Meredith Corporation (NYSE:MDP) announced a quarterly dividend on Wednesday, August 9th, RTT News reports. Stockholders of record on Thursday, August 31st will be paid a dividend of 0.52 per share on Friday, September 15th. This represents a $2.08 annualized dividend and a dividend yield of 3.82%. The ex-dividend date is Tuesday, August 29th.
Meredith Corporation has raised its dividend payment by an average of 6.7% annually over the last three years and has raised its dividend annually for the last 4 consecutive years. Meredith Corporation has a payout ratio of 61.9% meaning its dividend is sufficiently covered by earnings. Research analysts expect Meredith Corporation to earn $3.89 per share next year, which means the company should continue to be able to cover its $2.08 annual dividend with an expected future payout ratio of 53.5%.
Shares of Meredith Corporation (MDP) traded down 1.18% during midday trading on Friday, hitting $54.40. The stock had a trading volume of 226,780 shares. Meredith Corporation has a 12 month low of $43.85 and a 12 month high of $66.25. The stock’s 50 day moving average price is $58.65 and its 200 day moving average price is $59.85. The firm has a market cap of $2.43 billion, a price-to-earnings ratio of 13.08 and a beta of 1.22.
Meredith Corporation (NYSE:MDP) last released its earnings results on Thursday, July 27th. The company reported $1.07 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.11. The business had revenue of $445.40 million for the quarter, compared to the consensus estimate of $439.61 million. Meredith Corporation had a return on equity of 18.98% and a net margin of 11.03%. The business’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.08 earnings per share. On average, equities analysts forecast that Meredith Corporation will post $3.38 EPS for the current fiscal year.
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MDP has been the topic of a number of analyst reports. ValuEngine downgraded Meredith Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, June 7th. Benchmark Co. upgraded Meredith Corporation from a “hold” rating to a “buy” rating and set a $65.00 price objective on the stock in a research report on Monday, June 5th. BidaskClub downgraded Meredith Corporation from a “buy” rating to a “hold” rating in a research report on Friday, June 23rd. Jefferies Group LLC reissued a “hold” rating and set a $57.00 target price on shares of Meredith Corporation in a research note on Monday, April 24th. Finally, Citigroup Inc. raised Meredith Corporation from a “neutral” rating to a “buy” rating and raised their target price for the stock from $58.00 to $65.00 in a research note on Tuesday, May 2nd. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Meredith Corporation currently has a consensus rating of “Buy” and an average price target of $63.50.
In related news, insider John S. Zieser sold 1,924 shares of Meredith Corporation stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $57.26, for a total value of $110,168.24. Following the completion of the transaction, the insider now directly owns 6,800 shares in the company, valued at $389,368. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Thomas H. Harty sold 20,028 shares of Meredith Corporation stock in a transaction on Monday, July 31st. The shares were sold at an average price of $60.46, for a total value of $1,210,892.88. Following the completion of the transaction, the insider now owns 44,445 shares of the company’s stock, valued at $2,687,144.70. The disclosure for this sale can be found here. Insiders sold 80,659 shares of company stock valued at $4,745,847 over the last ninety days. Insiders own 12.40% of the company’s stock.
About Meredith Corporation
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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