Zacks Investment Research upgraded shares of Meredith Corporation (NYSE:MDP) from a sell rating to a buy rating in a research report report published on Tuesday, October 31st. They currently have $59.00 price objective on the stock.
According to Zacks, “Though shares of Meredith have underperformed the industry in the past six months, it is likely to turnaround in the near term due to earnings beat in first-quarter fiscal 2018. The company’s strategic initiatives particularly in digital space, brand licensing activities, solid portfolio of television stations and robust earnings surprise history reinforce its position as one of the leading media and marketing companies. The company remains optimistic to generate solid no-political adverting revenues in Local Media Group attributable to robust demand for automotive and professional services. However, waning print media trends due to shift from traditional advertising and stiff competition continues to pose concerns for investors. Meanwhile, earnings in both the second quarter and fiscal 2018 are anticipated to decline year over year as the fiscal 2017 benefited from record political advertising revenues.”
A number of other brokerages also recently weighed in on MDP. ValuEngine raised shares of Meredith Corporation from a hold rating to a buy rating in a research report on Friday, October 13th. Jefferies Group LLC restated a hold rating and issued a $60.00 target price on shares of Meredith Corporation in a research report on Monday, October 16th. Wells Fargo & Company reduced their price target on shares of Meredith Corporation from $62.00 to $54.00 and set a market perform rating for the company in a research note on Friday, October 27th. Finally, BidaskClub raised shares of Meredith Corporation from a hold rating to a buy rating in a research note on Tuesday, July 25th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of Buy and an average target price of $60.60.
Meredith Corporation (NYSE MDP) traded down $0.15 during trading hours on Tuesday, hitting $53.20. 357,900 shares of the company traded hands, compared to its average volume of 510,605. Meredith Corporation has a 1-year low of $48.65 and a 1-year high of $66.25. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.08 and a quick ratio of 1.04. The firm has a market cap of $2,376.76, a price-to-earnings ratio of 13.54, a price-to-earnings-growth ratio of 4.03 and a beta of 1.20.
Meredith Corporation (NYSE:MDP) last issued its quarterly earnings data on Thursday, October 26th. The company reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.06. The firm had revenue of $393.00 million for the quarter, compared to analyst estimates of $397.50 million. Meredith Corporation had a net margin of 11.04% and a return on equity of 18.24%. The firm’s revenue was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.75 EPS. equities research analysts forecast that Meredith Corporation will post 3.39 EPS for the current year.
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The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 30th will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 3.91%. The ex-dividend date of this dividend is Wednesday, November 29th. Meredith Corporation’s dividend payout ratio is currently 50.36%.
In related news, insider John S. Zieser sold 1,924 shares of the stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $57.26, for a total transaction of $110,168.24. Following the completion of the sale, the insider now owns 6,800 shares in the company, valued at approximately $389,368. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Karpowicz sold 4,291 shares of the firm’s stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $56.12, for a total transaction of $240,810.92. Following the completion of the sale, the insider now owns 66,473 shares of the company’s stock, valued at approximately $3,730,464.76. The disclosure for this sale can be found here. Over the last three months, insiders sold 17,031 shares of company stock valued at $957,108. Insiders own 4.00% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. LS Investment Advisors LLC boosted its stake in Meredith Corporation by 20.8% during the 2nd quarter. LS Investment Advisors LLC now owns 2,951 shares of the company’s stock worth $175,000 after acquiring an additional 508 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. bought a new position in Meredith Corporation in the third quarter valued at approximately $167,000. State of Alaska Department of Revenue lifted its stake in Meredith Corporation by 3.4% in the second quarter. State of Alaska Department of Revenue now owns 3,050 shares of the company’s stock valued at $181,000 after buying an additional 100 shares in the last quarter. Tudor Investment Corp ET AL bought a new position in Meredith Corporation in the first quarter valued at approximately $224,000. Finally, Crossmark Global Holdings Inc. bought a new position in Meredith Corporation in the third quarter valued at approximately $207,000. 94.48% of the stock is currently owned by institutional investors and hedge funds.
About Meredith Corporation
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.
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