Teacher Retirement System of Texas purchased a new position in shares of Meredith Co. (NYSE:MDP) in the fourth quarter, HoldingsChannel reports. The institutional investor purchased 13,578 shares of the company’s stock, valued at approximately $897,000.
A number of other institutional investors have also made changes to their positions in the stock. Royce & Associates LP boosted its position in Meredith by 5.4% during the 3rd quarter. Royce & Associates LP now owns 1,602,378 shares of the company’s stock worth $88,932,000 after purchasing an additional 81,737 shares during the period. Macquarie Group Ltd. boosted its position in Meredith by 6.8% during the 3rd quarter. Macquarie Group Ltd. now owns 1,057,615 shares of the company’s stock worth $58,698,000 after purchasing an additional 67,632 shares during the period. Allianz Asset Management GmbH boosted its position in Meredith by 3.7% during the 3rd quarter. Allianz Asset Management GmbH now owns 769,716 shares of the company’s stock worth $42,719,000 after purchasing an additional 27,449 shares during the period. Schwab Charles Investment Management Inc. boosted its position in Meredith by 5.1% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 370,498 shares of the company’s stock worth $20,563,000 after purchasing an additional 17,840 shares during the period. Finally, Systematic Financial Management LP boosted its position in Meredith by 22.8% during the 3rd quarter. Systematic Financial Management LP now owns 365,211 shares of the company’s stock worth $20,269,000 after purchasing an additional 67,888 shares during the period. 94.62% of the stock is owned by hedge funds and other institutional investors.
A number of analysts recently weighed in on MDP shares. Zacks Investment Research raised shares of Meredith from a “hold” rating to a “buy” rating and set a $73.00 price target for the company in a research report on Thursday, January 4th. Gabelli raised shares of Meredith from a “hold” rating to a “buy” rating in a research report on Wednesday, January 31st. Benchmark reaffirmed a “buy” rating on shares of Meredith in a research report on Tuesday, January 30th. Citigroup lowered shares of Meredith from a “buy” rating to a “neutral” rating in a report on Friday, December 1st. Finally, Wells Fargo & Co upgraded shares of Meredith from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $54.00 to $76.00 in a report on Monday, November 27th. Four equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $73.00.
Meredith Co. (MDP) opened at $58.45 on Wednesday. Meredith Co. has a 1-year low of $50.63 and a 1-year high of $72.25. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.15 and a quick ratio of 1.10. The company has a market cap of $2,581.15, a price-to-earnings ratio of 15.31, a price-to-earnings-growth ratio of 1.55 and a beta of 1.32.
Meredith (NYSE:MDP) last issued its quarterly earnings data on Wednesday, January 31st. The company reported $1.14 EPS for the quarter, topping analysts’ consensus estimates of $0.89 by $0.25. Meredith had a net margin of 16.41% and a return on equity of 16.72%. The firm had revenue of $417.70 million for the quarter, compared to analyst estimates of $414.97 million. During the same quarter in the previous year, the business posted $1.30 EPS. The firm’s revenue was down 5.6% compared to the same quarter last year. equities analysts expect that Meredith Co. will post 4.65 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Wednesday, February 28th will be issued a $0.545 dividend. The ex-dividend date is Tuesday, February 27th. This represents a $2.18 dividend on an annualized basis and a yield of 3.73%. This is a positive change from Meredith’s previous quarterly dividend of $0.52. Meredith’s payout ratio is currently 36.09%.
In other news, major shareholder Edwin T. Iv Meredith sold 3,600 shares of the company’s stock in a transaction dated Friday, December 15th. The shares were sold at an average price of $70.10, for a total value of $252,360.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Joseph H. Ceryanec sold 3,200 shares of the company’s stock in a transaction dated Friday, December 8th. The shares were sold at an average price of $71.54, for a total transaction of $228,928.00. The disclosure for this sale can be found here. Insiders sold a total of 28,976 shares of company stock worth $2,030,282 in the last quarter. 4.00% of the stock is currently owned by company insiders.
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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