Meredith Corp. (MDP) Hits New 1-Year High at $55.78
Shares of Meredith Corp. (NYSE:MDP) reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $55.78 and last traded at $55.76, with a volume of 116,572 shares traded. The stock had previously closed at $55.24.
Separately, Zacks Investment Research lowered Meredith Corp. from a “buy” rating to a “hold” rating in a report on Tuesday, March 29th. Six analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $52.67.
The firm has a market cap of $2.49 billion and a PE ratio of 15.19. The stock’s 50 day moving average is $51.69 and its 200-day moving average is $46.50.
Meredith Corp. (NYSE:MDP) last issued its earnings results on Thursday, April 28th. The company reported $0.92 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.80 by $0.12. The firm earned $422.77 million during the quarter, compared to analyst estimates of $414.66 million. The business’s quarterly revenue was up 6.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.71 earnings per share. Equities research analysts forecast that Meredith Corp. will post $3.27 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, June 15th. Stockholders of record on Tuesday, May 31st were paid a $0.495 dividend. The ex-dividend date was Thursday, May 26th. This represents a $1.98 annualized dividend and a dividend yield of 3.54%.
In other news, insider John S. Zieser sold 8,783 shares of the firm’s stock in a transaction dated Monday, May 2nd. The stock was sold at an average price of $51.21, for a total value of $449,777.43. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Frederick B. Henry sold 1,186 shares of the firm’s stock in a transaction dated Monday, May 2nd. The shares were sold at an average price of $51.10, for a total value of $60,604.60. Following the completion of the sale, the director now owns 37,015 shares of the company’s stock, valued at $1,891,466.50. The disclosure for this sale can be found here.
Several hedge funds have recently modified their holdings of the stock. Liberty Mutual Group Asset Management Inc. increased its stake in shares of Meredith Corp. by 51.4% in the fourth quarter. Liberty Mutual Group Asset Management Inc. now owns 24,276 shares of the company’s stock valued at $1,050,000 after buying an additional 8,244 shares in the last quarter. Russell Frank Co increased its stake in shares of Meredith Corp. by 1,221.3% in the fourth quarter. Russell Frank Co now owns 223,848 shares of the company’s stock valued at $9,704,000 after buying an additional 206,906 shares in the last quarter. Comerica Bank increased its stake in shares of Meredith Corp. by 35.8% in the fourth quarter. Comerica Bank now owns 124,155 shares of the company’s stock valued at $4,883,000 after buying an additional 32,739 shares in the last quarter. Aberdeen Asset Management PLC UK increased its stake in shares of Meredith Corp. by 100.0% in the fourth quarter. Aberdeen Asset Management PLC UK now owns 100,000 shares of the company’s stock valued at $4,452,000 after buying an additional 50,000 shares in the last quarter. Finally, Gamco Investors INC. ET AL increased its stake in shares of Meredith Corp. by 11.2% in the fourth quarter. Gamco Investors INC. ET AL now owns 369,853 shares of the company’s stock valued at $15,996,000 after buying an additional 37,370 shares in the last quarter.
Meredith Corporation is a media and marketing company. The Company operates two business segments namely local media and national media. Its national media segment includes national consumer media brands delivered via multiple media platforms including print magazines and digital and mobile media, brand licensing activities, database-related activities and business-to-business marketing products and services.
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