Bbva Compass Bancshares Inc. Invests $208,000 in Meredith Co. (MDP)
Bbva Compass Bancshares Inc. bought a new stake in Meredith Co. (NYSE:MDP) in the fourth quarter, Holdings Channel reports. The firm bought 3,137 shares of the company’s stock, valued at approximately $208,000.
Other institutional investors have also made changes to their positions in the company. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Meredith in the third quarter valued at about $167,000. Strs Ohio boosted its position in shares of Meredith by 314.3% in the fourth quarter. Strs Ohio now owns 2,900 shares of the company’s stock valued at $191,000 after acquiring an additional 2,200 shares during the period. Shelton Capital Management bought a new stake in shares of Meredith in the fourth quarter valued at about $202,000. Janney Montgomery Scott LLC bought a new stake in shares of Meredith in the third quarter valued at about $204,000. Finally, Crossmark Global Holdings Inc. bought a new stake in shares of Meredith in the third quarter valued at about $207,000. 97.97% of the stock is owned by institutional investors.
Shares of Meredith Co. (NYSE:MDP) opened at $57.05 on Friday. Meredith Co. has a 52-week low of $50.62 and a 52-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 firm has a market cap of $2,600.00, a PE ratio of 18.17, a P/E/G ratio of 1.53 and a beta of 1.32.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Wednesday, February 28th will be given a dividend of $0.545 per share. This is a boost from Meredith’s previous quarterly dividend of $0.52. The ex-dividend date is Tuesday, February 27th. This represents a $2.18 annualized dividend and a yield of 3.82%. Meredith’s dividend payout ratio is currently 69.43%.
MDP has been the subject of a number of recent research reports. JMP Securities initiated coverage on shares of Meredith in a research report on Monday, November 13th. They issued a “market perform” rating for the company. Zacks Investment Research raised shares of Meredith from a “hold” rating to a “buy” rating and set a $73.00 target price for the company in a research report on Thursday, January 11th. Benchmark reissued a “buy” rating and issued a $77.00 target price (up previously from $67.00) on shares of Meredith in a research report on Monday, November 27th. Wells Fargo & Co raised shares of Meredith from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $54.00 to $76.00 in a research report on Monday, November 27th. Finally, ValuEngine cut shares of Meredith from a “buy” rating to a “hold” rating in a research report on Thursday, January 4th. Four equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. Meredith has a consensus rating of “Buy” and a consensus price target of $73.00.
In other Meredith news, CFO Joseph H. Ceryanec sold 3,200 shares of the business’s stock in a transaction dated Friday, December 8th. The stock was sold at an average price of $71.54, for a total transaction of $228,928.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Meredith D. Mell Frazier sold 22,176 shares of the business’s stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $69.85, for a total value of $1,548,993.60. Following the transaction, the director now directly owns 6,000 shares of the company’s stock, valued at approximately $419,100. The disclosure for this sale can be found here. Insiders have sold 28,976 shares of company stock valued at $2,030,282 in the last ninety days. 4.00% of the stock is currently owned by company insiders.
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Meredith Company Profile
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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