Deprince Race & Zollo Inc. lowered its stake in shares of Meredith Co. (NYSE:MDP) by 19.1% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 825,450 shares of the company’s stock after selling 194,605 shares during the period. Meredith comprises about 1.2% of Deprince Race & Zollo Inc.’s investment portfolio, making the stock its 8th biggest holding. Deprince Race & Zollo Inc. owned 1.84% of Meredith worth $42,874,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently made changes to their positions in the company. OppenheimerFunds Inc. lifted its holdings in Meredith by 20.8% during the second quarter. OppenheimerFunds Inc. now owns 11,139 shares of the company’s stock valued at $568,000 after purchasing an additional 1,919 shares during the last quarter. Bank of America Corp DE lifted its position in shares of Meredith by 4.7% in the second quarter. Bank of America Corp DE now owns 103,024 shares of the company’s stock valued at $5,253,000 after acquiring an additional 4,627 shares in the last quarter. California Public Employees Retirement System boosted its position in shares of Meredith by 4.7% during the second quarter. California Public Employees Retirement System now owns 133,267 shares of the company’s stock worth $6,797,000 after buying an additional 5,963 shares during the period. Bank of New York Mellon Corp increased its position in shares of Meredith by 1.1% during the second quarter. Bank of New York Mellon Corp now owns 808,300 shares of the company’s stock worth $41,224,000 after purchasing an additional 8,619 shares in the last quarter. Finally, Northern Trust Corp raised its position in shares of Meredith by 3.9% during the 2nd quarter. Northern Trust Corp now owns 1,084,119 shares of the company’s stock worth $55,290,000 after purchasing an additional 40,812 shares during the last quarter.
NYSE MDP opened at $55.75 on Thursday. The firm has a market cap of $2.45 billion, a PE ratio of 21.97 and a beta of 1.14. Meredith Co. has a 52 week low of $47.30 and a 52 week high of $62.40. The company has a debt-to-equity ratio of 2.72, a quick ratio of 1.52 and a current ratio of 1.57.
Meredith (NYSE:MDP) last announced its earnings results on Monday, February 11th. The company reported $1.53 EPS for the quarter, beating the consensus estimate of $1.29 by $0.24. The company had revenue of $853.50 million for the quarter, compared to analyst estimates of $859.28 million. Meredith had a return on equity of 13.08% and a net margin of 3.18%. The firm’s revenue for the quarter was up 104.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.14 EPS. As a group, equities research analysts anticipate that Meredith Co. will post 3.97 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 15th. Investors of record on Thursday, February 28th will be given a $0.575 dividend. This is an increase from Meredith’s previous quarterly dividend of $0.55. The ex-dividend date of this dividend is Wednesday, February 27th. This represents a $2.30 annualized dividend and a yield of 4.13%. Meredith’s dividend payout ratio is 85.83%.
MDP has been the topic of a number of recent research reports. Wolfe Research started coverage on shares of Meredith in a report on Friday, December 7th. They set a “market perform” rating on the stock. Citigroup boosted their target price on Meredith from $61.00 to $67.00 and gave the company a “buy” rating in a research note on Thursday, November 29th. TheStreet upgraded Meredith from a “c+” rating to a “b-” rating in a research note on Tuesday, November 27th. Zacks Investment Research raised shares of Meredith from a “sell” rating to a “hold” rating in a report on Tuesday, December 11th. Finally, Benchmark reaffirmed a “buy” rating and set a $70.00 price objective on shares of Meredith in a research report on Tuesday. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $63.00.
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Meredith Company Profile
Meredith Corporation operates as a diversified media company in the United States, Europe, and Asia. It operates in two segments, National Media and Local Media. The National Media segment offers national consumer media brands through various media platforms, including print magazines, digital and mobile media, brand licensing activities, database-related activities, affinity marketing, and business-to-business marketing products and services.
Read More: Return on Equity (ROE)
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