Dimensional Fund Advisors LP cut its position in shares of Meredith Co. (NYSE:MDP) by 2.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,998,726 shares of the company’s stock after selling 41,098 shares during the period. Dimensional Fund Advisors LP’s holdings in Meredith were worth $103,813,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. raised its position in Meredith by 3.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 96,077 shares of the company’s stock valued at $4,905,000 after purchasing an additional 3,015 shares during the last quarter. Man Group plc bought a new position in Meredith in the 3rd quarter valued at $296,000. Vanguard Group Inc. raised its position in Meredith by 1.5% in the 3rd quarter. Vanguard Group Inc. now owns 3,642,663 shares of the company’s stock valued at $185,957,000 after purchasing an additional 55,167 shares during the last quarter. Legal & General Group Plc raised its position in Meredith by 0.4% in the 3rd quarter. Legal & General Group Plc now owns 51,542 shares of the company’s stock valued at $2,631,000 after purchasing an additional 225 shares during the last quarter. Finally, Teachers Advisors LLC raised its position in Meredith by 1.2% in the 3rd quarter. Teachers Advisors LLC now owns 75,139 shares of the company’s stock valued at $3,836,000 after purchasing an additional 872 shares during the last quarter.
Several equities analysts have issued reports on MDP shares. Benchmark reiterated a “buy” rating and issued a $70.00 price objective on shares of Meredith in a research report on Tuesday, February 12th. Gabelli started coverage on Meredith in a research report on Thursday, February 14th. They issued a “buy” rating and a $54.97 price objective for the company. Zacks Investment Research upgraded Meredith from a “sell” rating to a “hold” rating in a research report on Tuesday, February 26th. Finally, ValuEngine upgraded Meredith from a “hold” rating to a “buy” rating in a research report on Monday, April 15th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $61.39.
MDP stock opened at $57.11 on Thursday. The firm has a market cap of $2.49 billion, a PE ratio of 22.48 and a beta of 1.16. Meredith Co. has a twelve month low of $47.30 and a twelve month high of $62.40. The company has a quick ratio of 1.19, a current ratio of 1.25 and a debt-to-equity ratio of 2.38.
Meredith (NYSE:MDP) last released its earnings results on Friday, May 10th. The company reported $1.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.75. The company 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 22.32% and a net margin of 2.42%. The firm’s quarterly revenue was up 14.2% on a year-over-year basis. During the same quarter in the previous year, the company posted ($2.74) earnings per share. On average, equities research analysts predict that Meredith Co. will post 7 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Friday, May 31st will be given a dividend of $0.575 per share. The ex-dividend date is Thursday, May 30th. This represents a $2.30 dividend on an annualized basis and a dividend yield of 4.03%. Meredith’s payout ratio is currently 90.55%.
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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