SG Americas Securities LLC raised its stake in shares of Meredith Co. (NYSE:MDP) by 33.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,038 shares of the company’s stock after buying an additional 2,490 shares during the quarter. SG Americas Securities LLC’s holdings in Meredith were worth $663,000 at the end of the most recent quarter.
A number of other large investors also recently made changes to their positions in the business. James Investment Research Inc. raised its stake in Meredith by 13.0% during the fourth quarter. James Investment Research Inc. now owns 37,160 shares of the company’s stock valued at $2,454,000 after buying an additional 4,267 shares during the last quarter. Strs Ohio raised its stake in Meredith by 314.3% during the fourth quarter. Strs Ohio now owns 2,900 shares of the company’s stock valued at $191,000 after buying an additional 2,200 shares during the last quarter. Fox Run Management L.L.C. purchased a new position in Meredith during the fourth quarter valued at $483,000. Alpha Windward LLC purchased a new position in Meredith during the fourth quarter valued at $547,000. Finally, Rowland & Co. Investment Counsel ADV raised its stake in Meredith by 17.4% during the fourth quarter. Rowland & Co. Investment Counsel ADV now owns 30,160 shares of the company’s stock valued at $1,996,000 after buying an additional 4,460 shares during the last quarter. Institutional investors and hedge funds own 97.97% of the company’s stock.
Shares of Meredith Co. (MDP) opened at $55.65 on Tuesday. The company has a market capitalization of $2,489.45, a price-to-earnings ratio of 14.76, a price-to-earnings-growth ratio of 1.50 and a beta of 1.24. Meredith Co. has a fifty-two week low of $50.63 and a fifty-two week high of $72.25. The company has a quick ratio of 1.10, a current ratio of 1.15 and a debt-to-equity ratio of 0.55.
The firm also recently announced 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. This is a positive change from Meredith’s previous quarterly dividend of $0.52. 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 3.92%. Meredith’s dividend payout ratio (DPR) is presently 34.44%.
In other Meredith news, Director Meredith D. Mell Frazier sold 22,176 shares of Meredith stock in a transaction on 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Donald C. Berg bought 3,500 shares of Meredith stock in a transaction on Monday, February 5th. The stock was acquired at an average cost of $57.50 per share, with a total value of $201,250.00. The disclosure for this purchase can be found here. In the last three months, insiders sold 35,024 shares of company stock valued at $2,443,024. Corporate insiders own 4.00% of the company’s stock.
MDP has been the subject of a number of recent research reports. JMP Securities initiated coverage on Meredith in a research note on Monday, November 13th. They set a “market perform” rating for the company. Benchmark reiterated a “buy” rating and set a $77.00 price objective (up previously from $67.00) on shares of Meredith in a research note on Monday, November 27th. Zacks Investment Research upgraded Meredith from a “hold” rating to a “buy” rating and set a $73.00 price objective for the company in a research note on Thursday, January 11th. Wells Fargo & Co upgraded Meredith from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $54.00 to $76.00 in a research note on Monday, November 27th. Finally, Jefferies Group reiterated a “hold” rating on shares of Meredith in a research note on Sunday, October 29th. Four research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $73.00.
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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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