Co0.7-xNixMn0.3Fe2O4 (CNMFO) ferrites with x = 0.00, 0.05, 0.10 and 0.15,PbZr0.52Ti0.48O3(PZT) ferroelectric and 30% CNMFO – 70% PZT magneto electric(ME) composites were synthesized by double sintering ceramic method. XRD confirms pure phase formation for all compositions of ferrite, ferroelectric and ME composites. All compositions of ferrites, ferroelectric and ME composites show negative temperature coefficient of resistance (NTCR) confirming the semiconducting behavior, though the conduction mechanism is quite different than known semiconductors such as, silicon and germanium. The conduction, due to electron hoping in semiconductors against polaron hoping in ferrites is explained. The effect of cation distribution on resistivity of ferrite phase is also discussed. Thus, effect of polaron hoping and cation distribution on resistivity and dielectric constant of ferroelectric and ME composites has been discussed. Effective resistance of ME composites due to combined resistance of the constituent phases has also been studied.