Dimensional Fund Advisors LP decreased its holdings in Meredith Co. (NYSE:MDP) by 1.2% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,940,875 shares of the company’s stock after selling 22,942 shares during the quarter. Dimensional Fund Advisors LP owned 4.34% of Meredith worth $107,717,000 at the end of the most recent reporting period.
A number of other institutional investors have also modified their holdings of the business. BlackRock Inc. raised its stake in Meredith by 9.1% in the 2nd quarter. BlackRock Inc. now owns 7,553,017 shares of the company’s stock worth $449,025,000 after purchasing an additional 627,217 shares in the last quarter. State Street Corp raised its stake in Meredith by 16.8% in the 2nd quarter. State Street Corp now owns 4,938,340 shares of the company’s stock worth $293,589,000 after purchasing an additional 710,721 shares in the last quarter. Vanguard Group Inc. raised its stake in Meredith by 0.4% in the 2nd quarter. Vanguard Group Inc. now owns 3,564,353 shares of the company’s stock worth $211,902,000 after purchasing an additional 14,885 shares in the last quarter. Royce & Associates LP raised its position in shares of Meredith by 28.1% in the 2nd quarter. Royce & Associates LP now owns 1,520,641 shares of the company’s stock valued at $90,402,000 after buying an additional 333,861 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Meredith by 11.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,501,656 shares of the company’s stock valued at $89,273,000 after buying an additional 154,036 shares in the last quarter. Institutional investors and hedge funds own 97.26% of the company’s stock.
In related news, Director Frederick B. Henry sold 1,048 shares of Meredith stock in a transaction that occurred on Wednesday, November 29th. The shares were sold at an average price of $66.50, for a total transaction of $69,692.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Edwin T. Iv Meredith sold 3,600 shares of Meredith stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $70.10, for a total transaction of $252,360.00. The disclosure for this sale can be found here. Insiders have sold a total of 35,024 shares of company stock worth $2,443,024 over the last ninety days. 4.00% of the stock is currently owned by insiders.
Shares of Meredith Co. (NYSE:MDP) traded up $1.85 during trading hours on Thursday, hitting $67.30. 291,197 shares of the stock traded hands, compared to its average volume of 421,000. The firm has a market cap of $2,950.00, a PE ratio of 16.26, a PEG ratio of 2.40 and a beta of 1.30. The company has a quick ratio of 1.04, a current ratio of 1.08 and a debt-to-equity ratio of 0.64. Meredith Co. has a one year low of $50.63 and a one year high of $72.25.
Meredith (NYSE:MDP) last announced its quarterly earnings results on Thursday, October 26th. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.06. The company had revenue of $393.00 million for the quarter, compared to analyst estimates of $397.50 million. Meredith had a net margin of 11.04% and a return on equity of 18.24%. The firm’s revenue was down 1.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.75 EPS. sell-side analysts forecast that Meredith Co. will post 3.39 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Thursday, November 30th were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 3.09%. The ex-dividend date of this dividend was Wednesday, November 29th. Meredith’s dividend payout ratio (DPR) is presently 50.24%.
Several equities analysts have recently commented on MDP shares. Zacks Investment Research cut shares of Meredith from a “hold” rating to a “sell” rating in a research report on Tuesday, September 26th. ValuEngine upgraded shares of Meredith from a “hold” rating to a “buy” rating in a research report on Friday, October 13th. Jefferies Group restated a “hold” rating and issued a $60.00 target price on shares of Meredith in a research report on Monday, October 16th. Wells Fargo & Co dropped their target price on shares of Meredith from $62.00 to $54.00 and set a “market perform” rating for the company in a research report on Friday, October 27th. Finally, JMP Securities started coverage on shares of Meredith in a research report on Monday, November 13th. They issued a “market perform” rating for the company. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Meredith has a consensus rating of “Buy” and a consensus price target of $74.20.
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Meredith Company Profile
Meredith Corporation is a diversified media company. The Company is focused primarily on the home and family marketplace. The Company operates through two segments: Local Media and National Media. As of June 30, 2016, the Company’s Local Media segment includes 16 owned television stations, one managed television station and related digital and mobile media operations.
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