Meredith (NYSE:MDP) Hits New 1-Year High at $58.76

Meredith Co. (NYSE:MDP) shares reached a new 52-week high during trading on Friday . The company traded as high as $58.76 and last traded at $58.28, with a volume of 76837 shares changing hands. The stock had previously closed at $44.89.

Several equities analysts recently weighed in on MDP shares. Benchmark increased their target price on Meredith from $43.00 to $58.00 and gave the stock a “buy” rating in a research report on Friday, August 13th. Zacks Investment Research downgraded Meredith from a “buy” rating to a “hold” rating in a report on Wednesday, August 4th. Citigroup raised their price objective on Meredith from $51.00 to $54.00 and gave the company a “buy” rating in a research note on Tuesday, August 17th. Finally, lifted their target price on Meredith from $41.00 to $51.00 and gave the stock a “buy” rating in a research report on Tuesday, June 29th. One research analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, Meredith presently has a consensus rating of “Buy” and an average target price of $51.75.

The company has a current ratio of 1.29, a quick ratio of 1.26 and a debt-to-equity ratio of 4.20. The firm has a market capitalization of $2.58 billion, a price-to-earnings ratio of 8.98 and a beta of 2.37. The stock has a fifty day moving average of $43.02 and a 200-day moving average of $38.33.

Meredith (NYSE:MDP) last issued its quarterly earnings results on Thursday, August 12th. The company reported $1.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.63. Meredith had a return on equity of 47.20% and a net margin of 10.30%. The business had revenue of $717.90 million for the quarter. As a group, equities research analysts forecast that Meredith Co. will post 5.61 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently bought and sold shares of MDP. FMR LLC raised its holdings in Meredith by 9,024.0% in the 2nd quarter. FMR LLC now owns 2,710,286 shares of the company’s stock valued at $117,735,000 after acquiring an additional 2,680,581 shares in the last quarter. BlackRock Inc. lifted its stake in shares of Meredith by 5.4% in the 1st quarter. BlackRock Inc. now owns 6,755,824 shares of the company’s stock valued at $201,188,000 after purchasing an additional 345,281 shares during the period. Citigroup Inc. lifted its stake in shares of Meredith by 1,036.4% in the 2nd quarter. Citigroup Inc. now owns 259,876 shares of the company’s stock valued at $11,289,000 after purchasing an additional 237,008 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of Meredith by 341.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 267,061 shares of the company’s stock valued at $7,953,000 after purchasing an additional 206,562 shares during the period. Finally, Amundi acquired a new stake in Meredith during the 2nd quarter worth $8,812,000. 76.71% of the stock is owned by institutional investors and hedge funds.

Meredith Company Profile (NYSE:MDP)

Meredith Corp. engages in television broadcasting and magazine advertising business. It operates through the Local Media and National Media business segments. The Local Media segment includes television stations and offers websites, mobile-optimized websites, and mobile applications. The National Media segment consists of national consumer media brands delivered via multiple media platforms including print magazines and digital and mobile media, brand licensing activities, database-related activities, and business-to-business marketing products and services.

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