Mutual of America Capital Management LLC increased its stake in Meredith Co. (NYSE:MDP) by 3.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,944 shares of the company’s stock after buying an additional 1,085 shares during the period. Mutual of America Capital Management LLC owned 0.07% of Meredith worth $2,176,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Strs Ohio raised its stake in Meredith by 314.3% in 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 in the last quarter. Migdal Insurance & Financial Holdings Ltd. bought a new position in Meredith in the third quarter worth about $167,000. Janney Montgomery Scott LLC bought a new position in shares of Meredith during the third quarter valued at approximately $204,000. Crossmark Global Holdings Inc. bought a new position in shares of Meredith during the third quarter valued at approximately $207,000. Finally, Parametrica Management Ltd bought a new position in shares of Meredith during the third quarter valued at approximately $240,000. 97.97% of the stock is owned by institutional investors.
In related news, insider Paul Karpowicz sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 29th. The shares were sold at an average price of $68.61, for a total value of $343,050.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Frederick B. Henry sold 1,048 shares of the firm’s stock in a transaction that occurred on Wednesday, November 29th. The stock was sold at an average price of $66.50, for a total transaction of $69,692.00. The disclosure for this sale can be found here. Insiders sold 35,024 shares of company stock worth $2,443,024 in the last 90 days. 4.00% of the stock is currently owned by corporate insiders.
Meredith (NYSE:MDP) last announced its quarterly earnings results on Wednesday, January 31st. The company reported $1.14 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.89 by $0.25. The company had revenue of $417.70 million during the quarter, compared to the consensus estimate of $414.97 million. Meredith had a net margin of 16.41% and a return on equity of 16.72%. The firm’s quarterly revenue was down 5.6% compared to the same quarter last year. During the same quarter last year, the firm earned $1.30 earnings per share. equities analysts predict that Meredith Co. will post 4.65 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Wednesday, February 28th will be given a dividend of $0.545 per share. The ex-dividend date of this dividend is Tuesday, February 27th. This represents a $2.18 annualized dividend and a dividend yield of 3.90%. This is an increase from Meredith’s previous quarterly dividend of $0.52. Meredith’s dividend payout ratio (DPR) is 34.44%.
A number of brokerages have weighed in on MDP. Zacks Investment Research downgraded shares of Meredith from a “buy” rating to a “hold” rating in a research note on Wednesday, January 10th. Gabelli raised shares of Meredith from a “hold” rating to a “buy” rating in a research note on Wednesday, January 31st. Jefferies Group raised shares of Meredith from a “hold” rating to a “buy” rating and raised their target price for the company from $56.00 to $80.00 in a research note on Tuesday, November 28th. ValuEngine raised shares of Meredith from a “hold” rating to a “buy” rating in a research note on Monday, November 27th. Finally, Citigroup downgraded shares of Meredith from a “buy” rating to a “neutral” rating in a research report on Friday, December 1st. Four research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $73.00.
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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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