Great West Life Assurance Co. Can Lowers Stake in Meredith Co. (NYSE:MDP)

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Great West Life Assurance Co. Can lowered its position in shares of Meredith Co. (NYSE:MDP) by 1.9% during the first quarter, Holdings Channel reports. The fund owned 25,351 shares of the company’s stock after selling 488 shares during the quarter. Great West Life Assurance Co. Can’s holdings in Meredith were worth $1,400,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in MDP. BlackRock Inc. grew its holdings in shares of Meredith by 2.9% during the fourth quarter. BlackRock Inc. now owns 5,640,273 shares of the company’s stock worth $292,955,000 after purchasing an additional 159,486 shares during the last quarter. Ceredex Value Advisors LLC raised its position in Meredith by 43.7% in the 4th quarter. Ceredex Value Advisors LLC now owns 2,686,195 shares of the company’s stock valued at $139,521,000 after buying an additional 817,094 shares during the last quarter. Royce & Associates LP raised its position in Meredith by 4.7% in the 4th quarter. Royce & Associates LP now owns 2,357,915 shares of the company’s stock valued at $122,470,000 after buying an additional 104,804 shares during the last quarter. Northern Trust Corp grew its stake in Meredith by 0.3% in the 4th quarter. Northern Trust Corp now owns 1,063,117 shares of the company’s stock valued at $55,219,000 after purchasing an additional 3,219 shares during the period. Finally, Raymond James & Associates grew its stake in shares of Meredith by 9.2% during the 1st quarter. Raymond James & Associates now owns 460,934 shares of the company’s stock worth $25,471,000 after acquiring an additional 38,820 shares during the period.

Several analysts have weighed in on the company. ValuEngine raised Meredith from a “hold” rating to a “buy” rating in a report on Monday, April 15th. Zacks Investment Research upgraded Meredith from a “sell” rating to a “hold” rating in a research report on Tuesday, February 26th. Benchmark reiterated a “buy” rating and set a $70.00 price objective on shares of Meredith in a research note on Tuesday, February 12th. Gabelli assumed coverage on Meredith in a research note on Thursday, February 14th. They issued a “buy” rating and a $54.97 price target for the company. Finally, Guggenheim began coverage on Meredith in a research report on Tuesday, May 28th. They set a “neutral” rating for the company. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $60.99.

Shares of Meredith stock traded up $0.21 on Wednesday, hitting $51.22. The company’s stock had a trading volume of 16,301 shares, compared to its average volume of 383,197. The company has a quick ratio of 1.15, a current ratio of 1.22 and a debt-to-equity ratio of 2.37. Meredith Co. has a 1 year low of $47.46 and a 1 year high of $62.40. The firm has a market cap of $2.34 billion, a PE ratio of 20.17 and a beta of 1.20.

Meredith (NYSE:MDP) last released its quarterly earnings results on Friday, May 10th. The company reported $1.52 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.77 by $0.75. Meredith had a net margin of 2.42% and a return on equity of 22.53%. The firm had revenue of $743.40 million for the quarter, compared to analyst estimates of $726.67 million. During the same quarter in the previous year, the company earned ($2.74) EPS. The business’s revenue for the quarter was up 14.2% compared to the same quarter last year. On average, sell-side analysts expect that Meredith Co. will post 2.87 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Friday, May 31st will be paid a $0.575 dividend. The ex-dividend date is Thursday, May 30th. This represents a $2.30 annualized dividend and a yield of 4.49%. Meredith’s dividend payout ratio is presently 90.55%.

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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.

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Institutional Ownership by Quarter for Meredith (NYSE:MDP)

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