Gabelli Funds LLC boosted its stake in shares of Meredith Co. (NYSE:MDP) by 1.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 222,700 shares of the company’s stock after buying an additional 4,000 shares during the quarter. Gabelli Funds LLC owned 0.50% of Meredith worth $11,369,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in MDP. Principal Financial Group Inc. lifted its position in shares of Meredith by 2.4% during the first quarter. Principal Financial Group Inc. now owns 191,704 shares of the company’s stock worth $10,313,000 after purchasing an additional 4,457 shares in the last quarter. Standard Life Aberdeen plc lifted its position in shares of Meredith by 7.9% during the second quarter. Standard Life Aberdeen plc now owns 1,224,406 shares of the company’s stock worth $62,506,000 after purchasing an additional 89,980 shares in the last quarter. GAM Holding AG lifted its position in shares of Meredith by 176.5% during the second quarter. GAM Holding AG now owns 27,769 shares of the company’s stock worth $1,416,000 after purchasing an additional 17,726 shares in the last quarter. OppenheimerFunds Inc. lifted its position in shares of Meredith by 20.8% during the second quarter. OppenheimerFunds Inc. now owns 11,139 shares of the company’s stock worth $568,000 after purchasing an additional 1,919 shares in the last quarter. Finally, Ausdal Financial Partners Inc. lifted its position in shares of Meredith by 29.2% during the second quarter. Ausdal Financial Partners Inc. now owns 5,765 shares of the company’s stock worth $294,000 after purchasing an additional 1,303 shares in the last quarter.
Several analysts have recently issued reports on the stock. ValuEngine raised shares of Meredith from a “strong sell” rating to a “sell” rating in a research report on Thursday, August 16th. Citigroup increased their price target on shares of Meredith from $56.00 to $61.00 and gave the stock a “buy” rating in a research report on Tuesday, September 11th. Zacks Investment Research raised shares of Meredith from a “strong sell” rating to a “hold” rating in a research report on Friday, October 12th. Finally, Jefferies Financial Group reissued a “buy” rating and set a $57.00 price target on shares of Meredith in a research report on Monday, August 13th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Meredith currently has a consensus rating of “Buy” and an average target price of $66.20.
Shares of MDP opened at $57.28 on Friday. The stock has a market cap of $2.57 billion, a PE ratio of 22.55 and a beta of 1.26. Meredith Co. has a 1 year low of $47.30 and a 1 year high of $72.25. The company has a debt-to-equity ratio of 2.84, a quick ratio of 1.63 and a current ratio of 1.66.
Meredith (NYSE:MDP) last issued its quarterly earnings results on Wednesday, November 7th. The company reported $0.65 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.28) by $0.93. The business had revenue of $756.70 million for the quarter, compared to analysts’ expectations of $751.33 million. Meredith had a net margin of 4.43% and a return on equity of 13.49%. The business’s quarterly revenue was up 92.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.73 earnings per share. As a group, analysts predict that Meredith Co. will post 3.05 EPS for the current year.
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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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