Rhumbline Advisers grew its holdings in shares of Meredith Co. (NYSE:MDP) by 1.9% in the first quarter, Holdings Channel reports. The institutional investor owned 125,368 shares of the company’s stock after purchasing an additional 2,349 shares during the period. Rhumbline Advisers’ holdings in Meredith were worth $6,928,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. BlackRock Inc. lifted its holdings in Meredith by 2.9% during the 4th quarter. BlackRock Inc. now owns 5,640,273 shares of the company’s stock worth $292,955,000 after buying an additional 159,486 shares during the last quarter. Ceredex Value Advisors LLC lifted its holdings in shares of Meredith by 43.7% in the 4th quarter. Ceredex Value Advisors LLC now owns 2,686,195 shares of the company’s stock valued at $139,521,000 after purchasing an additional 817,094 shares during the last quarter. Royce & Associates LP lifted its holdings in shares of Meredith by 4.7% in the 4th quarter. Royce & Associates LP now owns 2,357,915 shares of the company’s stock valued at $122,470,000 after purchasing an additional 104,804 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of Meredith by 0.3% in the 4th quarter. Northern Trust Corp now owns 1,063,117 shares of the company’s stock valued at $55,219,000 after purchasing an additional 3,219 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Meredith by 10.7% in the 4th quarter. Geode Capital Management LLC now owns 427,683 shares of the company’s stock valued at $22,213,000 after purchasing an additional 41,172 shares during the last quarter.
Meredith stock opened at $55.46 on Friday. Meredith Co. has a fifty-two week low of $47.30 and a fifty-two week high of $62.40. The company has a quick ratio of 1.15, a current ratio of 1.22 and a debt-to-equity ratio of 2.37. The stock has a market capitalization of $2.58 billion, a PE ratio of 21.83 and a beta of 1.16.
Meredith (NYSE:MDP) last posted its quarterly earnings data on Friday, May 10th. The company reported $1.52 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.77 by $0.75. The firm had revenue of $743.40 million during the quarter, compared to the consensus estimate of $726.67 million. Meredith had a return on equity of 22.53% and a net margin of 2.42%. The firm’s revenue was up 14.2% compared to the same quarter last year. During the same period in the prior year, the business earned ($2.74) EPS. On average, equities research analysts expect that Meredith Co. will post 2.87 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Friday, May 31st will be paid a dividend of $0.575 per share. This represents a $2.30 annualized dividend and a yield of 4.15%. The ex-dividend date is Thursday, May 30th. Meredith’s dividend payout ratio is presently 90.55%.
Several research firms have recently weighed in on MDP. ValuEngine downgraded Meredith from a “buy” rating to a “hold” rating in a report on Monday, April 1st. Benchmark reissued a “buy” rating and issued a $68.00 target price on shares of Meredith in a report on Friday, May 17th. Zacks Investment Research downgraded Meredith from a “hold” rating to a “sell” rating in a report on Wednesday, February 6th. Finally, Gabelli began coverage on Meredith in a report on Thursday, February 14th. They issued a “buy” rating and a $54.97 target price for the company. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $60.99.
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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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