Meredith Corp. (MDP) to Issue $0.50 Quarterly Dividend
Meredith Corp. (NYSE:MDP) declared a quarterly dividend on Thursday, November 10th. Investors of record on Wednesday, November 30th will be given a dividend of 0.495 per share on Thursday, December 15th. This represents a $1.98 dividend on an annualized basis and a dividend yield of 4.07%. The ex-dividend date is Monday, November 28th.
Meredith Corp. (NYSE:MDP) opened at 48.65 on Friday. Meredith Corp. has a 12-month low of $35.03 and a 12-month high of $57.53. The company has a market capitalization of $2.17 billion, a PE ratio of 38.58 and a beta of 0.94. The company has a 50 day moving average price of $48.77 and a 200-day moving average price of $51.27.
Meredith Corp. (NYSE:MDP) last issued its quarterly earnings data on Thursday, October 27th. The company reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.03. Meredith Corp. had a return on equity of 16.93% and a net margin of 3.42%. The firm had revenue of $399.90 million for the quarter, compared to analyst estimates of $400.77 million. During the same period in the prior year, the firm posted $0.52 EPS. The company’s revenue for the quarter was up 4.0% on a year-over-year basis. On average, analysts anticipate that Meredith Corp. will post $3.70 EPS for the current year.
Several analysts have recently issued reports on the company. Zacks Investment Research lowered Meredith Corp. from a “hold” rating to a “sell” rating in a report on Wednesday, September 28th. Benchmark Co. increased their target price on Meredith Corp. from $57.00 to $62.00 and gave the stock a “buy” rating in a report on Friday, July 29th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Meredith Corp. has an average rating of “Hold” and a consensus price target of $54.20.
In related news, Chairman Stephen M. Lacy sold 14,110 shares of the firm’s stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $54.10, for a total value of $763,351.00. Following the sale, the chairman now directly owns 15,415 shares of the company’s stock, valued at $833,951.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Joseph H. Ceryanec sold 4,554 shares of the firm’s stock in a transaction dated Wednesday, August 17th. The shares were sold at an average price of $54.13, for a total value of $246,508.02. Following the completion of the sale, the chief financial officer now directly owns 31,205 shares in the company, valued at $1,689,126.65. The disclosure for this sale can be found here. 12.40% of the stock is owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Pacad Investment Ltd. acquired a new stake in Meredith Corp. during the second quarter valued at $197,000. Nuveen Fund Advisors LLC purchased a new position in Meredith Corp. during the second quarter valued at approximately $210,000. Catalyst Capital Advisors LLC purchased a new position in Meredith Corp. during the second quarter valued at approximately $260,000. Advisor Group Inc. purchased a new position in Meredith Corp. during the second quarter valued at approximately $376,000. Finally, Ameritas Investment Partners Inc. increased its position in Meredith Corp. by 3.4% in the second quarter. Ameritas Investment Partners Inc. now owns 8,784 shares of the company’s stock valued at $456,000 after buying an additional 291 shares in the last quarter. 83.91% of the stock is currently owned by institutional investors and hedge funds.
About Meredith Corp.
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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