Gabelli Funds LLC increased its holdings in shares of Meredith Co. (NYSE:MDP) by 1.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 211,200 shares of the company’s stock after buying an additional 2,000 shares during the quarter. Gabelli Funds LLC owned 0.47% of Meredith worth $11,363,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in the stock. Oppenheimer Asset Management Inc. bought a new stake in shares of Meredith during the 1st quarter worth $412,000. Ceredex Value Advisors LLC bought a new position in Meredith in the first quarter valued at about $107,457,000. State of New Jersey Common Pension Fund D bought a new position in Meredith in the first quarter valued at about $7,532,000. GW&K Investment Management LLC bought a new position in Meredith in the first quarter valued at about $211,000. Finally, Burney Co. raised its position in Meredith by 11.1% in the first quarter. Burney Co. now owns 31,436 shares of the company’s stock valued at $1,691,000 after purchasing an additional 3,145 shares during the last quarter. Institutional investors and hedge funds own 95.24% of the company’s stock.
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Shares of Meredith opened at $48.20 on Friday, according to Marketbeat Ratings. Meredith Co. has a 1 year low of $47.45 and a 1 year high of $72.25. The company has a quick ratio of 1.67, a current ratio of 1.71 and a debt-to-equity ratio of 2.75. The stock has a market cap of $2.16 billion, a PE ratio of 12.05, a P/E/G ratio of 0.85 and a beta of 1.42.
Meredith (NYSE:MDP) last issued its quarterly earnings data on Thursday, May 10th. The company reported $0.74 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.33. Meredith had a return on equity of 15.46% and a net margin of 6.62%. The company had revenue of $648.80 million during the quarter, compared to the consensus estimate of $752.28 million. During the same period last year, the company earned $0.87 earnings per share. The firm’s revenue was up 52.5% compared to the same quarter last year. research analysts anticipate that Meredith Co. will post 5.18 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 15th. Stockholders of record on Thursday, May 31st will be given a dividend of $0.545 per share. The ex-dividend date of this dividend is Wednesday, May 30th. This represents a $2.18 dividend on an annualized basis and a dividend yield of 4.52%. Meredith’s dividend payout ratio (DPR) is 54.50%.
Several equities analysts have commented on the company. TheStreet downgraded Meredith from a “b” rating to a “c+” rating in a research report on Thursday, May 10th. Benchmark dropped their target price on Meredith from $77.00 to $70.00 and set a “buy” rating for the company in a research report on Tuesday, May 15th. ValuEngine downgraded Meredith from a “hold” rating to a “sell” rating in a research report on Wednesday, May 2nd. Zacks Investment Research downgraded Meredith from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 3rd. Finally, Gabelli upgraded Meredith from a “hold” rating to a “buy” rating in a research report on Wednesday, January 31st. One analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $73.25.
Meredith Corporation operates as a diversified media company in the United States. It operates in two segments, Local Media and National Media. The Local Media segment operates television stations, such as 7 CBS affiliates, 5 FOX affiliates, 2 MyNetworkTV affiliates, 1 NBC affiliate, 1 ABC affiliate, and 2 independent stations.
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