Teton Advisors Inc. Invests $857,000 in Meredith Co. (MDP)

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Teton Advisors Inc. purchased a new stake in shares of Meredith Co. (NYSE:MDP) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 16,800 shares of the company’s stock, valued at approximately $857,000.

A number of other large investors also recently made changes to their positions in MDP. Adviser Investments LLC purchased a new position in Meredith during the first quarter valued at $133,000. Lido Advisors LLC purchased a new position in Meredith during the first quarter valued at $210,000. GW&K Investment Management LLC purchased a new position in Meredith during the first quarter valued at $211,000. Verition Fund Management LLC purchased a new position in Meredith during the first quarter valued at $228,000. Finally, Crossmark Global Holdings Inc. purchased a new position in Meredith during the second quarter valued at $229,000. Institutional investors and hedge funds own 95.24% of the company’s stock.

MDP stock opened at $50.95 on Thursday. Meredith Co. has a 1-year low of $47.30 and a 1-year high of $72.25. The company has a debt-to-equity ratio of 2.84, a current ratio of 1.66 and a quick ratio of 1.63. The firm has a market capitalization of $2.30 billion, a PE ratio of 12.74, a price-to-earnings-growth ratio of 0.62 and a beta of 1.55.

Meredith (NYSE:MDP) last posted its quarterly earnings results on Friday, August 10th. The company reported ($0.06) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate 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 during the quarter, compared to analysts’ expectations of $787.26 million. During the same quarter in the prior year, the firm earned $1.07 EPS. The firm’s revenue for the quarter was up 76.9% compared to the same quarter last 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 paid a $0.545 dividend. This represents a $2.18 annualized dividend and a dividend yield of 4.28%. The ex-dividend date of this dividend is Thursday, August 30th. Meredith’s dividend payout ratio is currently 54.50%.

Several research analysts have recently weighed in on the company. Jefferies Financial Group restated a “buy” rating and issued a $57.00 price target on shares of Meredith in a research note on Monday, August 13th. Benchmark restated a “buy” rating and issued a $70.00 price target on shares of Meredith in a research note on Tuesday, June 12th. Citigroup upgraded Meredith from a “neutral” rating to a “buy” rating in a research note on Wednesday, May 30th. TheStreet cut Meredith from a “b” rating to a “c+” rating in a research note on Thursday, May 10th. Finally, Zacks Investment Research upgraded Meredith from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 3rd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $67.50.

About Meredith

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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Institutional Ownership by Quarter for Meredith (NYSE:MDP)

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