Meredith Corporation (MDP) Position Raised by State Board of Administration of Florida Retirement System
State Board of Administration of Florida Retirement System increased its holdings in shares of Meredith Corporation (NYSE:MDP) by 41.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 19,035 shares of the company’s stock after purchasing an additional 5,542 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Meredith Corporation were worth $1,056,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. LS Investment Advisors LLC grew its stake in Meredith Corporation 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. State of Alaska Department of Revenue grew its stake in Meredith Corporation 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. Crossmark Global Holdings Inc. acquired a new stake in Meredith Corporation during the third quarter worth approximately $207,000. Tudor Investment Corp ET AL acquired a new stake in Meredith Corporation during the first quarter worth approximately $224,000. Finally, Flinton Capital Management LLC grew its stake in Meredith Corporation by 53.4% during the second quarter. Flinton Capital Management LLC now owns 3,808 shares of the company’s stock worth $226,000 after purchasing an additional 1,326 shares during the period. 94.48% of the stock is owned by institutional investors and hedge funds.
MDP has been the subject of several recent analyst reports. Zacks Investment Research cut Meredith Corporation from a “hold” rating to a “sell” rating in a research note on Friday, October 20th. ValuEngine raised Meredith Corporation from a “hold” rating to a “buy” rating in a research note on Friday, August 4th. Jefferies Group LLC reissued a “hold” rating and issued a $60.00 price objective on shares of Meredith Corporation in a research note on Monday, October 16th. Wells Fargo & Company reduced their price objective on Meredith Corporation from $62.00 to $54.00 and set a “market perform” rating for the company in a research note on Friday, October 27th. Finally, BidaskClub raised Meredith Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, July 25th. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $60.60.
Meredith Corporation (NYSE:MDP) last announced its quarterly earnings data on Thursday, October 26th. The company reported $0.69 EPS for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.06. Meredith Corporation had a return on equity of 18.24% and a net margin of 11.04%. The firm had revenue of $393.00 million during the quarter, compared to analysts’ expectations of $397.50 million. During the same quarter last year, the firm posted $0.75 earnings per share. The company’s revenue for the quarter was down 1.7% compared to the same quarter last year. equities research analysts expect that Meredith Corporation will post 3.39 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 30th will be paid a $0.52 dividend. The ex-dividend date is Wednesday, November 29th. This represents a $2.08 dividend on an annualized basis and a yield of 3.42%. Meredith Corporation’s dividend payout ratio (DPR) is presently 50.36%.
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Meredith Corporation 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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