Alps Advisors Inc. Increases Stake in Meredith Co. (MDP)
Alps Advisors Inc. grew its stake in shares of Meredith Co. (NYSE:MDP) by 8.7% during the fourth quarter, HoldingsChannel reports. The firm owned 17,235 shares of the company’s stock after purchasing an additional 1,375 shares during the quarter. Alps Advisors Inc.’s holdings in Meredith were worth $1,138,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Thrivent Financial For Lutherans boosted its stake in Meredith by 8.6% during the second quarter. Thrivent Financial For Lutherans now owns 7,420 shares of the company’s stock worth $441,000 after acquiring an additional 590 shares in the last quarter. Mutual of America Capital Management LLC boosted its stake in Meredith by 3.4% during the fourth quarter. Mutual of America Capital Management LLC now owns 32,944 shares of the company’s stock worth $2,176,000 after acquiring an additional 1,085 shares in the last quarter. Planning Alternatives Ltd. ADV boosted its stake in Meredith by 11.3% during the third quarter. Planning Alternatives Ltd. ADV now owns 12,167 shares of the company’s stock worth $675,000 after acquiring an additional 1,239 shares in the last quarter. TD Asset Management Inc. boosted its stake in Meredith by 5.5% during the third quarter. TD Asset Management Inc. now owns 23,704 shares of the company’s stock worth $1,316,000 after acquiring an additional 1,240 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund boosted its stake in Meredith by 9.3% during the third quarter. Oregon Public Employees Retirement Fund now owns 14,622 shares of the company’s stock worth $812,000 after acquiring an additional 1,247 shares in the last quarter. 97.98% of the stock is currently owned by hedge funds and other institutional investors.
Meredith Co. (NYSE:MDP) opened at $54.70 on Friday. The stock has a market cap of $2,550.00, a P/E ratio of 9.04, a PEG ratio of 1.44 and a beta of 1.24. Meredith Co. has a 52 week low of $50.62 and a 52 week high of $72.25. The company has a quick ratio of 1.10, a current ratio of 1.15 and a debt-to-equity ratio of 0.55.
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 15th. Stockholders of record on Wednesday, February 28th will be paid a $0.545 dividend. This represents a $2.18 annualized dividend and a dividend yield of 3.99%. The ex-dividend date of this dividend is Tuesday, February 27th. This is an increase from Meredith’s previous quarterly dividend of $0.52. Meredith’s dividend payout ratio is currently 34.38%.
In other news, major shareholder Edwin T. Iv Meredith sold 3,600 shares of the company’s stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $70.10, for a total value of $252,360.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Donald C. Berg acquired 3,500 shares of the firm’s stock in a transaction dated Monday, February 5th. The shares were bought at an average cost of $57.50 per share, with a total value of $201,250.00. The disclosure for this purchase can be found here. In the last quarter, insiders sold 35,024 shares of company stock worth $2,443,024. Insiders own 4.00% of the company’s stock.
MDP has been the topic of several research reports. Jefferies Group raised shares of Meredith from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $56.00 to $80.00 in a research note on Tuesday, November 28th. ValuEngine raised shares of Meredith from a “hold” rating to a “buy” rating in a research note on Monday, November 27th. Benchmark reissued a “buy” rating and set a $77.00 price objective (up previously from $67.00) on shares of Meredith in a research note on Monday, November 27th. Zacks Investment Research upgraded shares of Meredith from a “sell” rating to a “buy” rating and set a $59.00 target price on the stock in a research note on Tuesday, October 31st. Finally, Gabelli upgraded shares of Meredith from a “hold” rating to a “buy” rating in a research note on Wednesday, January 31st. Four analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Meredith presently has an average rating of “Buy” and a consensus 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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