Gamco Investors INC. ET AL reduced its stake in shares of Meredith Corporation (NYSE:MDP) by 9.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 309,390 shares of the company’s stock after selling 32,863 shares during the period. Gamco Investors INC. ET AL’s holdings in Meredith Corporation were worth $18,300,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in MDP. LS Investment Advisors LLC increased its position in Meredith Corporation by 4.7% in the third quarter. LS Investment Advisors LLC now owns 2,427 shares of the company’s stock valued at $126,000 after buying an additional 108 shares during the period. Public Employees Retirement System of Ohio increased its position in Meredith Corporation by 9.1% in the second quarter. Public Employees Retirement System of Ohio now owns 2,734 shares of the company’s stock valued at $142,000 after buying an additional 229 shares during the period. Rowland & Co. Investment Counsel ADV acquired a new position in Meredith Corporation during the third quarter valued at approximately $242,000. JNBA Financial Advisors acquired a new position in Meredith Corporation during the fourth quarter valued at approximately $248,000. Finally, Amalgamated Bank acquired a new position in Meredith Corporation during the second quarter valued at approximately $249,000. Institutional investors and hedge funds own 84.01% of the company’s stock.
Meredith Corporation (NYSE:MDP) traded down 0.08% during trading on Friday, hitting $63.15. 108,555 shares of the company traded hands. The company has a market capitalization of $2.81 billion, a P/E ratio of 29.77 and a beta of 1.13. Meredith Corporation has a 12-month low of $42.44 and a 12-month high of $64.10. The stock has a 50 day moving average price of $59.82 and a 200 day moving average price of $54.24.
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Meredith Corporation (NYSE:MDP) last posted its quarterly earnings data on Wednesday, January 25th. The company reported $1.30 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.20 by $0.10. The firm had revenue of $442.60 million for the quarter, compared to the consensus estimate of $435.22 million. Meredith Corporation had a net margin of 5.65% and a return on equity of 19.39%. The business’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.80 EPS. On average, equities analysts anticipate that Meredith Corporation will post $3.76 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 15th. Shareholders of record on Tuesday, February 28th will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 3.29%. This is an increase from Meredith Corporation’s previous quarterly dividend of $0.50. The ex-dividend date is Friday, February 24th. Meredith Corporation’s payout ratio is currently 94.74%.
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Several equities analysts recently commented on MDP shares. Zacks Investment Research upgraded shares of Meredith Corporation from a “hold” rating to a “buy” rating and set a $66.00 price target on the stock in a research note on Tuesday, December 27th. Benchmark Co. downgraded shares of Meredith Corporation from a “buy” rating to a “hold” rating and set a $64.00 price target on the stock. in a research note on Thursday, January 26th. They noted that the move was a valuation call. Finally, Wells Fargo & Company restated a “hold” rating on shares of Meredith Corporation in a research note on Wednesday, January 25th.
About Meredith Corporation
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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