Ceredex Value Advisors LLC Acquires Shares of 1,997,348 Meredith Co. (MDP)

Ceredex Value Advisors LLC acquired a new stake in Meredith Co. (NYSE:MDP) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,997,348 shares of the company’s stock, valued at approximately $107,457,000. Meredith accounts for about 1.3% of Ceredex Value Advisors LLC’s investment portfolio, making the stock its 7th biggest holding.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Barrow Hanley Mewhinney & Strauss LLC boosted its stake in shares of Meredith by 8.3% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,117,498 shares of the company’s stock valued at $139,861,000 after purchasing an additional 162,700 shares during the period. Royce & Associates LP boosted its stake in shares of Meredith by 4.9% in the fourth 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 during the period. Standard Life Aberdeen plc boosted its stake in shares of Meredith by 11.9% in the fourth 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 during the period. Channing Capital Management LLC raised its holdings in Meredith by 11.6% in the fourth quarter. Channing Capital Management LLC now owns 891,394 shares of the company’s stock valued at $58,877,000 after acquiring an additional 92,360 shares in the last quarter. Finally, River Road Asset Management LLC acquired a new stake in Meredith in the first quarter valued at approximately $34,773,000. 97.98% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE:MDP opened at $49.15 on Friday. The company has a market capitalization of $2.20 billion, a P/E ratio of 12.35, a PEG ratio of 0.86 and a beta of 1.42. Meredith Co. has a fifty-two week low of $49.05 and a fifty-two week high of $50.25. The company has a debt-to-equity ratio of 2.75, a quick ratio of 1.67 and a current ratio of 1.71.

Meredith (NYSE:MDP) last issued its earnings results on Thursday, May 10th. The company reported $0.74 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.33. The firm had revenue of $648.80 million for the quarter, compared to analysts’ expectations of $752.28 million. Meredith had a net margin of 6.62% and a return on equity of 15.46%. The firm’s revenue was up 52.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.87 earnings per share. analysts predict that Meredith Co. will post 5.18 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 15th. Shareholders of record on Thursday, May 31st will be issued a dividend of $0.545 per share. The ex-dividend date is Wednesday, May 30th. This represents a $2.18 dividend on an annualized basis and a yield of 4.44%. Meredith’s payout ratio is currently 54.50%.

Several analysts recently weighed in on MDP shares. Gabelli raised shares of Meredith from a “hold” rating to a “buy” rating in a report on Wednesday, January 31st. ValuEngine cut shares of Meredith from a “hold” rating to a “sell” rating in a report on Wednesday, May 2nd. Zacks Investment Research cut shares of Meredith from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 3rd. Benchmark reaffirmed a “buy” rating on shares of Meredith in a report on Tuesday, January 30th. Finally, TheStreet cut shares of Meredith from a “b” rating to a “c+” rating in a report on Thursday, May 10th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $73.25.

About Meredith

Meredith Corporation operates as a diversified media company in the United States. It operates in two segments, Local Media and National Media. The Local Media segment operates television stations, such as 7 CBS affiliates, 5 FOX affiliates, 2 MyNetworkTV affiliates, 1 NBC affiliate, 1 ABC affiliate, and 2 independent stations.

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Institutional Ownership by Quarter for Meredith (NYSE:MDP)

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