Frederick B. Henry Sells 1,048 Shares of Meredith Corporation (MDP) Stock

Meredith Corporation (NYSE:MDP) Director Frederick B. Henry sold 1,048 shares of the firm’s stock in a transaction that occurred on Wednesday, November 29th. The stock was sold at an average price of $66.50, for a total transaction of $69,692.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Meredith Corporation (NYSE MDP) traded down $0.25 during trading on Friday, reaching $67.90. 973,288 shares of the company traded hands, compared to its average volume of 691,195. Meredith Corporation has a 12-month low of $50.62 and a 12-month high of $70.85. The stock has a market cap of $3,033.50, a P/E ratio of 17.28, a price-to-earnings-growth ratio of 2.51 and a beta of 1.28. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.08 and a quick ratio of 1.04.

Meredith (NYSE:MDP) last released its quarterly earnings results on Thursday, October 26th. The company reported $0.69 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.63 by $0.06. Meredith had a net margin of 11.04% and a return on equity of 18.24%. The firm had revenue of $393.00 million for the quarter, compared to the consensus estimate of $397.50 million. During the same quarter in the previous year, the firm posted $0.75 EPS. The firm’s quarterly revenue was down 1.7% on a year-over-year basis. sell-side analysts predict that Meredith Corporation will post 3.39 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 30th will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 3.06%. The ex-dividend date of this dividend is Wednesday, November 29th. Meredith’s dividend payout ratio (DPR) is 50.36%.

A number of institutional investors have recently added to or reduced their stakes in MDP. BlackRock Inc. increased its position in shares of Meredith by 9.1% in the 2nd quarter. BlackRock Inc. now owns 7,553,017 shares of the company’s stock worth $449,025,000 after purchasing an additional 627,217 shares during the last quarter. State Street Corp boosted its holdings in shares of Meredith by 16.8% in the 2nd quarter. State Street Corp now owns 4,938,340 shares of the company’s stock valued at $293,589,000 after buying an additional 710,721 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Meredith by 0.4% in the 2nd quarter. Vanguard Group Inc. now owns 3,564,353 shares of the company’s stock valued at $211,902,000 after buying an additional 14,885 shares during the period. Royce & Associates LP boosted its holdings in shares of Meredith by 5.4% in the 3rd quarter. Royce & Associates LP now owns 1,602,378 shares of the company’s stock valued at $88,932,000 after buying an additional 81,737 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Meredith by 11.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,501,656 shares of the company’s stock valued at $89,273,000 after buying an additional 154,036 shares during the period. 98.06% of the stock is currently owned by hedge funds and other institutional investors.

A number of analysts recently issued reports on MDP shares. Zacks Investment Research upgraded shares of Meredith from a “sell” rating to a “buy” rating and set a $59.00 target price on the stock in a research report on Tuesday, October 31st. ValuEngine upgraded shares of Meredith from a “hold” rating to a “buy” rating in a report on Friday, October 13th. Benchmark reiterated a “buy” rating and issued a $77.00 price target (up previously from $67.00) on shares of Meredith in a report on Monday, November 27th. Jefferies Group upgraded shares of Meredith from a “hold” rating to a “buy” rating and lifted their price target for the company from $56.00 to $80.00 in a report on Tuesday, November 28th. Finally, BidaskClub downgraded shares of Meredith from a “buy” rating to a “hold” rating in a research note on Tuesday, August 22nd. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $71.40.

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About Meredith

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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