advisory Benchmark maintained a Buy rating on Meredith Corporation (NYSE: MDP) stock and raised the price target to $58 from $43, appreciating the strong fourth fiscal quarter results of the company. 

Out of the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Ariel Investments is a leading shareholder in Meredith Corporation (NYSE: MDP) with 2.7 million shares worth more than $119 million. 

Here is what Ariel Investments has to say about Meredith Corporation (NYSE: MDP) in its Q4 2020 investor letter:

”Television broadcaster and magazine advertiser, Meredith Corporation (NYSE: MDP) underperformed, as Covid added to the existing challenge of generating cost synergies from the TIME acquisition. The stock was also impacted by being removed from a high dividend yield index. While we acknowledge the challenging fundamentals in its business, local news viewership is up tremendously in the midst of the pandemic and we believe MDP’s profitable local television stations provide a margin of safety1 at today’s valuation level.“