Channing Capital Management LLC lifted its position in shares of Meredith Co. (NYSE:MDP) by 4.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,121,838 shares of the company’s stock after purchasing an additional 46,057 shares during the period. Meredith accounts for about 2.1% of Channing Capital Management LLC’s holdings, making the stock its 25th biggest position. Channing Capital Management LLC owned approximately 2.50% of Meredith worth $57,270,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Commonwealth Bank of Australia bought a new position in shares of Meredith during the third quarter valued at about $214,000. Crossmark Global Holdings Inc. purchased a new stake in Meredith during the second quarter worth about $229,000. Tower Research Capital LLC TRC increased its holdings in Meredith by 183.8% during the third quarter. Tower Research Capital LLC TRC now owns 4,892 shares of the company’s stock worth $249,000 after buying an additional 3,168 shares during the last quarter. State of Alaska Department of Revenue purchased a new stake in Meredith during the third quarter worth about $257,000. Finally, Janney Montgomery Scott LLC purchased a new stake in Meredith during the second quarter worth about $276,000.
MDP has been the subject of a number of research analyst reports. Jefferies Financial Group restated a “buy” rating and set a $57.00 price objective on shares of Meredith in a report on Monday, August 13th. Zacks Investment Research upgraded shares of Meredith from a “strong sell” rating to a “hold” rating in a report on Friday, October 12th. ValuEngine upgraded shares of Meredith from a “strong sell” rating to a “sell” rating in a report on Thursday, August 16th. Citigroup raised their price objective on shares of Meredith from $56.00 to $61.00 and gave the stock a “buy” rating in a report on Tuesday, September 11th. Finally, TheStreet upgraded shares of Meredith from a “c+” rating to a “b-” rating in a report on Tuesday, November 27th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Meredith currently has a consensus rating of “Buy” and a consensus target price of $65.25.
NYSE MDP opened at $57.26 on Monday. Meredith Co. has a 52-week low of $47.30 and a 52-week high of $72.25. The company has a debt-to-equity ratio of 2.72, a current ratio of 1.57 and a quick ratio of 1.52. The stock has a market cap of $2.58 billion, a P/E ratio of 24.26 and a beta of 1.27.
Meredith (NYSE:MDP) last posted its quarterly earnings data on Friday, November 9th. The company reported $0.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.32) by $0.54. Meredith had a net margin of 3.18% and a return on equity of 13.08%. The business had revenue of $756.70 million during the quarter, compared to the consensus estimate of $751.33 million. During the same quarter last year, the company posted $0.73 earnings per share. The firm’s quarterly revenue was up 92.6% compared to the same quarter last year. On average, equities research analysts anticipate that Meredith Co. will post 3.05 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Friday, November 30th will be issued a dividend of $0.545 per share. The ex-dividend date is Thursday, November 29th. This represents a $2.18 dividend on an annualized basis and a yield of 3.81%. Meredith’s dividend payout ratio (DPR) is presently 85.83%.
In other news, insider John S. Zieser sold 6,011 shares of Meredith stock in a transaction dated Thursday, November 15th. The shares were sold at an average price of $58.42, for a total value of $351,162.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Frederick B. Henry sold 1,057 shares of Meredith stock in a transaction dated Thursday, November 15th. The stock was sold at an average price of $57.45, for a total transaction of $60,724.65. The disclosure for this sale can be found here. Insiders sold 18,610 shares of company stock valued at $1,081,858 in the last quarter. Corporate insiders own 4.70% of the company’s stock.
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Meredith Corporation operates as a diversified media company in the United States, Europe, and Asia. It operates in two segments, National Media and Local Media. The National Media segment offers national consumer media brands through various media platforms, including print magazines, digital and mobile media, brand licensing activities, database-related activities, affinity marketing, and business-to-business marketing products and services.
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