Standard Life Aberdeen plc boosted its stake in shares of Meredith Co. (NYSE:MDP) by 11.9% during the 4th quarter, HoldingsChannel.com reports. The firm owned 948,554 shares of the company’s stock after purchasing an additional 101,220 shares during the quarter. Standard Life Aberdeen plc’s holdings in Meredith were worth $62,676,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Meredith during the 3rd quarter worth about $167,000. Strs Ohio grew its position in Meredith by 314.3% during the 4th quarter. Strs Ohio now owns 2,900 shares of the company’s stock worth $191,000 after purchasing an additional 2,200 shares during the period. Shelton Capital Management acquired a new stake in Meredith during the 4th quarter worth about $202,000. Janney Montgomery Scott LLC acquired a new stake in Meredith during the 3rd quarter worth about $204,000. Finally, Crossmark Global Holdings Inc. acquired a new stake in Meredith during the 3rd quarter worth about $207,000. 97.97% of the stock is currently owned by institutional investors.
Shares of Meredith Co. (NYSE:MDP) opened at $56.20 on Friday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.10 and a current ratio of 1.15. Meredith Co. has a 12 month low of $50.63 and a 12 month high of $72.25. The stock has a market cap of $2,514.05, a PE ratio of 9.30, a PEG ratio of 1.51 and a beta of 1.24.
Meredith (NYSE:MDP) last posted its earnings results on Wednesday, January 31st. The company reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.25. Meredith had a net margin of 16.41% and a return on equity of 16.72%. The business had revenue of $417.70 million for the quarter, compared to analyst estimates of $414.97 million. During the same period in the prior year, the company posted $1.30 EPS. The company’s revenue for the quarter was down 5.6% on a year-over-year basis. research analysts predict that Meredith Co. will post 4.65 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 15th. Stockholders of record on Wednesday, February 28th will be paid a dividend of $0.545 per share. This is a positive change from Meredith’s previous quarterly dividend of $0.52. This represents a $2.18 annualized dividend and a dividend yield of 3.88%. The ex-dividend date is Tuesday, February 27th. Meredith’s dividend payout ratio is presently 34.44%.
In other news, Director Donald C. Berg bought 3,500 shares of the stock in a transaction dated Monday, February 5th. The shares were acquired at an average cost of $57.50 per share, with a total value of $201,250.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Edwin T. Iv Meredith sold 3,600 shares of the 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 35,024 shares of company stock worth $2,443,024. Corporate insiders own 4.00% of the company’s stock.
Several equities research analysts have weighed in on MDP shares. Wells Fargo & Co cut their price target on Meredith from $62.00 to $54.00 and set a “market perform” rating on the stock in a research report on Friday, October 27th. Jefferies Group reaffirmed a “hold” rating on shares of Meredith in a research report on Sunday, October 29th. Zacks Investment Research raised Meredith from a “sell” rating to a “buy” rating and set a $59.00 price target on the stock in a research report on Tuesday, October 31st. JMP Securities started coverage on Meredith in a research report on Monday, November 13th. They set a “market perform” rating on the stock. Finally, Benchmark reaffirmed a “buy” rating and set a $77.00 price target (up from $67.00) on shares of Meredith in a research report on Monday, November 27th. Four research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $73.00.
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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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