Goldman Sachs Group Inc. lessened its stake in shares of Meredith Co. (NYSE:MDP) by 49.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 150,105 shares of the company’s stock after selling 148,105 shares during the period. Goldman Sachs Group Inc. owned 0.34% of Meredith worth $9,915,000 at the end of the most recent reporting period.
A number of other institutional investors also recently bought and sold shares of the business. Barrow Hanley Mewhinney & Strauss LLC increased its stake in Meredith by 8.3% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,117,498 shares of the company’s stock worth $139,861,000 after acquiring an additional 162,700 shares during the period. Royce & Associates LP boosted its holdings in shares of Meredith by 4.9% in the 4th quarter. Royce & Associates LP now owns 1,681,116 shares of the company’s stock valued at $111,038,000 after purchasing an additional 78,738 shares in the last quarter. Standard Life Aberdeen plc boosted its holdings in shares of Meredith by 11.9% in the 4th quarter. Standard Life Aberdeen plc now owns 948,554 shares of the company’s stock valued at $62,676,000 after purchasing an additional 101,220 shares in the last quarter. Channing Capital Management LLC boosted its holdings in shares of Meredith by 11.6% in the 4th quarter. Channing Capital Management LLC now owns 891,394 shares of the company’s stock valued at $58,877,000 after purchasing an additional 92,360 shares in the last quarter. Finally, Allianz Asset Management GmbH boosted its holdings in shares of Meredith by 3.7% in the 3rd quarter. Allianz Asset Management GmbH now owns 769,716 shares of the company’s stock valued at $42,719,000 after purchasing an additional 27,449 shares in the last quarter. Hedge funds and other institutional investors own 95.13% of the company’s stock.
Shares of MDP stock opened at $53.80 on Friday. The firm has a market capitalization of $2,406.69, a price-to-earnings ratio of 13.45, a price-to-earnings-growth ratio of 1.45 and a beta of 1.32. Meredith Co. has a fifty-two week low of $50.63 and a fifty-two week high of $72.25. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.10 and a current ratio of 1.15.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 15th. Investors of record on Wednesday, February 28th were issued a dividend of $0.545 per share. This is an increase from Meredith’s previous quarterly dividend of $0.52. The ex-dividend date of this dividend was Tuesday, February 27th. This represents a $2.18 annualized dividend and a dividend yield of 4.05%. Meredith’s dividend payout ratio (DPR) is 54.50%.
In other news, Director Donald C. Berg acquired 3,500 shares of the business’s stock in a transaction that occurred on Monday, February 5th. The shares were bought at an average price of $57.50 per share, with a total value of $201,250.00. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 4.00% of the company’s stock.
MDP has been the topic of a number of research analyst reports. Zacks Investment Research downgraded Meredith from a “buy” rating to a “hold” rating in a report on Wednesday, December 27th. ValuEngine downgraded Meredith from a “buy” rating to a “hold” rating in a report on Thursday, January 4th. Benchmark reaffirmed a “buy” rating on shares of Meredith in a report on Tuesday, January 30th. Finally, Gabelli raised Meredith from a “hold” rating to a “buy” rating in a report on Wednesday, January 31st. Four research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $73.00.
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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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