Calton & Associates Inc. Invests $281,000 in Meredith Co. (MDP)

Calton & Associates Inc. purchased a new position in Meredith Co. (NYSE:MDP) in the 4th quarter, Holdings Channel reports. The firm purchased 4,183 shares of the company’s stock, valued at approximately $281,000.

Several other hedge funds have also bought and sold shares of MDP. Teachers Advisors LLC raised its stake in shares of Meredith by 9.3% in the second quarter. Teachers Advisors LLC now owns 71,177 shares of the company’s stock worth $4,231,000 after purchasing an additional 6,042 shares during the last quarter. Ameriprise Financial Inc. raised its stake in shares of Meredith by 43.3% in the second quarter. Ameriprise Financial Inc. now owns 159,263 shares of the company’s stock worth $9,469,000 after purchasing an additional 48,091 shares during the last quarter. Thrivent Financial For Lutherans raised its stake in shares of Meredith by 8.6% in the second quarter. Thrivent Financial For Lutherans now owns 7,420 shares of the company’s stock worth $441,000 after purchasing an additional 590 shares during the last quarter. New York State Common Retirement Fund raised its stake in shares of Meredith by 5.5% in the second quarter. New York State Common Retirement Fund now owns 106,032 shares of the company’s stock worth $6,304,000 after purchasing an additional 5,530 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of Meredith by 0.4% in the second quarter. Vanguard Group Inc. now owns 3,564,353 shares of the company’s stock worth $211,902,000 after purchasing an additional 14,885 shares during the last quarter. Hedge funds and other institutional investors own 97.98% of the company’s stock.

Shares of Meredith Co. (MDP) opened at $53.65 on Friday. The company has a market capitalization of $2,504.09, a price-to-earnings ratio of 8.88, a P/E/G ratio of 1.51 and a beta of 1.24. The company has a current ratio of 1.15, a quick ratio of 1.10 and a debt-to-equity ratio of 0.55. Meredith Co. has a 1 year low of $50.63 and a 1 year high of $72.25.

Meredith (NYSE:MDP) last posted 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. The company had revenue of $417.70 million during the quarter, compared to analysts’ expectations of $414.97 million. Meredith had a return on equity of 16.72% and a net margin of 16.41%. Meredith’s revenue for the quarter was down 5.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.30 earnings per share. equities analysts forecast that Meredith Co. will post 4.65 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Wednesday, February 28th will be given a dividend of $0.545 per share. This represents a $2.18 dividend on an annualized basis and a yield of 4.06%. The ex-dividend date is Tuesday, February 27th. This is a boost from Meredith’s previous quarterly dividend of $0.52. Meredith’s dividend payout ratio is 34.44%.

MDP has been the subject of several recent analyst reports. Zacks Investment Research cut Meredith from a “hold” rating to a “sell” rating in a research note on Friday, October 20th. ValuEngine upgraded Meredith from a “hold” rating to a “buy” rating in a research note on Friday, October 13th. Jefferies Group restated a “hold” rating and issued a $60.00 price target on shares of Meredith in a research note on Monday, October 16th. Wells Fargo & Co decreased their price target on Meredith from $62.00 to $54.00 and set a “market perform” rating for the company in a research note on Friday, October 27th. Finally, Gabelli upgraded Meredith from a “hold” rating to a “buy” rating in a research note on Wednesday, January 31st. Four equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $73.00.

In other Meredith news, CFO Joseph H. Ceryanec sold 3,200 shares of the company’s stock in a transaction dated Friday, December 8th. The stock was sold at an average price of $71.54, for a total value of $228,928.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Meredith D. Mell Frazier sold 22,176 shares of the company’s stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $69.85, for a total value of $1,548,993.60. Following the completion of the sale, the director now owns 6,000 shares of the company’s stock, valued at approximately $419,100. The disclosure for this sale can be found here. In the last quarter, insiders have sold 35,024 shares of company stock valued at $2,443,024. 4.00% of the stock is owned by company insiders.

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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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Institutional Ownership by Quarter for Meredith (NYSE:MDP)

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