JPMorgan Chase & Co. lifted its stake in shares of Meredith Co. (NYSE:MDP) by 3.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 96,077 shares of the company’s stock after buying an additional 3,015 shares during the period. JPMorgan Chase & Co. owned approximately 0.21% of Meredith worth $4,905,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of MDP. OppenheimerFunds Inc. increased its holdings in Meredith by 20.8% in the second quarter. OppenheimerFunds Inc. now owns 11,139 shares of the company’s stock valued at $568,000 after buying an additional 1,919 shares in the last quarter. Standard Life Aberdeen plc increased its stake in shares of Meredith by 7.9% during the second quarter. Standard Life Aberdeen plc now owns 1,224,406 shares of the company’s stock worth $62,506,000 after purchasing an additional 89,980 shares in the last quarter. GAM Holding AG increased its stake in shares of Meredith by 176.5% during the second quarter. GAM Holding AG now owns 27,769 shares of the company’s stock worth $1,416,000 after purchasing an additional 17,726 shares in the last quarter. Ausdal Financial Partners Inc. increased its stake in shares of Meredith by 29.2% during the second quarter. Ausdal Financial Partners Inc. now owns 5,765 shares of the company’s stock worth $294,000 after purchasing an additional 1,303 shares in the last quarter. Finally, Putnam Investments LLC purchased a new stake in shares of Meredith during the second quarter worth about $1,719,000.
In other Meredith news, CFO Joseph H. Ceryanec sold 6,884 shares of the stock in a transaction that occurred on Wednesday, November 14th. The shares were sold at an average price of $58.01, for a total value of $399,340.84. Following the sale, the chief financial officer now directly owns 2,226 shares of the company’s stock, valued at approximately $129,130.26. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Joseph H. Ceryanec sold 4,658 shares of the stock in a transaction that occurred on Monday, November 12th. The shares were sold at an average price of $58.10, for a total transaction of $270,629.80. Following the completion of the sale, the chief financial officer now directly owns 2,226 shares in the company, valued at $129,330.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 18,610 shares of company stock worth $1,081,858. 4.70% of the stock is owned by insiders.
NYSE:MDP remained flat at $$55.93 on Friday. 339,600 shares of the company’s stock traded hands, compared to its average volume of 351,850. The company has a quick ratio of 1.52, a current ratio of 1.57 and a debt-to-equity ratio of 2.72. Meredith Co. has a 12 month low of $47.30 and a 12 month high of $69.35. The firm has a market cap of $2.51 billion, a price-to-earnings ratio of 22.02 and a beta of 1.25.
Meredith (NYSE:MDP) last announced its earnings results on Friday, November 9th. The company reported $0.22 earnings per share for the quarter, topping the consensus estimate of ($0.32) by $0.54. Meredith had a net margin of 3.18% and a return on equity of 13.08%. The firm had revenue of $756.70 million for the quarter, compared to the consensus estimate of $751.33 million. During the same period in the prior year, the firm earned $0.73 EPS. The firm’s revenue for the quarter was up 92.6% on a year-over-year basis. Sell-side analysts anticipate that Meredith Co. will post 3.97 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, December 14th. Investors of record on Friday, November 30th were paid a dividend of $0.545 per share. This represents a $2.18 annualized dividend and a yield of 3.90%. The ex-dividend date was Thursday, November 29th. Meredith’s payout ratio is currently 85.83%.
MDP has been the subject of a number of research reports. Zacks Investment Research raised shares of Meredith from a “strong sell” rating to a “hold” rating in a research note on Friday, October 12th. Benchmark reissued a “buy” rating and set a $70.00 target price on shares of Meredith in a research note on Monday, December 17th. ValuEngine upgraded shares of Meredith from a “hold” rating to a “buy” rating in a research report on Tuesday, October 9th. Wolfe Research assumed coverage on shares of Meredith in a research report on Friday, December 7th. They set a “market perform” rating on the stock. Finally, Citigroup boosted their price target on shares of Meredith from $61.00 to $67.00 and gave the stock a “buy” rating in a research report on Thursday, November 29th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $63.00.
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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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