RidgeWorth Capital Management LLC reduced its position in shares of Meredith Co. (NYSE:MDP) by 1.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 25,021 shares of the company’s stock after selling 401 shares during the period. RidgeWorth Capital Management LLC’s holdings in Meredith were worth $1,616,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Iowa State Bank increased its position in shares of Meredith by 41.9% in the first quarter. Iowa State Bank now owns 16,225 shares of the company’s stock worth $1,048,000 after buying an additional 4,789 shares in the last quarter. Norges Bank bought a new position in shares of Meredith during the fourth quarter worth about $37,784,000. Prudential PLC increased its position in shares of Meredith by 31.7% in the fourth quarter. Prudential PLC now owns 643,900 shares of the company’s stock worth $38,087,000 after buying an additional 154,900 shares in the last quarter. Panagora Asset Management Inc. increased its position in shares of Meredith by 26.7% in the third quarter. Panagora Asset Management Inc. now owns 395,578 shares of the company’s stock worth $20,566,000 after buying an additional 83,330 shares in the last quarter. Finally, CHURCHILL MANAGEMENT Corp increased its position in shares of Meredith by 9.3% in the first quarter. CHURCHILL MANAGEMENT Corp now owns 43,526 shares of the company’s stock worth $2,812,000 after buying an additional 3,712 shares in the last quarter. Institutional investors and hedge funds own 84.01% of the company’s stock.
Shares of Meredith Co. (NYSE:MDP) traded up 2.69% on Friday, hitting $53.35. The stock had a trading volume of 645,459 shares. Meredith Co. has a 12-month low of $43.85 and a 12-month high of $66.25. The stock has a 50 day moving average of $60.47 and a 200 day moving average of $58.86. The firm has a market cap of $2.38 billion, a price-to-earnings ratio of 43.95 and a beta of 1.13.
Meredith (NYSE:MDP) last announced its quarterly earnings data on Thursday, April 27th. The company reported $0.87 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.87. The business had revenue of $425.40 million for the quarter, compared to analysts’ expectations of $422.61 million. Meredith had a return on equity of 19.39% and a net margin of 5.65%. The company’s revenue for the quarter was up .6% compared to the same quarter last year. During the same period last year, the firm earned $0.92 earnings per share. Equities analysts predict that Meredith Co. will post $3.89 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 15th. Stockholders of record on Wednesday, May 31st will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.00%. The ex-dividend date is Friday, May 26th. Meredith’s payout ratio is currently 94.74%.
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MDP has been the topic of a number of analyst reports. Wells Fargo & Co reiterated a “hold” rating on shares of Meredith in a report on Wednesday, January 25th. Benchmark Co. downgraded Meredith from a “buy” rating to a “hold” rating and set a $64.00 price target on the stock. in a report on Thursday, January 26th. They noted that the move was a valuation call. Jefferies Group LLC lifted their price target on Meredith from $55.00 to $57.00 and gave the company a “hold” rating in a report on Wednesday, March 22nd. Finally, Citigroup Inc upgraded Meredith from a “neutral” rating to a “buy” rating and lifted their price target for the company from $58.00 to $65.00 in a report on Tuesday, May 2nd. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Meredith presently has a consensus rating of “Hold” and a consensus price target of $63.25.
In related news, CFO Joseph H. Ceryanec sold 1,247 shares of the stock in a transaction on Monday, May 1st. The stock was sold at an average price of $57.62, for a total value of $71,852.14. Following the transaction, the chief financial officer now owns 1 shares of the company’s stock, valued at $57.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Frederick B. Henry sold 3,995 shares of the stock in a transaction on Monday, May 1st. The shares were sold at an average price of $57.50, for a total value of $229,712.50. Following the completion of the transaction, the director now directly owns 2,103 shares in the company, valued at approximately $120,922.50. The disclosure for this sale can be found here. Over the last quarter, insiders sold 9,179 shares of company stock worth $527,227. Insiders own 12.40% of the company’s stock.
Meredith Corporation is a diversified media company. The Company is focused primarily on the home and family marketplace. The Company operates through two segments: Local Media and National Media. As of June 30, 2016, the Company’s Local Media segment includes 16 owned television stations, one managed television station and related digital and mobile media operations.
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