Traders purchased shares of Meredith Co. (NYSE:MDP) on weakness during trading hours on Friday. $162.38 million flowed into the stock on the tick-up and $5.86 million flowed out of the stock on the tick-down, for a money net flow of $156.52 million into the stock. Of all stocks tracked, Meredith had the 24th highest net in-flow for the day. Meredith traded down ($0.25) for the day and closed at $54.25
MDP has been the topic of a number of research analyst reports. Zacks Investment Research raised Meredith from a “hold” rating to a “buy” rating and set a $73.00 target price on the stock in a research report on Thursday, January 11th. Benchmark reissued a “buy” rating and issued a $77.00 target price (up previously from $67.00) on shares of Meredith in a research report on Monday, November 27th. Wells Fargo raised Meredith from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $54.00 to $76.00 in a research report on Monday, November 27th. ValuEngine raised Meredith from a “hold” rating to a “buy” rating in a research report on Monday, November 27th. Finally, Citigroup lowered Meredith from a “buy” rating to a “neutral” rating in a research report on Friday, December 1st. Four investment 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. The stock presently has a consensus rating of “Buy” and a consensus price target of $73.00.
The company has a quick ratio of 1.10, a current ratio of 1.15 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $2,470.00, a PE ratio of 17.35, a price-to-earnings-growth ratio of 1.48 and a beta of 1.32.
Meredith (NYSE:MDP) last posted its quarterly earnings data on Wednesday, January 31st. The company reported $1.14 earnings per share for the quarter, topping analysts’ consensus estimates of $0.89 by $0.25. Meredith had a return on equity of 16.72% and a net margin of 16.41%. The business had revenue of $417.70 million for the quarter, compared to analyst estimates of $414.97 million. During the same quarter in the prior year, the company earned $1.30 earnings per share. The company’s revenue was down 5.6% on a year-over-year basis. equities analysts forecast that Meredith Co. will post 4.65 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 15th. Stockholders of record on Wednesday, February 28th were given a dividend of $0.545 per share. The ex-dividend date was Tuesday, February 27th. This represents a $2.18 dividend on an annualized basis and a dividend yield of 4.02%. This is a positive change from Meredith’s previous quarterly dividend of $0.52. Meredith’s dividend payout ratio is currently 69.43%.
In related news, Director Donald C. Berg acquired 3,500 shares of the business’s stock in a transaction dated Monday, February 5th. The shares were acquired at an average price of $57.50 per share, with a total value of $201,250.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 4.00% of the stock is currently owned by corporate insiders.
Several institutional investors have recently bought and sold shares of MDP. Deprince Race & Zollo Inc. acquired a new position in shares of Meredith during the fourth quarter worth $22,201,000. Bowen Hanes & Co. Inc. acquired a new position in shares of Meredith during the fourth quarter worth $11,691,000. Barrow Hanley Mewhinney & Strauss LLC grew its stake in shares of Meredith by 8.3% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,117,498 shares of the company’s stock worth $139,861,000 after purchasing an additional 162,700 shares in the last quarter. Standard Life Aberdeen plc grew its stake in shares of Meredith by 11.9% during the fourth quarter. Standard Life Aberdeen plc now owns 948,554 shares of the company’s stock worth $62,676,000 after purchasing an additional 101,220 shares in the last quarter. Finally, Dearborn Partners LLC acquired a new position in shares of Meredith during the fourth quarter worth $6,462,000. 95.13% of the stock is currently owned by institutional investors and hedge funds.
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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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