Prudential Financial Inc. lessened its holdings in shares of Meredith Co. (NYSE:MDP) by 28.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 54,599 shares of the company’s stock after selling 21,464 shares during the period. Prudential Financial Inc. owned about 0.12% of Meredith worth $2,836,000 at the end of the most recent reporting period.
Other large investors have also made changes to their positions in the company. Quantamental Technologies LLC purchased a new position in Meredith during the 4th quarter valued at about $30,000. Smithfield Trust Co. purchased a new position in Meredith during the 4th quarter valued at about $34,000. Strs Ohio increased its holdings in Meredith by 1,000.0% during the 4th quarter. Strs Ohio now owns 1,100 shares of the company’s stock valued at $57,000 after purchasing an additional 1,000 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Meredith by 31.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,633 shares of the company’s stock valued at $137,000 after purchasing an additional 631 shares during the period. Finally, Dupont Capital Management Corp bought a new stake in Meredith during the 4th quarter valued at approximately $191,000.
Meredith stock opened at $57.40 on Friday. The company has a current ratio of 1.25, a quick ratio of 1.19 and a debt-to-equity ratio of 2.38. The company has a market cap of $2.59 billion, a price-to-earnings ratio of 22.60 and a beta of 1.17. Meredith Co. has a fifty-two week low of $47.30 and a fifty-two week high of $62.40.
Meredith (NYSE:MDP) last posted its quarterly earnings data on Monday, February 11th. The company reported $1.53 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.29 by $0.24. The business had revenue of $853.50 million for the quarter, compared to analysts’ expectations of $859.28 million. Meredith had a positive return on equity of 16.96% and a negative net margin of 1.89%. The business’s revenue was up 104.3% on a year-over-year basis. During the same period in the previous year, the firm posted $1.14 EPS. As a group, analysts forecast that Meredith Co. will post 3.95 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Thursday, February 28th were given a dividend of $0.575 per share. This represents a $2.30 annualized dividend and a yield of 4.01%. This is a boost from Meredith’s previous quarterly dividend of $0.55. The ex-dividend date of this dividend was Wednesday, February 27th. Meredith’s payout ratio is presently 90.55%.
In other news, insider John S. Zieser sold 2,550 shares of the business’s stock in a transaction that occurred on Friday, February 22nd. The stock was sold at an average price of $56.96, for a total value of $145,248.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 4.70% of the company’s stock.
MDP has been the topic of several research reports. TheStreet raised Meredith from a “c+” rating to a “b-” rating in a research report on Tuesday, November 27th. Citigroup lifted their price objective on Meredith from $61.00 to $67.00 and gave the company a “buy” rating in a research report on Thursday, November 29th. Wolfe Research initiated coverage on Meredith in a research report on Friday, December 7th. They set a “market perform” rating on the stock. Zacks Investment Research raised Meredith from a “sell” rating to a “hold” rating in a research report on Tuesday, December 11th. Finally, Benchmark reaffirmed a “buy” rating and set a $70.00 price objective on shares of Meredith in a research report on Monday, December 17th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $61.39.
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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