Meredith Corp. (MDP) Reaches New 1-Year High at $53.37
Shares of Meredith Corp. (NYSE:MDP) hit a new 52-week high during trading on Thursday . The company traded as high as $53.37 and last traded at $53.06, with a volume of 99,134 shares changing hands. The stock had previously closed at $52.74.
Separately, Zacks Investment Research upgraded Meredith Corp. from a “sell” rating to a “buy” rating and set a $58.00 price target on the stock in a report on Tuesday, May 3rd. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $52.67.
The stock has a 50 day moving average of $50.58 and a 200-day moving average of $46.03. The company has a market cap of $2.36 billion and a price-to-earnings ratio of 14.38.
Meredith Corp. (NYSE:MDP) last announced its earnings results on Thursday, April 28th. The company reported $0.92 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.80 by $0.12. During the same period in the prior year, the business earned $0.71 earnings per share. The company had revenue of $422.77 million for the quarter, compared to the consensus estimate of $414.66 million. The firm’s revenue for the quarter was up 6.2% on a year-over-year basis. Equities research analysts expect that Meredith Corp. will post $3.27 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 15th. Shareholders of record on Tuesday, May 31st were issued a dividend of $0.495 per share. The ex-dividend date of this dividend was Thursday, May 26th. This represents a $1.98 dividend on an annualized basis and a yield of 3.75%.
In other Meredith Corp. news, insider John S. Zieser sold 8,783 shares of the stock in a transaction dated Monday, May 2nd. The stock was sold at an average price of $51.21, for a total transaction of $449,777.43. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Edwin T. Iv Meredith purchased 15,628 shares of the firm’s stock in a transaction on Friday, June 10th. The shares were acquired at an average price of $51.24 per share, with a total value of $800,778.72. Following the completion of the acquisition, the insider now owns 243,412 shares in the company, valued at approximately $12,472,430.88. The disclosure for this purchase can be found here.
Other hedge funds have modified their holdings of the company. Deere & Co. increased its stake in shares of Meredith Corp. by 2.2% in the fourth quarter. Deere & Co. now owns 36,774 shares of the company’s stock worth $1,590,000 after buying an additional 786 shares during 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 worth $4,452,000 after buying an additional 50,000 shares during the last quarter. Mutual of America Capital Management LLC increased its stake in shares of Meredith Corp. by 1.1% in the fourth quarter. Mutual of America Capital Management LLC now owns 25,869 shares of the company’s stock worth $1,119,000 after buying an additional 275 shares during the last quarter. 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 worth $1,050,000 after buying an additional 8,244 shares during the last quarter. Finally, Gabelli Funds LLC increased its stake in shares of Meredith Corp. by 3.4% in the fourth quarter. Gabelli Funds LLC now owns 297,400 shares of the company’s stock worth $12,863,000 after buying an additional 9,900 shares during 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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