Meredith Co. (MDP) Plans Quarterly Dividend of $0.52
Meredith Co. (NYSE:MDP) declared a quarterly dividend on Wednesday, May 10th. Stockholders of record on Wednesday, May 31st will be paid a dividend of 0.52 per share on Thursday, June 15th. This represents a $2.08 annualized dividend and a dividend yield of 3.74%.
Meredith has increased its dividend by an average of 6.7% annually over the last three years and has raised its dividend every year for the last 4 years. Meredith has a dividend payout ratio of 53.5% indicating that its dividend is sufficiently covered by earnings. Analysts expect Meredith to earn $3.43 per share next year, which means the company should continue to be able to cover its $2.08 annual dividend with an expected future payout ratio of 60.6%.
Shares of Meredith (NYSE:MDP) traded down 0.71% on Wednesday, hitting $55.60. The stock had a trading volume of 737,502 shares. The firm has a market cap of $2.48 billion, a PE ratio of 45.80 and a beta of 1.13. Meredith has a 52-week low of $43.85 and a 52-week high of $66.25. The firm’s 50-day moving average price is $62.41 and its 200 day moving average price is $58.63.
Meredith (NYSE:MDP) last released its earnings results on Thursday, April 27th. The company reported $0.87 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.87. Meredith had a return on equity of 19.39% and a net margin of 5.65%. The company had revenue of $425.40 million for the quarter, compared to analysts’ expectations of $422.61 million. During the same quarter in the previous year, the firm posted $0.92 EPS. The firm’s quarterly revenue was up .6% on a year-over-year basis. On average, equities research analysts predict that Meredith will post $3.89 EPS for the current year.
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In other Meredith news, insider John S. Zieser sold 1,742 shares of the business’s stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $57.77, for a total transaction of $100,635.34. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Frederick B. Henry sold 3,995 shares of the business’s stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $57.50, for a total value of $229,712.50. Following the transaction, the director now owns 2,103 shares in the company, valued at approximately $120,922.50. The disclosure for this sale can be found here. Insiders have sold a total of 9,179 shares of company stock worth $527,227 in the last quarter. 12.40% of the stock is currently owned by insiders.
MDP has been the topic of several recent analyst reports. Wells Fargo & Co reiterated a “hold” rating on shares of Meredith in a research report on Wednesday, January 25th. Benchmark Co. cut Meredith from a “buy” rating to a “hold” rating and set a $64.00 target price on the stock. in a research report on Thursday, January 26th. They noted that the move was a valuation call. Jefferies Group LLC boosted their target price on Meredith from $55.00 to $57.00 and gave the stock a “hold” rating in a research report on Wednesday, March 22nd. Finally, Citigroup Inc upgraded Meredith from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $58.00 to $65.00 in a research report on Tuesday, May 2nd. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $63.25.
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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