Shares of Meredith Corp. (NYSE:MDP) dropped 2.7% on Tuesday . The stock traded as low as $50.15 and last traded at $50.30, with a volume of 122,625 shares trading hands. The stock had previously closed at $51.67.
MDP has been the topic of several research analyst reports. Benchmark Co. raised their price objective on Meredith Corp. from $57.00 to $62.00 and gave the company a “buy” rating in a research note on Friday, July 29th. Zacks Investment Research lowered Meredith Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, June 29th. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $54.20.
The stock has a market cap of $2.25 billion, a PE ratio of 67.25 and a beta of 1.07. The company’s 50 day moving average price is $52.90 and its 200 day moving average price is $50.76.
Meredith Corp. (NYSE:MDP) last issued its earnings results on Thursday, July 28th. The company reported $1.08 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.03 by $0.05. The firm had revenue of $435.78 million for the quarter, compared to analyst estimates of $437.78 million. Meredith Corp. had a return on equity of 15.66% and a net margin of 2.06%. The business’s revenue was up 2.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.94 earnings per share. On average, equities research analysts anticipate that Meredith Corp. will post $3.70 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 31st were paid a dividend of $0.495 per share. The ex-dividend date was Monday, August 29th. This represents a $1.98 dividend on an annualized basis and a dividend yield of 3.94%. Meredith Corp.’s payout ratio is 275.00%.
In related news, Chairman Stephen M. Lacy sold 46,283 shares of the business’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $54.15, for a total transaction of $2,506,224.45. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Stephen M. Lacy sold 14,110 shares of the business’s stock in a transaction on Tuesday, August 16th. The shares were sold at an average price of $54.10, for a total value of $763,351.00. Following the sale, the chairman now owns 15,415 shares in the company, valued at $833,951.50. The disclosure for this sale can be found here. Corporate insiders own 11.24% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in MDP. BlackRock Institutional Trust Company N.A. raised its stake in Meredith Corp. by 1.9% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,094,652 shares of the company’s stock worth $51,996,000 after buying an additional 20,189 shares during the last quarter. TIAA CREF Investment Management LLC raised its stake in Meredith Corp. by 10.2% in the first quarter. TIAA CREF Investment Management LLC now owns 145,588 shares of the company’s stock worth $6,915,000 after buying an additional 13,449 shares during the last quarter. Norges Bank bought a new stake in Meredith Corp. during the fourth quarter worth about $17,561,000. Nuveen Asset Management LLC raised its stake in Meredith Corp. by 46.2% in the first quarter. Nuveen Asset Management LLC now owns 95,621 shares of the company’s stock worth $4,542,000 after buying an additional 30,227 shares during the last quarter. Finally, Nordea Investment Management AB raised its stake in Meredith Corp. by 249.6% in the second quarter. Nordea Investment Management AB now owns 11,625 shares of the company’s stock worth $603,000 after buying an additional 8,300 shares during the last quarter. Institutional investors own 82.34% of the company’s stock.
About Meredith Corp.
Meredith Corporation is a media and marketing company. The Company operates two business segments namely local media and national media. Its national media segment includes national consumer media brands delivered via multiple media platforms including print magazines and digital and mobile media, brand licensing activities, database-related activities and business-to-business marketing products and services.
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