Goelzer Investment Management Inc. Takes Position in Meredith Co. (MDP)
Goelzer Investment Management Inc. purchased a new stake in shares of Meredith Co. (NYSE:MDP) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 35,565 shares of the company’s stock, valued at approximately $2,349,000.
A number of other hedge funds and other institutional investors have also recently modified their holdings of MDP. Migdal Insurance & Financial Holdings Ltd. bought a new position in Meredith during the 3rd quarter valued at $167,000. Strs Ohio boosted its stake in Meredith by 314.3% during the 4th quarter. Strs Ohio now owns 2,900 shares of the company’s stock valued at $191,000 after purchasing an additional 2,200 shares in the last quarter. Janney Montgomery Scott LLC bought a new position in Meredith during the 3rd quarter valued at $204,000. Crossmark Global Holdings Inc. bought a new position in Meredith during the 3rd quarter valued at $207,000. Finally, Flinton Capital Management LLC boosted its stake in Meredith by 53.4% during the 2nd quarter. Flinton Capital Management LLC now owns 3,808 shares of the company’s stock valued at $226,000 after purchasing an additional 1,326 shares in the last quarter. 97.98% of the stock is owned by hedge funds and other institutional investors.
MDP has been the subject of a number of recent research reports. Benchmark reiterated a “buy” rating on shares of Meredith in a research report on Tuesday, January 30th. Jefferies Group reiterated a “hold” rating and set a $60.00 price objective on shares of Meredith in a research report on Monday, October 16th. Zacks Investment Research upgraded 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 upgraded Meredith from a “hold” rating to a “buy” rating in a research report on Wednesday, January 31st. Finally, ValuEngine upgraded Meredith from a “hold” rating to a “buy” rating in a research report on Friday, October 13th. Four investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $73.00.
Shares of Meredith Co. (NYSE:MDP) opened at $54.70 on Friday. Meredith Co. has a 52-week low of $50.63 and a 52-week high of $72.25. The company has a market capitalization of $2,396.87, a price-to-earnings ratio of 9.06, a PEG ratio of 1.44 and a beta of 1.24. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.10 and a current ratio of 1.15.
Meredith (NYSE:MDP) last announced its quarterly earnings data on Wednesday, January 31st. The company reported $1.14 EPS for the quarter, beating analysts’ consensus estimates of $0.89 by $0.25. Meredith had a return on equity of 16.72% and a net margin of 16.41%. The company had revenue of $417.70 million during the quarter, compared to the consensus estimate of $414.97 million. During the same quarter in the prior year, the firm earned $1.30 EPS. The company’s quarterly revenue was down 5.6% compared to the same quarter last year. sell-side analysts forecast that Meredith Co. will post 4.65 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 15th. Stockholders 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 dividend yield of 3.99%. This is a positive change from Meredith’s previous quarterly dividend of $0.52. Meredith’s dividend payout ratio is presently 34.44%.
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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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