Meredith Co. (NYSE:MDP) major shareholder Edwin T. Iv Meredith sold 3,600 shares of the company’s stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $70.10, for a total transaction of $252,360.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Major shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.
Meredith Co. (MDP) opened at $65.45 on Thursday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.04 and a current ratio of 1.08. The stock has a market cap of $2,950.00, a PE ratio of 15.81, a price-to-earnings-growth ratio of 2.40 and a beta of 1.30. Meredith Co. has a one year low of $50.63 and a one year high of $72.25.
Meredith (NYSE:MDP) last posted its earnings results on Thursday, October 26th. The company reported $0.69 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.06. The business had revenue of $393.00 million for the quarter, compared to analysts’ expectations of $397.50 million. Meredith had a net margin of 11.04% and a return on equity of 18.24%. The business’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.75 EPS. equities research analysts forecast that Meredith Co. will post 3.39 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, December 15th. Shareholders of record on Thursday, November 30th were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 3.18%. The ex-dividend date was Wednesday, November 29th. Meredith’s dividend payout ratio is currently 50.24%.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of Meredith in the 3rd quarter worth approximately $167,000. Janney Montgomery Scott LLC bought a new position in shares of Meredith in the 3rd quarter worth approximately $204,000. Crossmark Global Holdings Inc. bought a new position in shares of Meredith in the 3rd quarter worth approximately $207,000. Flinton Capital Management LLC lifted its stake in shares of Meredith by 53.4% in the 2nd quarter. Flinton Capital Management LLC now owns 3,808 shares of the company’s stock worth $226,000 after purchasing an additional 1,326 shares during the period. Finally, Riverhead Capital Management LLC lifted its stake in shares of Meredith by 54.6% in the 2nd quarter. Riverhead Capital Management LLC now owns 3,864 shares of the company’s stock worth $230,000 after purchasing an additional 1,364 shares during the period. Institutional investors and hedge funds own 97.26% of the company’s stock.
MDP has been the topic of a number of analyst reports. Zacks Investment Research cut shares of Meredith from a “hold” rating to a “sell” rating in a research note on Friday, October 20th. ValuEngine upgraded shares of Meredith from a “hold” rating to a “buy” rating in a research note on Friday, October 13th. Jefferies Group reiterated a “hold” rating and issued a $60.00 price target on shares of Meredith in a research note on Monday, October 16th. Wells Fargo & Co dropped their price target on shares of Meredith from $62.00 to $54.00 and set a “market perform” rating on the stock in a research note on Friday, October 27th. Finally, Citigroup cut shares of Meredith from a “buy” rating to a “neutral” rating in a research note on Friday, December 1st. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $74.20.
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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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