JMP Securities Initiates Coverage on Meredith (NYSE:MDP)

Stock analysts at JMP Securities began coverage on shares of Meredith (NYSE:MDP) in a research report issued to clients and investors on Monday, November 13th. The brokerage set a “market perform” rating on the stock.

A number of other research analysts have also commented on the company. Zacks Investment Research raised Meredith from a “sell” rating to a “buy” rating and set a $59.00 price target on the stock in a report on Tuesday, October 31st. Jefferies Group reaffirmed a “hold” rating on shares of Meredith in a research note on Sunday, October 29th. Wells Fargo & Company decreased their target price on Meredith from $62.00 to $54.00 and set a “market perform” rating for the company in a research note on Friday, October 27th. ValuEngine raised Meredith from a “hold” rating to a “buy” rating in a research note on Friday, October 13th. Finally, BidaskClub cut Meredith from a “buy” rating to a “hold” rating in a research note on Tuesday, August 22nd. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Meredith currently has a consensus rating of “Buy” and a consensus target price of $71.40.

Meredith (NYSE:MDP) opened at $67.90 on Monday. The company has a market capitalization of $2,950.00, a price-to-earnings ratio of 17.34, a PEG ratio of 2.51 and a beta of 1.20. The company has a current ratio of 1.08, a quick ratio of 1.04 and a debt-to-equity ratio of 0.64. Meredith has a fifty-two week low of $50.62 and a fifty-two week high of $70.85.

Meredith (NYSE:MDP) last issued its quarterly earnings results on Thursday, October 26th. The company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.06. The company had revenue of $393.00 million for the quarter, compared to analyst estimates of $397.50 million. Meredith had a return on equity of 18.24% and a net margin of 11.04%. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period last year, the company earned $0.75 earnings per share. sell-side analysts predict that Meredith will post 3.39 EPS for the current fiscal year.

In related news, Director Frederick B. Henry sold 1,048 shares of the stock in a transaction on Wednesday, November 29th. The stock was sold at an average price of $66.50, for a total value of $69,692.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Karpowicz sold 5,000 shares of the stock in a transaction on Wednesday, November 29th. The shares were sold at an average price of $68.61, for a total value of $343,050.00. The disclosure for this sale can be found here. Company insiders own 4.00% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its position in shares of Meredith by 9.1% in the 2nd quarter. BlackRock Inc. now owns 7,553,017 shares of the company’s stock valued at $449,025,000 after purchasing an additional 627,217 shares during the period. State Street Corp lifted its stake in Meredith by 16.8% in the 2nd quarter. State Street Corp now owns 4,938,340 shares of the company’s stock worth $293,589,000 after acquiring an additional 710,721 shares in the last quarter. Vanguard Group Inc. lifted its stake in Meredith by 0.4% in the 2nd quarter. Vanguard Group Inc. now owns 3,564,353 shares of the company’s stock worth $211,902,000 after acquiring an additional 14,885 shares in the last quarter. Royce & Associates LP lifted its stake in Meredith by 5.4% in the 3rd quarter. Royce & Associates LP now owns 1,602,378 shares of the company’s stock worth $88,932,000 after acquiring an additional 81,737 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Meredith by 11.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,501,656 shares of the company’s stock worth $89,273,000 after acquiring an additional 154,036 shares in the last quarter. Institutional investors and hedge funds own 98.06% of the company’s stock.

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Meredith Company Profile

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.

Analyst Recommendations for Meredith (NYSE:MDP)

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