Meredith Corp. (MDP) Sets New 1-Year High at $53.37
Meredith Corp. (NYSE:MDP) shares hit a new 52-week high on Thursday . The company traded as high as $53.37 and last traded at $53.06, with a volume of 99,134 shares trading hands. The stock had previously closed at $52.74.
Separately, Zacks Investment Research lowered Meredith Corp. from a “buy” rating to a “hold” rating in a report on Tuesday, March 29th. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $52.67.
The stock has a 50-day moving average price of $50.91 and a 200 day moving average price of $46.17. The firm has a market cap of $2.41 billion and a P/E ratio of 14.69.
Meredith Corp. (NYSE:MDP) last announced its quarterly earnings results on Thursday, April 28th. The company reported $0.92 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.80 by $0.12. The business had revenue of $422.77 million for the quarter, compared to analysts’ expectations of $414.66 million. The firm’s quarterly revenue was up 6.2% on a year-over-year basis. During the same period last year, the firm earned $0.71 earnings per share. Analysts forecast 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. This represents a $1.98 dividend on an annualized basis and a yield of 3.66%. The ex-dividend date was Thursday, May 26th.
In other Meredith Corp. news, major shareholder Edwin T. Iv Meredith purchased 15,628 shares of the firm’s stock in a transaction on Friday, June 10th. The stock was bought at an average cost of $51.24 per share, with a total value of $800,778.72. Following the acquisition, the insider now directly owns 243,412 shares of the company’s stock, valued at $12,472,430.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Frederick B. Henry sold 1,186 shares of Meredith Corp. stock in a transaction dated Monday, May 2nd. The stock was sold at an average price of $51.10, for a total value of $60,604.60. Following the sale, the director now directly owns 37,015 shares of the company’s stock, valued at $1,891,466.50. The disclosure for this sale can be found here.
A number of hedge funds have made changes to their positions in the company. 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 worth $9,704,000 after buying an additional 206,906 shares during the period. Aberdeen Asset Management PLC UK increased its stake in 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 during the last quarter. Gamco Investors INC. ET AL increased its stake in 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 during the last quarter. Comerica Bank increased its stake in 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 during the last quarter. Finally, Gabelli Funds LLC increased its stake in Meredith Corp. by 3.4% in the fourth quarter. Gabelli Funds LLC now owns 297,400 shares of the company’s stock valued at $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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