Millennium Management LLC increased its stake in shares of Meredith Co. (NYSE:MDP) by 3,108.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 149,017 shares of the company’s stock after purchasing an additional 144,373 shares during the quarter. Millennium Management LLC owned approximately 0.33% of Meredith worth $7,740,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in MDP. Quantamental Technologies LLC acquired a new position in Meredith during the 4th quarter worth approximately $30,000. Smithfield Trust Co. acquired a new position in Meredith during the 4th quarter worth approximately $34,000. Bremer Trust National Association acquired a new position in Meredith during the 4th quarter worth approximately $41,000. Strs Ohio increased its position in Meredith by 1,000.0% during the 4th quarter. Strs Ohio now owns 1,100 shares of the company’s stock worth $57,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Sandy Spring Bank acquired a new position in Meredith during the 4th quarter worth approximately $130,000.
MDP opened at $58.70 on Thursday. Meredith Co. has a fifty-two week low of $47.30 and a fifty-two week high of $62.40. The company has a debt-to-equity ratio of 2.38, a quick ratio of 1.19 and a current ratio of 1.25. The company has a market cap of $2.56 billion, a price-to-earnings ratio of 23.11 and a beta of 1.16.
Meredith (NYSE:MDP) last posted its earnings results on Monday, February 11th. The company reported $1.53 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.29 by $0.24. Meredith had a negative net margin of 1.89% and a positive return on equity of 16.96%. The firm had revenue of $853.50 million for the quarter, compared to analyst estimates of $859.28 million. During the same period in the previous year, the firm posted $1.14 EPS. The company’s revenue for the quarter was up 104.3% compared to the same quarter last year. Equities research analysts forecast that Meredith Co. will post 3.95 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Thursday, February 28th were issued a dividend of $0.575 per share. This represents a $2.30 dividend on an annualized basis and a yield of 3.92%. This is a positive change from Meredith’s previous quarterly dividend of $0.55. The ex-dividend date of this dividend was Wednesday, February 27th. Meredith’s payout ratio is presently 90.55%.
In other Meredith news, insider John S. Zieser sold 2,550 shares of the business’s stock in a transaction that occurred on Friday, February 22nd. The shares were sold at an average price of $56.96, for a total transaction of $145,248.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 4.70% of the company’s stock.
A number of equities analysts recently issued reports on the stock. Zacks Investment Research cut shares of Meredith from a “buy” rating to a “hold” rating in a research report on Tuesday, January 8th. Gabelli assumed coverage on shares of Meredith in a research report on Thursday, February 14th. They set a “buy” rating and a $54.97 price objective for the company. ValuEngine lowered shares of Meredith from a “buy” rating to a “hold” rating in a report on Monday, April 1st. Finally, Benchmark reissued a “buy” rating and set a $70.00 target price on shares of Meredith in a report on Tuesday, February 12th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $61.39.
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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.
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