Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lowered its holdings in Meredith Co. (NYSE:MDP) by 10.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 104,763 shares of the company’s stock after selling 11,799 shares during the quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA owned 0.23% of Meredith worth $6,920,000 as of its most recent filing with the SEC.
A number of other institutional investors have also added to or reduced their stakes in MDP. Strs Ohio increased its position in shares of Meredith by 314.3% in the fourth quarter. Strs Ohio now owns 2,900 shares of the company’s stock valued at $191,000 after buying an additional 2,200 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Meredith in the third quarter valued at $167,000. Shelton Capital Management purchased a new position in shares of Meredith in the fourth quarter valued at $202,000. Janney Montgomery Scott LLC purchased a new position in shares of Meredith in the third quarter valued at $204,000. Finally, Crossmark Global Holdings Inc. purchased a new position in shares of Meredith in the third quarter valued at $207,000. 97.97% of the stock is owned by institutional investors.
In related news, Director Donald C. Berg purchased 3,500 shares of Meredith stock in a transaction that occurred on Monday, February 5th. The shares were purchased at an average cost of $57.50 per share, with a total value of $201,250.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Frederick B. Henry sold 1,048 shares of the business’s stock in a transaction that occurred on Wednesday, November 29th. The stock was sold at an average price of $66.50, for a total value of $69,692.00. The disclosure for this sale can be found here. Insiders have sold a total of 35,024 shares of company stock worth $2,443,024 over the last three months. 4.00% of the stock is currently owned by corporate insiders.
A number of brokerages have recently weighed in on MDP. Zacks Investment Research cut Meredith from a “buy” rating to a “hold” rating in a research report on Wednesday, January 10th. Gabelli upgraded Meredith from a “hold” rating to a “buy” rating in a research report on Wednesday, January 31st. Jefferies Group upgraded Meredith from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $56.00 to $80.00 in a research report on Tuesday, November 28th. ValuEngine upgraded Meredith from a “hold” rating to a “buy” rating in a report on Monday, November 27th. Finally, Citigroup cut Meredith from a “buy” rating to a “neutral” rating in a report on Friday, December 1st. Four investment analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. Meredith presently has an average rating of “Buy” and an average target price of $73.00.
Meredith Co. (NYSE:MDP) traded up $0.62 during midday trading on Wednesday, hitting $56.07. The stock had a trading volume of 123,159 shares, compared to its average volume of 626,680. The firm has a market cap of $2,560.00, a price-to-earnings ratio of 17.87, a P/E/G ratio of 1.50 and a beta of 1.24. Meredith Co. has a fifty-two week low of $50.63 and a fifty-two week high of $72.25. 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 (NYSE:MDP) last released its quarterly earnings data 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 business had revenue of $417.70 million for the quarter, compared to analyst estimates of $414.97 million. Meredith had a return on equity of 16.72% and a net margin of 16.41%. The company’s revenue was down 5.6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.30 EPS. equities analysts expect that Meredith Co. will post 4.65 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Wednesday, February 28th will be given a dividend of $0.545 per share. The ex-dividend date is Tuesday, February 27th. This is a positive change from Meredith’s previous quarterly dividend of $0.52. This represents a $2.18 annualized dividend and a yield of 3.89%. Meredith’s payout ratio is 66.24%.
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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