Meredith Co. (MDP) Stake Raised by Barrow Hanley Mewhinney & Strauss LLC

Barrow Hanley Mewhinney & Strauss LLC grew its holdings in shares of Meredith Co. (NYSE:MDP) by 8.3% during the fourth quarter, Holdings Channel reports. The institutional investor owned 2,117,498 shares of the company’s stock after purchasing an additional 162,700 shares during the quarter. Barrow Hanley Mewhinney & Strauss LLC’s holdings in Meredith were worth $139,861,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also added to or reduced their stakes in MDP. Royce & Associates LP raised its holdings in Meredith by 4.9% during the fourth quarter. Royce & Associates LP now owns 1,681,116 shares of the company’s stock worth $111,038,000 after purchasing an additional 78,738 shares in the last quarter. Arizona State Retirement System raised its holdings in Meredith by 27.4% during the fourth quarter. Arizona State Retirement System now owns 28,473 shares of the company’s stock worth $1,881,000 after purchasing an additional 6,128 shares in the last quarter. GWM Advisors LLC raised its holdings in Meredith by 15.9% during the fourth quarter. GWM Advisors LLC now owns 6,875 shares of the company’s stock worth $447,000 after purchasing an additional 944 shares in the last quarter. Ausdal Financial Partners Inc. bought a new stake in Meredith during the fourth quarter worth approximately $212,000. Finally, The Manufacturers Life Insurance Company raised its holdings in Meredith by 9.0% during the fourth quarter. The Manufacturers Life Insurance Company now owns 94,214 shares of the company’s stock worth $6,223,000 after purchasing an additional 7,750 shares in the last quarter. 98.28% of the stock is currently owned by institutional investors.

Several equities research analysts recently commented on MDP shares. Wells Fargo & Co dropped their target price on Meredith from $62.00 to $54.00 and set a “market perform” rating on the stock in a report on Friday, October 27th. Zacks Investment Research raised Meredith from a “hold” rating to a “buy” rating and set a $73.00 target price on the stock in a report on Thursday, January 4th. Gabelli raised Meredith from a “hold” rating to a “buy” rating in a report on Wednesday, January 31st. Benchmark reissued a “buy” rating on shares of Meredith in a report on Tuesday, January 30th. Finally, Citigroup cut Meredith from a “buy” rating to a “neutral” rating in a report on Friday, December 1st. Four analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $73.00.

In other Meredith news, major shareholder Edwin T. Iv Meredith sold 3,600 shares of the company’s stock in a transaction on Friday, December 15th. The stock was sold at an average price of $70.10, for a total value of $252,360.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Donald C. Berg purchased 3,500 shares of the company’s stock in a transaction on Monday, February 5th. The stock was bought at an average cost of $57.50 per share, for a total transaction of $201,250.00. The disclosure for this purchase can be found here. Insiders sold 35,024 shares of company stock worth $2,443,024 in the last ninety days. 4.00% of the stock is owned by corporate insiders.

Meredith Co. (NYSE MDP) opened at $55.65 on Monday. The stock has a market capitalization of $2,540.00, a price-to-earnings ratio of 17.72, a price-to-earnings-growth ratio of 1.50 and a beta of 1.24. Meredith Co. has a twelve month low of $50.62 and a twelve month high of $72.25. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.15 and a quick ratio of 1.10.

Meredith (NYSE:MDP) last posted its quarterly earnings results on Wednesday, January 31st. The company reported $1.14 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.89 by $0.25. The company had revenue of $417.70 million for 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%. The firm’s revenue was down 5.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.30 earnings per share. equities research analysts forecast that Meredith Co. will post 4.65 EPS for the current fiscal year.

The business also recently declared 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. The ex-dividend date of this dividend is Tuesday, February 27th. This represents a $2.18 annualized dividend and a dividend yield of 3.92%. This is a boost from Meredith’s previous quarterly dividend of $0.52. Meredith’s dividend payout ratio is currently 66.24%.

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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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Institutional Ownership by Quarter for Meredith (NYSE:MDP)

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