Meredith Corp. Shares Earn 'Buy' Rating, Hedge Funds Increase Holdings

Meredith Corp.'s shares have seen an uptick in ratings.

It earned a consensus “buy” rating Dec. 24 from the nine analysts that cover the company, Marketbeat reported. In mid-November, the Zach Investment Report, which had labeled Meredith a “strong sell,” gave it a “buy” rating. Compare that to Guggenheim, which assigned it a “hold” rating on Sept. 5.

The average 12-month price objective among brokers covering the stock in the last year is $41.85.

Several hedge funds and other institutional investors, which own nearly 93% of the company stock, have also added Meredith to their portfolios, notes Slater Sentinel.

State Street Corp grew its holdings in Meredith by 7.8% in the third quarter. BlackRock Inc. boosted its position in shares of Meredith by 0.3% in the second quarter, while Vanguard Group Inc. upped its shares by 2.1%. Fairpointe Capital LLC grew its stake in Meredith by 6.5% in the third quarter.



The business also declared a dividend, which was paid on Dec. 13. Stockholders of record on Nov. 29 were issued a $0.575 dividend. This is an increase from Meredith’s previous dividend of $0.43.

Meredith last posted its quarterly earnings data on Nov. 7. The company reported $0.99 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.11.

In mid-December, Meredith Corp announced an expansion of its book publishing division, TI Inc. Books, through an exclusive partnership with Independent Publishers Group (IPG).

Meredith Corp. operates as a diversified media company in the United States, Europe and Asia.


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