State of Tennessee Treasury Department acquired a new stake in Meredith Co. (NYSE:MDP) in the fourth quarter, Holdings Channel reports. The fund acquired 20,000 shares of the company’s stock, valued at approximately $1,321,000.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Migdal Insurance & Financial Holdings Ltd. purchased a new position in Meredith in the third quarter valued at $167,000. Strs Ohio boosted its holdings in Meredith by 314.3% in the fourth quarter. Strs Ohio now owns 2,900 shares of the company’s stock valued at $191,000 after purchasing an additional 2,200 shares during the period. Shelton Capital Management purchased a new position in Meredith in the fourth quarter valued at $202,000. Janney Montgomery Scott LLC purchased a new position in Meredith in the third quarter valued at $204,000. Finally, Crossmark Global Holdings Inc. purchased a new position in Meredith in the third quarter valued at $207,000. 94.62% of the stock is owned by institutional investors and hedge funds.
MDP has been the subject of a number of recent research reports. JMP Securities initiated coverage on Meredith in a report on Monday, November 13th. They issued a “market perform” rating for the company. Wells Fargo & Co upgraded Meredith from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $54.00 to $76.00 in a report on Monday, November 27th. Benchmark reiterated a “buy” rating and issued a $77.00 target price (up from $67.00) on shares of Meredith in a report on Monday, November 27th. ValuEngine upgraded Meredith from a “hold” rating to a “buy” rating in a report on Monday, November 27th. Finally, Jefferies Group upgraded Meredith from a “hold” rating to a “buy” rating and lifted their target price for the company from $56.00 to $80.00 in a report on Tuesday, November 28th. Four equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $73.00.
Meredith Co. (NYSE:MDP) opened at $57.20 on Friday. The stock has a market capitalization of $2,558.78, a price-to-earnings ratio of 15.17, a P/E/G ratio of 1.54 and a beta of 1.32. The company has a quick ratio of 1.10, a current ratio of 1.15 and a debt-to-equity ratio of 0.55. Meredith Co. has a fifty-two week low of $50.62 and a fifty-two week high of $72.25.
Meredith (NYSE:MDP) last announced its quarterly earnings results on Wednesday, January 31st. The company reported $1.14 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.89 by $0.25. The company had revenue of $417.70 million during the quarter, compared to the consensus estimate of $414.97 million. Meredith had a return on equity of 16.72% and a net margin of 16.41%. Meredith’s revenue for the quarter was down 5.6% on a year-over-year basis. During the same period in the previous year, the business earned $1.30 EPS. research analysts anticipate that Meredith Co. will post 4.65 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Wednesday, February 28th will be issued a dividend of $0.545 per share. This represents a $2.18 dividend on an annualized basis and a yield of 3.81%. This is an increase from Meredith’s previous quarterly dividend of $0.52. The ex-dividend date of this dividend is Tuesday, February 27th. Meredith’s payout ratio is 36.09%.
In other Meredith news, 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 completion of the sale, the director now directly owns 6,000 shares of the company’s stock, valued at approximately $419,100. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Donald C. Berg purchased 3,500 shares of the firm’s stock in a transaction on 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 disclosure for this purchase can be found here. 4.00% of the stock is owned by insiders.
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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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