Yorktown Management & Research Co Inc Takes Position in Meredith Co. (MDP)
Yorktown Management & Research Co Inc purchased a new stake in shares of Meredith Co. (NYSE:MDP) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,300 shares of the company’s stock, valued at approximately $284,000.
A number of other hedge funds and other institutional investors also recently modified their holdings of MDP. Deprince Race & Zollo Inc. acquired a new position in Meredith during the fourth quarter valued at approximately $22,201,000. Barrow Hanley Mewhinney & Strauss LLC boosted its position in Meredith by 8.3% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,117,498 shares of the company’s stock valued at $139,861,000 after purchasing an additional 162,700 shares during the last quarter. Standard Life Aberdeen plc boosted its position in Meredith by 11.9% during the fourth quarter. Standard Life Aberdeen plc now owns 948,554 shares of the company’s stock valued at $62,676,000 after purchasing an additional 101,220 shares during the last quarter. Channing Capital Management LLC boosted its position in Meredith by 14.0% during 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 last quarter. Finally, Dearborn Partners LLC acquired a new position in Meredith during the fourth quarter valued at approximately $6,462,000. 97.97% of the stock is owned by hedge funds and other institutional investors.
Several brokerages recently commented on MDP. Zacks Investment Research cut Meredith from a “buy” rating to a “hold” rating in a research report on Wednesday, January 10th. Gabelli upgraded Meredith from a “hold” rating to a “buy” rating in a research note on Wednesday, January 31st. Jefferies Group upgraded Meredith from a “hold” rating to a “buy” rating and upped their price objective for the company from $56.00 to $80.00 in a research note on Tuesday, November 28th. ValuEngine upgraded Meredith from a “hold” rating to a “buy” rating in a research note on Monday, November 27th. Finally, Citigroup lowered Meredith from a “buy” rating to a “neutral” rating in a research note on Friday, December 1st. Four analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $73.00.
Meredith (NYSE:MDP) last released its quarterly earnings data on Wednesday, January 31st. The company reported $1.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.25. The firm had revenue of $417.70 million for the quarter, compared to analyst estimates of $414.97 million. Meredith had a return on equity of 16.72% and a net margin of 16.41%. The business’s revenue for the quarter was down 5.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.30 earnings per share. equities research analysts forecast that Meredith Co. will post 4.65 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Wednesday, February 28th will be paid a $0.545 dividend. This is a positive change from Meredith’s previous quarterly dividend of $0.52. The ex-dividend date is Tuesday, February 27th. This represents a $2.18 annualized dividend and a yield of 3.82%. Meredith’s dividend payout ratio is currently 36.09%.
In other news, CFO Joseph H. Ceryanec sold 3,200 shares of the stock in a transaction that occurred on Friday, December 8th. The stock was sold at an average price of $71.54, for a total transaction of $228,928.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Meredith D. Mell Frazier sold 22,176 shares of the stock in a transaction that occurred on Friday, December 15th. The stock was sold at an average price of $69.85, for a total value of $1,548,993.60. Following the transaction, the director now owns 6,000 shares in the company, valued at approximately $419,100. The disclosure for this sale can be found here. Insiders sold 28,976 shares of company stock worth $2,030,282 in the last 90 days. Corporate insiders own 4.00% of the company’s stock.
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Meredith Company Profile
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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