BlackRock Inc. Sells 71,778 Shares of Meredith Co. (NYSE:MDP)

BlackRock Inc. cut its stake in Meredith Co. (NYSE:MDP) by 1.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,568,495 shares of the company’s stock after selling 71,778 shares during the quarter. BlackRock Inc. owned about 12.35% of Meredith worth $307,715,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Bremer Trust National Association bought a new position in shares of Meredith in the 4th quarter worth about $41,000. Quadrant Capital Group LLC bought a new position in shares of Meredith in the 1st quarter worth about $48,000. Strs Ohio increased its stake in Meredith by 1,000.0% during the 4th quarter. Strs Ohio now owns 1,100 shares of the company’s stock valued at $57,000 after purchasing an additional 1,000 shares in the last quarter. Oppenheimer Asset Management Inc. purchased a new stake in shares of Meredith during the 1st quarter valued at about $61,000. Finally, Sandy Spring Bank purchased a new stake in shares of Meredith during the 4th quarter valued at about $130,000.

NYSE:MDP traded up $1.27 on Friday, hitting $55.94. 182,303 shares of the stock were exchanged, compared to its average volume of 327,746. The company has a debt-to-equity ratio of 2.37, a quick ratio of 1.15 and a current ratio of 1.22. The business has a fifty day moving average of $53.72. Meredith Co. has a fifty-two week low of $47.46 and a fifty-two week high of $62.40. The stock has a market capitalization of $2.53 billion, a PE ratio of 22.02 and a beta of 1.18.

Meredith (NYSE:MDP) last issued its quarterly earnings results on Friday, May 10th. The company reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.75. The company had revenue of $743.40 million for the quarter, compared to analysts’ expectations of $726.67 million. Meredith had a return on equity of 22.53% and a net margin of 2.42%. The firm’s revenue for the quarter was up 14.2% on a year-over-year basis. During the same period last year, the firm earned ($2.74) EPS. Research analysts expect that Meredith Co. will post 3.95 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Friday, May 31st were paid a $0.575 dividend. The ex-dividend date was Thursday, May 30th. This represents a $2.30 dividend on an annualized basis and a dividend yield of 4.11%. Meredith’s payout ratio is presently 90.55%.

A number of brokerages have commented on MDP. ValuEngine upgraded shares of Meredith from a “hold” rating to a “buy” rating in a report on Monday, April 15th. Benchmark restated a “buy” rating and issued a $68.00 price objective on shares of Meredith in a research report on Friday, May 17th. Guggenheim initiated coverage on Meredith in a report on Tuesday, May 28th. They issued a “neutral” rating on the stock. Finally, TheStreet downgraded Meredith from a “b” rating to a “c+” rating in a research report on Thursday, May 23rd. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $60.99.

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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