Meredith Co. (NYSE:MDP) Director Meredith D. Mell Frazier sold 22,176 shares of the company’s stock in a transaction on Friday, December 15th. The shares were sold at an average price of $69.85, for a total transaction of $1,548,993.60. Following the completion of the sale, the director now directly owns 6,000 shares in the company, valued at $419,100. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.
Shares of Meredith Co. (NYSE:MDP) traded up $1.85 during trading hours on Thursday, reaching $67.30. 291,200 shares of the company’s stock were exchanged, compared to its average volume of 421,000. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.08 and a quick ratio of 1.04. Meredith Co. has a 12-month low of $50.63 and a 12-month high of $72.25. The company has a market capitalization of $2,950.00, a price-to-earnings ratio of 16.26, a PEG ratio of 2.40 and a beta of 1.30.
Meredith (NYSE:MDP) last released its quarterly earnings data on Thursday, October 26th. The company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.06. Meredith had a net margin of 11.04% and a return on equity of 18.24%. The company had revenue of $393.00 million during the quarter, compared to analyst estimates of $397.50 million. During the same period last year, the business earned $0.75 earnings per share. Meredith’s revenue was down 1.7% compared to the same quarter last year. sell-side analysts expect that Meredith Co. will post 3.39 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, December 15th. Shareholders of record on Thursday, November 30th were given a dividend of $0.52 per share. The ex-dividend date was Wednesday, November 29th. This represents a $2.08 annualized dividend and a yield of 3.09%. Meredith’s payout ratio is presently 50.24%.
Several research analysts have weighed in on the stock. ValuEngine upgraded shares of Meredith from a “hold” rating to a “buy” rating in a report on Monday, November 27th. Zacks Investment Research upgraded shares of Meredith from a “hold” rating to a “buy” rating and set a $73.00 target price for the company in a report on Thursday. Jefferies Group reiterated a “hold” rating on shares of Meredith in a report on Sunday, October 29th. JMP Securities assumed coverage on shares of Meredith in a report on Monday, November 13th. They issued a “market perform” rating for the company. Finally, Wells Fargo & Co upgraded shares of Meredith from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $54.00 to $76.00 in a report on Monday, November 27th. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company. Meredith presently has an average rating of “Buy” and a consensus price target of $74.20.
A number of institutional investors have recently made changes to their positions in the business. BlackRock Inc. lifted its position in Meredith by 9.1% during the second quarter. BlackRock Inc. now owns 7,553,017 shares of the company’s stock valued at $449,025,000 after purchasing an additional 627,217 shares during the last quarter. State Street Corp raised its stake in shares of Meredith by 16.8% during the second quarter. State Street Corp now owns 4,938,340 shares of the company’s stock worth $293,589,000 after acquiring an additional 710,721 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Meredith by 0.4% during the second quarter. Vanguard Group Inc. now owns 3,564,353 shares of the company’s stock worth $211,902,000 after acquiring an additional 14,885 shares in the last quarter. Royce & Associates LP raised its stake in shares of Meredith by 5.4% during the third quarter. Royce & Associates LP now owns 1,602,378 shares of the company’s stock worth $88,932,000 after acquiring an additional 81,737 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Meredith by 11.4% during the second quarter. Bank of New York Mellon Corp now owns 1,501,656 shares of the company’s stock worth $89,273,000 after acquiring an additional 154,036 shares in the last quarter. Institutional investors and hedge funds own 97.26% of the company’s stock.
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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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