Allegis Investment Advisors LLC Takes Position in Meredith Co. (MDP)
Allegis Investment Advisors LLC acquired a new stake in Meredith Co. (NYSE:MDP) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 7,873 shares of the company’s stock, valued at approximately $520,000.
Several other large investors have also made changes to their positions in MDP. State Street Corp grew its position in shares of Meredith by 16.8% in the second quarter. State Street Corp now owns 4,938,340 shares of the company’s stock valued at $293,589,000 after purchasing an additional 710,721 shares during the period. Deprince Race & Zollo Inc. purchased a new stake in shares of Meredith in the fourth quarter valued at $22,201,000. Channing Capital Management LLC grew its position in shares of Meredith by 14.0% in the third quarter. Channing Capital Management LLC now owns 799,034 shares of the company’s stock valued at $44,346,000 after purchasing an additional 98,014 shares during the period. Dearborn Partners LLC purchased a new stake in shares of Meredith in the fourth quarter valued at $6,462,000. Finally, Royce & Associates LP grew its position in shares of Meredith by 5.4% in the third quarter. Royce & Associates LP now owns 1,602,378 shares of the company’s stock valued at $88,932,000 after purchasing an additional 81,737 shares during the period. 97.98% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have recently commented on the company. Benchmark reaffirmed a “buy” rating on shares of Meredith in a research report on Tuesday, January 30th. Jefferies Group reaffirmed a “hold” rating and issued a $60.00 price objective on shares of Meredith in a research report on Monday, October 16th. Zacks Investment Research raised Meredith from a “hold” rating to a “buy” rating and set a $74.00 price objective for the company in a research report on Tuesday, January 23rd. Gabelli raised Meredith from a “hold” rating to a “buy” rating in a research report on Wednesday, January 31st. Finally, ValuEngine raised Meredith from a “hold” rating to a “buy” rating in a research report on Friday, October 13th. Four analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. Meredith presently has an average rating of “Buy” and a consensus target price of $73.00.
Meredith Co. (NYSE:MDP) opened at $53.65 on Friday. Meredith Co. has a fifty-two week low of $50.63 and a fifty-two week high of $72.25. The firm has a market capitalization of $2,504.09, a price-to-earnings ratio of 8.88, a P/E/G ratio of 1.51 and a beta of 1.24. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.15 and a quick ratio of 1.10.
Meredith (NYSE:MDP) last issued its earnings results on Wednesday, January 31st. The company reported $1.14 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.89 by $0.25. Meredith had a return on equity of 16.72% and a net margin of 16.41%. The firm had revenue of $417.70 million for the quarter, compared to analysts’ expectations of $414.97 million. During the same quarter last year, the firm earned $1.30 earnings per share. The firm’s revenue for the quarter was down 5.6% compared to the same quarter last year. equities analysts forecast that Meredith Co. will post 4.65 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Wednesday, February 28th will be issued a $0.545 dividend. The ex-dividend date of this dividend is Tuesday, February 27th. This represents a $2.18 dividend on an annualized basis and a yield of 4.06%. This is a boost from Meredith’s previous quarterly dividend of $0.52. Meredith’s dividend payout ratio (DPR) is presently 34.44%.
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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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