Northwestern Mutual Investment Management Company LLC reduced its holdings in Meredith Co. (NYSE:MDP) by 5.6% during the 1st quarter, Holdings Channel reports. The institutional investor owned 7,113 shares of the company’s stock after selling 425 shares during the quarter. Northwestern Mutual Investment Management Company LLC’s holdings in Meredith were worth $393,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of MDP. Rowland & Co. Investment Counsel ADV boosted its holdings in shares of Meredith by 0.5% during the 4th quarter. Rowland & Co. Investment Counsel ADV now owns 40,309 shares of the company’s stock worth $2,094,000 after buying an additional 199 shares during the period. Fruth Investment Management increased its position in Meredith by 2.7% during the first quarter. Fruth Investment Management now owns 7,700 shares of the company’s stock worth $425,000 after buying an additional 200 shares in the last quarter. Oregon Public Employees Retirement Fund increased its position in Meredith by 1.4% during the first quarter. Oregon Public Employees Retirement Fund now owns 15,881 shares of the company’s stock worth $878,000 after buying an additional 216 shares in the last quarter. State Board of Administration of Florida Retirement System increased its position in Meredith by 1.7% during the fourth quarter. State Board of Administration of Florida Retirement System now owns 14,437 shares of the company’s stock worth $750,000 after buying an additional 242 shares in the last quarter. Finally, Retirement Systems of Alabama boosted its holdings in shares of Meredith by 0.7% during the first quarter. Retirement Systems of Alabama now owns 52,044 shares of the company’s stock worth $2,876,000 after purchasing an additional 340 shares during the last quarter.
Several research firms have recently issued reports on MDP. TheStreet cut Meredith from a “b” rating to a “c+” rating in a report on Thursday, May 23rd. Benchmark restated a “buy” rating and set a $68.00 price objective on shares of Meredith in a report on Friday, May 17th. Guggenheim began coverage on Meredith in a report on Tuesday, May 28th. They set a “neutral” rating on the stock. ValuEngine cut Meredith from a “buy” rating to a “hold” rating in a report on Friday, May 10th. Finally, Zacks Investment Research upgraded Meredith from a “sell” rating to a “hold” rating in a report on Tuesday, February 26th. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Meredith presently has a consensus rating of “Buy” and a consensus target price of $60.99.
Meredith (NYSE:MDP) last issued its earnings results on Friday, May 10th. The company reported $1.52 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.77 by $0.75. Meredith had a return on equity of 22.53% and a net margin of 2.42%. The firm had revenue of $743.40 million for the quarter, compared to analysts’ expectations of $726.67 million. During the same quarter last year, the firm earned ($2.74) earnings per share. The firm’s revenue for the quarter was up 14.2% compared to the same quarter last year. As a group, sell-side analysts predict that Meredith Co. will post 2.87 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Friday, May 31st will be issued a $0.575 dividend. This represents a $2.30 dividend on an annualized basis and a yield of 4.49%. The ex-dividend date of this dividend is Thursday, May 30th. Meredith’s payout ratio is currently 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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