Meredith Co. (NYSE:MDP) Director Meredith D. Mell Frazier sold 22,176 shares of Meredith stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $69.85, for a total transaction of $1,548,993.60. Following the transaction, the director now directly owns 6,000 shares in the company, valued at $419,100. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.
Shares of Meredith Co. (NYSE:MDP) traded down $0.45 on Thursday, reaching $65.45. 485,600 shares of the company traded hands, compared to its average volume of 439,429. Meredith Co. has a 1 year low of $50.63 and a 1 year high of $72.25. The stock has a market cap of $2,950.00, a P/E ratio of 15.81, a P/E/G ratio of 2.40 and a beta of 1.30. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.04 and a current ratio of 1.08.
Meredith (NYSE:MDP) last announced its earnings results on Thursday, October 26th. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.06. Meredith had a net margin of 11.04% and a return on equity of 18.24%. The firm had revenue of $393.00 million for the quarter, compared to the consensus estimate of $397.50 million. During the same period in the prior year, the firm earned $0.75 EPS. The firm’s revenue for the quarter was down 1.7% on a year-over-year basis. research analysts predict that Meredith Co. will post 3.39 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, December 15th. Investors 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 of this dividend was Wednesday, November 29th. Meredith’s payout ratio is currently 50.24%.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. State Street Corp grew its holdings in Meredith by 16.8% during the 2nd 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. BlackRock Inc. grew its holdings in Meredith by 9.1% during the 2nd quarter. BlackRock Inc. now owns 7,553,017 shares of the company’s stock worth $449,025,000 after acquiring an additional 627,217 shares in the last quarter. Royce & Associates LP grew its holdings in Meredith by 28.1% during the 2nd quarter. Royce & Associates LP now owns 1,520,641 shares of the company’s stock worth $90,402,000 after acquiring an additional 333,861 shares in the last quarter. Systematic Financial Management LP grew its holdings in Meredith by 904.1% during the 2nd quarter. Systematic Financial Management LP now owns 297,323 shares of the company’s stock worth $17,676,000 after acquiring an additional 267,713 shares in the last quarter. Finally, Aberdeen Asset Management PLC UK grew its holdings in Meredith by 151.4% during the 2nd quarter. Aberdeen Asset Management PLC UK now owns 351,997 shares of the company’s stock worth $20,926,000 after acquiring an additional 211,997 shares in the last quarter. 97.26% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts have recently issued reports on MDP shares. Jefferies Group reissued a “hold” rating and issued a $60.00 price target on shares of Meredith in a research note on Monday, October 16th. JMP Securities started coverage on shares of Meredith in a research note on Monday, November 13th. They issued a “market perform” rating on the stock. Benchmark reissued a “buy” rating and issued a $77.00 price target (up from $67.00) on shares of Meredith in a research note on Monday, November 27th. Wells Fargo & Co raised shares of Meredith from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $54.00 to $76.00 in a research note on Monday, November 27th. Finally, Zacks Investment Research downgraded shares of Meredith from a “hold” rating to a “sell” rating in a research note on Friday, October 20th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Meredith currently has a consensus rating of “Hold” and an average price target 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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