Meredith Co. (MDP) Director Acquires $201,250.00 in Stock

Meredith Co. (NYSE:MDP) Director Donald C. Berg acquired 3,500 shares of the company’s stock in a transaction that occurred on Monday, February 5th. The stock was purchased at an average cost of $57.50 per share, for a total transaction of $201,250.00. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link.

Shares of Meredith Co. (NYSE MDP) traded up $0.85 on Tuesday, reaching $56.05. 862,594 shares of the company were exchanged, compared to its average volume of 598,867. The company has a market cap of $2,560.00, a price-to-earnings ratio of 9.26, a PEG ratio of 1.96 and a beta of 1.24. 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 12-month low of $50.62 and a 12-month high of $72.25.

Meredith (NYSE:MDP) last announced its earnings results on Wednesday, January 31st. The company reported $1.14 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.89 by $0.25. The firm had revenue of $417.70 million during the quarter, compared to analyst estimates of $414.97 million. Meredith had a net margin of 16.41% and a return on equity of 16.72%. Meredith’s revenue was down 5.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.30 EPS. research analysts anticipate that Meredith Co. will post 3.69 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Wednesday, February 28th will be given a $0.545 dividend. This represents a $2.18 dividend on an annualized basis and a yield of 3.89%. The ex-dividend date is Tuesday, February 27th. This is a positive change from Meredith’s previous quarterly dividend of $0.52. Meredith’s dividend payout ratio is currently 34.38%.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. State Street Corp grew its position in Meredith by 16.8% in the 2nd quarter. State Street Corp now owns 4,938,340 shares of the company’s stock valued at $293,589,000 after buying an additional 710,721 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Meredith by 0.4% during the 2nd quarter. Vanguard Group Inc. now owns 3,564,353 shares of the company’s stock valued at $211,902,000 after purchasing an additional 14,885 shares in the last quarter. Royce & Associates LP boosted its position in shares of Meredith by 5.4% during the 3rd quarter. Royce & Associates LP now owns 1,602,378 shares of the company’s stock valued at $88,932,000 after purchasing an additional 81,737 shares in the last quarter. Macquarie Group Ltd. boosted its position in shares of Meredith by 6.8% during the 3rd quarter. Macquarie Group Ltd. now owns 1,057,615 shares of the company’s stock valued at $58,698,000 after purchasing an additional 67,632 shares in the last quarter. Finally, Channing Capital Management LLC boosted its position in shares of Meredith by 14.0% during the 3rd quarter. Channing Capital Management LLC now owns 799,034 shares of the company’s stock valued at $44,346,000 after purchasing an additional 98,014 shares in the last quarter. Hedge funds and other institutional investors own 97.98% of the company’s stock.

A number of analysts recently weighed in on the stock. Zacks Investment Research cut shares of Meredith from a “buy” rating to a “hold” rating in a report on Wednesday, December 27th. Citigroup cut shares of Meredith from a “buy” rating to a “neutral” rating in a report on Friday, December 1st. Jefferies Group raised shares of Meredith from a “hold” rating to a “buy” rating and increased their price objective for the stock from $56.00 to $80.00 in a report on Tuesday, November 28th. ValuEngine upgraded shares of Meredith from a “hold” rating to a “buy” rating in a research report on Monday, November 27th. Finally, Benchmark reiterated a “buy” rating on shares of Meredith in a research report on Tuesday, January 30th. Four analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. Meredith has a consensus rating of “Buy” and a consensus target price of $73.00.

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About Meredith

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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