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Meredith Co. (NYSE:MDP) Plans Dividend Increase – $0.58 Per Share

Meredith Co. (NYSE:MDP) declared a dividend on Thursday, November 14th, Fidelity reports. Stockholders of record on Friday, November 29th will be paid a dividend of 0.575 per share on Friday, December 13th. The ex-dividend date of this dividend is Wednesday, November 27th. This is an increase from Meredith’s previous dividend of $0.43.

Shares of MDP traded up $1.12 during midday trading on Monday, hitting $36.18. The company’s stock had a trading volume of 10,392 shares, compared to its average volume of 828,221. Meredith has a one year low of $30.69 and a one year high of $60.95. The company’s fifty day simple moving average is $36.16 and its two-hundred day simple moving average is $46.09. The company has a quick ratio of 1.08, a current ratio of 1.13 and a debt-to-equity ratio of 3.11. The stock has a market capitalization of $1.59 billion, a price-to-earnings ratio of 6.96, a price-to-earnings-growth ratio of 0.48 and a beta of 1.15.

Meredith (NYSE:MDP) last issued its quarterly earnings data on Thursday, November 7th. The company reported $0.99 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.11. The business had revenue of $725.20 million for the quarter, compared to analyst estimates of $734.43 million. Meredith had a return on equity of 30.23% and a net margin of 1.14%. Meredith’s quarterly revenue was down 6.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.24 EPS. On average, research analysts predict that Meredith will post 2.73 earnings per share for the current year.

A number of brokerages recently weighed in on MDP. Citigroup reduced their price objective on Meredith from $66.00 to $44.00 and set a “buy” rating on the stock in a research report on Monday, October 7th. Stephens reduced their price objective on Meredith from $65.00 to $40.00 and set an “equal weight” rating on the stock in a research report on Tuesday, November 19th. Wolfe Research set a $30.00 price objective on Meredith and gave the stock a “hold” rating in a research report on Friday, September 6th. Benchmark reduced their price objective on Meredith from $68.00 to $48.00 and set a “buy” rating on the stock in a research report on Thursday, September 12th. Finally, Guggenheim set a $35.00 price objective on Meredith and gave the stock a “hold” rating in a research report on Thursday, September 5th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $41.85.

In related news, CEO Thomas H. Harty purchased 12,000 shares of Meredith stock in a transaction on Monday, September 9th. The shares were purchased at an average price of $35.02 per share, for a total transaction of $420,240.00. Following the transaction, the chief executive officer now owns 46,455 shares of the company’s stock, valued at approximately $1,626,854.10. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Elizabeth E. Tallett purchased 1,250 shares of Meredith stock in a transaction on Friday, September 13th. The stock was bought at an average price of $37.45 per share, for a total transaction of $46,812.50. The disclosure for this purchase can be found here. Insiders own 5.30% of the company’s stock.

Meredith Company Profile

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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Dividend History for Meredith (NYSE:MDP)

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