Bank of Montreal Can reduced its stake in shares of Meredith Co. (NYSE:MDP) by 17.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 14,938 shares of the company’s stock after selling 3,199 shares during the quarter. Bank of Montreal Can’s holdings in Meredith were worth $761,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Prudential Financial Inc. raised its stake in shares of Meredith by 133.6% during the first quarter. Prudential Financial Inc. now owns 105,878 shares of the company’s stock valued at $5,696,000 after purchasing an additional 60,550 shares in the last quarter. SG Americas Securities LLC grew its stake in shares of Meredith by 50.6% in the 1st quarter. SG Americas Securities LLC now owns 15,118 shares of the company’s stock valued at $813,000 after buying an additional 5,080 shares in the last quarter. Wells Fargo & Company MN grew its stake in shares of Meredith by 43.0% in the 1st quarter. Wells Fargo & Company MN now owns 156,050 shares of the company’s stock valued at $8,396,000 after buying an additional 46,919 shares in the last quarter. Jane Street Group LLC bought a new stake in shares of Meredith in the 1st quarter valued at approximately $1,238,000. Finally, Gabelli Funds LLC grew its stake in shares of Meredith by 1.0% in the 1st quarter. Gabelli Funds LLC now owns 211,200 shares of the company’s stock valued at $11,363,000 after buying an additional 2,000 shares in the last quarter. Institutional investors and hedge funds own 95.24% of the company’s stock.
In other Meredith news, Director Donald C. Berg purchased 4,000 shares of the business’s stock in a transaction dated Tuesday, May 29th. The stock was bought at an average cost of $48.20 per share, for a total transaction of $192,800.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.00% of the stock is owned by insiders.
MDP has been the subject of several analyst reports. Citigroup upgraded Meredith from a “neutral” rating to a “buy” rating in a report on Wednesday, May 30th. Zacks Investment Research lowered Meredith from a “hold” rating to a “sell” rating in a report on Tuesday, July 24th. Benchmark reduced their target price on Meredith from $77.00 to $70.00 and set a “buy” rating for the company in a report on Tuesday, May 15th. ValuEngine lowered Meredith from a “hold” rating to a “sell” rating in a report on Wednesday, May 2nd. Finally, TheStreet lowered Meredith from a “b” rating to a “c+” rating in a report on Thursday, May 10th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $67.50.
Shares of MDP stock opened at $51.60 on Tuesday. Meredith Co. has a 12 month low of $47.30 and a 12 month high of $72.25. The company has a market cap of $2.23 billion, a PE ratio of 12.90, a price-to-earnings-growth ratio of 0.43 and a beta of 1.55. The company has a debt-to-equity ratio of 2.84, a current ratio of 1.66 and a quick ratio of 1.63.
Meredith (NYSE:MDP) last issued its quarterly earnings results on Friday, August 10th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.93). Meredith had a return on equity of 12.17% and a net margin of 4.42%. The business had revenue of $788.10 million for the quarter, compared to analyst estimates of $787.26 million. During the same quarter last year, the firm earned $1.07 earnings per share. The firm’s quarterly revenue was up 76.9% compared to the same quarter last year. equities analysts anticipate that Meredith Co. will post 3.55 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 14th. Stockholders of record on Friday, August 31st will be issued a dividend of $0.545 per share. The ex-dividend date of this dividend is Thursday, August 30th. This represents a $2.18 dividend on an annualized basis and a dividend yield of 4.22%. Meredith’s dividend payout ratio (DPR) is presently 54.50%.
Meredith Company Profile
Meredith Corporation operates as a diversified media company in the United States. It operates in two segments, Local Media and National Media. The Local Media segment operates television stations, such as 7 CBS affiliates, 5 FOX affiliates, 2 MyNetworkTV affiliates, 1 NBC affiliate, 1 ABC affiliate, and 2 independent stations.
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