Strs Ohio grew its holdings in shares of Meredith Co. (NYSE:MDP) by 1,000.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,100 shares of the company’s stock after buying an additional 1,000 shares during the period. Strs Ohio’s holdings in Meredith were worth $57,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in the company. Bank of America Corp DE raised its holdings in shares of Meredith by 4.7% in the second quarter. Bank of America Corp DE now owns 103,024 shares of the company’s stock valued at $5,253,000 after purchasing an additional 4,627 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Meredith by 1.1% in the second quarter. Bank of New York Mellon Corp now owns 808,300 shares of the company’s stock valued at $41,224,000 after purchasing an additional 8,619 shares during the last quarter. State of Alaska Department of Revenue purchased a new stake in shares of Meredith in the third quarter valued at about $257,000. First Hawaiian Bank purchased a new stake in shares of Meredith in the third quarter valued at about $609,000. Finally, Cornerstone Wealth Management LLC purchased a new stake in shares of Meredith in the third quarter valued at about $1,193,000.
Several brokerages have recently commented on MDP. Zacks Investment Research downgraded shares of Meredith from a “hold” rating to a “sell” rating in a report on Wednesday, February 6th. Benchmark restated a “buy” rating and set a $70.00 price objective on shares of Meredith in a report on Monday, December 17th. Gabelli initiated coverage on shares of Meredith in a report on Thursday, February 14th. They set a “buy” rating and a $54.97 price objective for the company. Citigroup raised their price objective on shares of Meredith from $61.00 to $67.00 and gave the stock a “buy” rating in a report on Thursday, November 29th. Finally, TheStreet upgraded shares of Meredith from a “c+” rating to a “b-” rating in a report on Tuesday, November 27th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the stock. Meredith currently has a consensus rating of “Buy” and a consensus target price of $61.39.
Meredith (NYSE:MDP) last announced its earnings results on Monday, February 11th. The company reported $1.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.29 by $0.24. Meredith had a negative net margin of 1.89% and a positive return on equity of 16.96%. The business had revenue of $853.50 million during the quarter, compared to analyst estimates of $859.28 million. During the same period in the previous year, the business posted $1.14 earnings per share. Meredith’s revenue for the quarter was up 104.3% on a year-over-year basis. Analysts predict that Meredith Co. will post 2.99 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, March 15th. Shareholders of record on Thursday, February 28th will be given a dividend of $0.575 per share. The ex-dividend date of this dividend is Wednesday, February 27th. This is a positive change from Meredith’s previous quarterly dividend of $0.55. This represents a $2.30 annualized dividend and a yield of 4.14%. Meredith’s payout ratio is presently 85.83%.
Meredith Company Profile
Meredith Corporation operates as a diversified media company in the United States, Europe, and Asia. It operates in two segments, National Media and Local Media. The National Media segment offers national consumer media brands through various media platforms, including print magazines, digital and mobile media, brand licensing activities, database-related activities, affinity marketing, and business-to-business marketing products and services.
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