Ceredex Value Advisors LLC Takes Position in Meredith Co. (MDP)

Ceredex Value Advisors LLC acquired a new stake in Meredith Co. (NYSE:MDP) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,997,348 shares of the company’s stock, valued at approximately $107,457,000. Meredith accounts for about 1.3% of Ceredex Value Advisors LLC’s investment portfolio, making the stock its 7th biggest position. Ceredex Value Advisors LLC owned about 4.47% of Meredith at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in MDP. Strs Ohio boosted its stake in Meredith by 314.3% during the fourth quarter. Strs Ohio now owns 2,900 shares of the company’s stock worth $191,000 after buying an additional 2,200 shares during the period. Shelton Capital Management purchased a new position in Meredith during the fourth quarter worth about $202,000. Landscape Capital Management L.L.C. purchased a new position in Meredith during the fourth quarter worth about $205,000. Bbva Compass Bancshares Inc. purchased a new position in Meredith during the fourth quarter worth about $208,000. Finally, Ausdal Financial Partners Inc. purchased a new position in Meredith during the fourth quarter worth about $212,000. 97.98% of the stock is owned by hedge funds and other institutional investors.

Shares of Meredith opened at $49.15 on Friday, MarketBeat reports. The company has a quick ratio of 1.67, a current ratio of 1.71 and a debt-to-equity ratio of 2.75. Meredith Co. has a 1-year low of $49.05 and a 1-year high of $50.25. The stock has a market cap of $2.20 billion, a price-to-earnings ratio of 12.35, a P/E/G ratio of 0.86 and a beta of 1.42.

Meredith (NYSE:MDP) last posted its quarterly earnings data on Thursday, May 10th. The company reported $0.74 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.33. Meredith had a net margin of 6.62% and a return on equity of 15.46%. The business had revenue of $648.80 million during the quarter, compared to analyst estimates of $752.28 million. During the same quarter last year, the firm posted $0.87 earnings per share. The business’s revenue for the quarter was up 52.5% compared to the same quarter last year. equities research analysts anticipate that Meredith Co. will post 5.18 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 15th. Stockholders of record on Thursday, May 31st will be paid a $0.545 dividend. This represents a $2.18 annualized dividend and a dividend yield of 4.44%. The ex-dividend date of this dividend is Wednesday, May 30th. Meredith’s payout ratio is 54.50%.

Several brokerages have weighed in on MDP. Benchmark lowered their target price on shares of Meredith from $77.00 to $70.00 and set a “buy” rating for the company in a research note on Tuesday. TheStreet lowered shares of Meredith from a “b” rating to a “c+” rating in a research note on Thursday, May 10th. ValuEngine lowered shares of Meredith from a “hold” rating to a “sell” rating in a research note on Wednesday, May 2nd. Zacks Investment Research lowered shares of Meredith from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 3rd. Finally, Gabelli raised shares of Meredith from a “hold” rating to a “buy” rating in a research note on Wednesday, January 31st. One analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $73.25.

Meredith Company Profile

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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