Credit Agricole S A bought a new position in Meredith Co. (NYSE:MDP) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,628 shares of the company’s stock, valued at approximately $155,000.
Several other hedge funds also recently added to or reduced their stakes in MDP. LS Investment Advisors LLC boosted its stake in Meredith by 4.7% in the third quarter. LS Investment Advisors LLC now owns 2,427 shares of the company’s stock worth $126,000 after buying an additional 108 shares in the last quarter. Rowland & Co. Investment Counsel ADV acquired a new position in Meredith during the third quarter worth $242,000. JNBA Financial Advisors acquired a new position in Meredith during the fourth quarter worth $248,000. Vicus Capital acquired a new position in Meredith during the third quarter worth $341,000. Finally, Neuberger Berman Group LLC raised its position in Meredith by 20.2% in the third quarter. Neuberger Berman Group LLC now owns 7,243 shares of the company’s stock worth $377,000 after buying an additional 1,218 shares during the last quarter. 84.01% of the stock is owned by institutional investors and hedge funds.
Meredith Co. (NYSE:MDP) opened at 63.05 on Friday. The firm has a market capitalization of $2.81 billion, a price-to-earnings ratio of 29.73 and a beta of 1.13. Meredith Co. has a 52-week low of $43.85 and a 52-week high of $66.25. The company’s 50-day moving average is $62.95 and its 200-day moving average is $55.97.
Meredith (NYSE:MDP) last released its earnings results on Wednesday, January 25th. The company reported $1.30 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.20 by $0.10. Meredith had a net margin of 5.65% and a return on equity of 19.39%. The company earned $442.60 million during the quarter, compared to analysts’ expectations of $435.22 million. During the same quarter last year, the business earned $0.80 EPS. The business’s revenue was up 8.9% on a year-over-year basis. Equities analysts predict that Meredith Co. will post $3.76 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, March 15th. Stockholders of record on Tuesday, February 28th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 3.30%. The ex-dividend date was Friday, February 24th. This is a boost from Meredith’s previous quarterly dividend of $0.50. Meredith’s dividend payout ratio (DPR) is 94.74%.
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A number of equities analysts recently weighed in on the stock. Benchmark Co. boosted their price target on shares of Meredith from $64.00 to $65.00 and gave the stock a “hold” rating in a research report on Thursday. Zacks Investment Research upgraded shares of Meredith from a “hold” rating to a “buy” rating and set a $66.00 price target on the stock in a research report on Tuesday, December 27th. Jefferies Group LLC boosted their price target on shares of Meredith from $55.00 to $57.00 and gave the stock a “hold” rating in a research report on Wednesday. Finally, Wells Fargo & Co restated a “hold” rating on shares of Meredith in a research report on Wednesday, January 25th.
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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