Bank of New York Mellon Corp lessened its stake in Meredith Co. (NYSE:MDP) by 3.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 775,914 shares of the company’s stock after selling 27,609 shares during the period. Bank of New York Mellon Corp owned about 1.73% of Meredith worth $40,301,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Legal & General Group Plc lifted its stake in shares of 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 acquiring an additional 225 shares during the last quarter. State Board of Administration of Florida Retirement System lifted its stake in shares of Meredith by 1.7% in the 4th quarter. State Board of Administration of Florida Retirement System now owns 14,437 shares of the company’s stock valued at $750,000 after acquiring an additional 242 shares during the last quarter. Marshwinds Advisory Co. lifted its stake in shares of Meredith by 2.2% in the 4th quarter. Marshwinds Advisory Co. now owns 11,825 shares of the company’s stock valued at $614,000 after acquiring an additional 250 shares during the last quarter. State of Alaska Department of Revenue lifted its stake in shares of Meredith by 5.6% in the 4th quarter. State of Alaska Department of Revenue now owns 5,321 shares of the company’s stock valued at $276,000 after acquiring an additional 283 shares during the last quarter. Finally, Retirement Systems of Alabama lifted its stake in shares of Meredith by 0.6% in the 4th quarter. Retirement Systems of Alabama now owns 51,704 shares of the company’s stock valued at $2,686,000 after acquiring an additional 286 shares during the last quarter.
In related news, insider John S. Zieser sold 2,550 shares of the business’s stock in a transaction dated Friday, February 22nd. The stock was sold at an average price of $56.96, for a total transaction of $145,248.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. 4.70% of the stock is owned by insiders.
Meredith (NYSE:MDP) last announced its quarterly earnings results on Monday, February 11th. The company reported $1.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.29 by $0.24. Meredith had a positive return on equity of 16.96% and a negative net margin of 1.89%. The company had revenue of $853.50 million for the quarter, compared to the consensus estimate of $859.28 million. During the same quarter in the previous year, the business earned $1.14 EPS. Meredith’s revenue was up 104.3% compared to the same quarter last year. On average, analysts expect that Meredith Co. will post 3.95 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Thursday, February 28th were issued a dividend of $0.575 per share. This represents a $2.30 dividend on an annualized basis and a yield of 4.01%. The ex-dividend date of this dividend was Wednesday, February 27th. This is an increase from Meredith’s previous quarterly dividend of $0.55. Meredith’s payout ratio is currently 90.55%.
A number of research firms have recently weighed in on MDP. Wolfe Research began coverage on Meredith in a research note on Friday, December 7th. They issued a “market perform” rating for the company. Citigroup boosted their price target on Meredith from $61.00 to $67.00 and gave the company a “buy” rating in a report on Thursday, November 29th. TheStreet upgraded Meredith from a “c+” rating to a “b-” rating in a report on Tuesday, November 27th. Zacks Investment Research upgraded Meredith from a “sell” rating to a “hold” rating in a report on Tuesday, February 26th. Finally, Gabelli began coverage on Meredith in a report on Thursday, February 14th. They set a “buy” rating and a $54.97 price target on the stock. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $61.39.
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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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