Meredith Sees Unusually High Options Volume (MDP)
Meredith Corporation (NYSE:MDP) saw unusually large options trading on Monday. Investors purchased 1,401 call options on the company. This represents an increase of approximately 1,991% compared to the average daily volume of 67 call options.
In other Meredith news, Director Frederick B. Henry sold 1,048 shares of the business’s stock in a transaction on Wednesday, November 29th. The stock was sold at an average price of $66.50, for a total transaction of $69,692.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Karpowicz sold 5,000 shares of the business’s stock in a transaction on Wednesday, November 29th. The stock was sold at an average price of $68.61, for a total value of $343,050.00. The disclosure for this sale can be found here. Insiders own 4.00% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of the company. LS Investment Advisors LLC raised its position in shares of Meredith by 20.8% during the second quarter. LS Investment Advisors LLC now owns 2,951 shares of the company’s stock worth $175,000 after purchasing an additional 508 shares during the period. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Meredith during the third quarter worth $167,000. State of Alaska Department of Revenue raised its position in shares of Meredith by 3.4% during the second quarter. State of Alaska Department of Revenue now owns 3,050 shares of the company’s stock worth $181,000 after purchasing an additional 100 shares during the period. Janney Montgomery Scott LLC acquired a new stake in shares of Meredith during the third quarter worth $204,000. Finally, Crossmark Global Holdings Inc. acquired a new stake in shares of Meredith during the third quarter worth $207,000. 98.06% of the stock is currently owned by institutional investors.
Shares of Meredith (MDP) opened at $67.90 on Friday. Meredith has a 12 month low of $50.63 and a 12 month high of $70.85. The company has a quick ratio of 1.04, a current ratio of 1.08 and a debt-to-equity ratio of 0.64. The company has a market capitalization of $3,044.67, a price-to-earnings ratio of 17.34, a PEG ratio of 2.51 and a beta of 1.28.
Meredith (NYSE:MDP) last posted its quarterly earnings data on Thursday, October 26th. The company reported $0.69 EPS for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.06. Meredith had a return on equity of 18.24% and a net margin of 11.04%. The company had revenue of $393.00 million for the quarter, compared to the consensus estimate of $397.50 million. During the same quarter in the previous year, the business earned $0.75 EPS. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. research analysts forecast that Meredith will post 3.39 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 30th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.06%. The ex-dividend date of this dividend is Wednesday, November 29th. Meredith’s dividend payout ratio is presently 50.36%.
A number of research analysts have issued reports on the company. Benchmark reiterated a “buy” rating and set a $77.00 price target (up previously from $67.00) on shares of Meredith in a research report on Monday, November 27th. ValuEngine upgraded Meredith from a “hold” rating to a “buy” rating in a research report on Monday, November 27th. Jefferies Group raised Meredith from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $56.00 to $80.00 in a research note on Tuesday. Citigroup downgraded Meredith from a “buy” rating to a “neutral” rating in a research note on Friday. Finally, Wells Fargo & Company raised Meredith from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $54.00 to $76.00 in a research note on Monday, November 27th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $71.40.
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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