Stone Ridge Asset Management LLC bought a new stake in Meredith Co. (NYSE:MDP) in the 4th quarter, HoldingsChannel.com reports. The institutional investor bought 16,058 shares of the company’s stock, valued at approximately $1,061,000.
A number of other institutional investors have also recently bought and sold shares of MDP. Nationwide Fund Advisors raised its position in Meredith by 7.0% in the third quarter. Nationwide Fund Advisors now owns 96,940 shares of the company’s stock valued at $5,380,000 after purchasing an additional 6,336 shares during the last quarter. Crossmark Global Holdings Inc. bought a new position in Meredith in the third quarter valued at about $207,000. Victory Capital Management Inc. bought a new position in Meredith in the third quarter valued at about $707,000. State Board of Administration of Florida Retirement System raised its position in Meredith by 41.1% in the third quarter. State Board of Administration of Florida Retirement System now owns 19,035 shares of the company’s stock valued at $1,056,000 after purchasing an additional 5,542 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in Meredith by 6.7% in the third quarter. Principal Financial Group Inc. now owns 197,335 shares of the company’s stock valued at $10,952,000 after purchasing an additional 12,472 shares during the last quarter. Hedge funds and other institutional investors own 95.13% of the company’s stock.
In related news, Director Donald C. Berg purchased 3,500 shares of the firm’s stock in a transaction dated Monday, February 5th. The stock was bought at an average price of $57.50 per share, with a total value of $201,250.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 4.00% of the company’s stock.
Several equities analysts have commented on MDP shares. Zacks Investment Research upgraded Meredith from a “hold” rating to a “buy” rating and set a $73.00 target price for the company in a research report on Thursday, January 11th. Benchmark reiterated a “buy” rating and issued a $77.00 target price (up from $67.00) on shares of Meredith in a research report on Monday, November 27th. Wells Fargo upgraded Meredith from a “market perform” rating to an “outperform” rating and increased their target price for the company from $54.00 to $76.00 in a research report on Monday, November 27th. ValuEngine upgraded Meredith from a “hold” rating to a “buy” rating in a research report on Monday, November 27th. Finally, Citigroup downgraded Meredith from a “buy” rating to a “neutral” rating in a research report on Friday, December 1st. 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 has an average rating of “Buy” and an average price target of $73.00.
Shares of Meredith Co. (NYSE MDP) opened at $54.25 on Friday. The firm has a market capitalization of $2,426.82, a PE ratio of 8.98, a PEG ratio of 1.46 and a beta of 1.32. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.15 and a quick ratio of 1.10. Meredith Co. has a one year low of $50.63 and a one year high of $72.25.
Meredith (NYSE:MDP) last issued its quarterly earnings results on Wednesday, January 31st. The company reported $1.14 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.25. The company had revenue of $417.70 million during the quarter, compared to analysts’ expectations of $414.97 million. Meredith had a return on equity of 16.72% and a net margin of 16.41%. The business’s quarterly revenue was down 5.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.30 earnings per share. sell-side analysts expect that Meredith Co. will post 4.65 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, March 15th. Stockholders of record on Wednesday, February 28th were paid a $0.545 dividend. This is a boost from Meredith’s previous quarterly dividend of $0.52. The ex-dividend date of this dividend was Tuesday, February 27th. This represents a $2.18 annualized dividend and a dividend yield of 4.02%. Meredith’s dividend payout ratio is presently 36.09%.
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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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