Shares of Meredith Corporation (NYSE:MDP) have been assigned an average recommendation of “Buy” from the seven brokerages that are presently covering the company, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $63.33.
A number of research analysts recently issued reports on the company. ValuEngine upgraded Meredith Corporation from a “hold” rating to a “buy” rating in a research note on Friday. BidaskClub upgraded Meredith Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, July 25th. Jefferies Group LLC restated a “hold” rating and set a $60.00 price target on shares of Meredith Corporation in a research note on Friday, July 7th. Zacks Investment Research downgraded Meredith Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, June 28th. Finally, Benchmark Co. upgraded Meredith Corporation from a “hold” rating to a “buy” rating and set a $65.00 price target on the stock in a research note on Monday, June 5th.
In other Meredith Corporation news, insider Thomas H. Harty sold 10,363 shares of Meredith Corporation stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $57.80, for a total value of $598,981.40. Following the transaction, the insider now directly owns 14,445 shares in the company, valued at approximately $834,921. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Stephen M. Lacy sold 10,268 shares of Meredith Corporation stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $60.92, for a total value of $625,526.56. Following the completion of the transaction, the chief executive officer now owns 9,345 shares in the company, valued at $569,297.40. The disclosure for this sale can be found here. Insiders sold a total of 50,998 shares of company stock worth $3,065,149 over the last quarter. Company insiders own 12.40% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. increased its position in shares of Meredith Corporation by 16,099.9% in the first quarter. BlackRock Inc. now owns 6,925,800 shares of the company’s stock valued at $447,406,000 after buying an additional 6,883,048 shares during the period. State Street Corp increased its position in shares of Meredith Corporation by 262.5% in the first quarter. State Street Corp now owns 4,227,619 shares of the company’s stock valued at $273,107,000 after buying an additional 3,061,421 shares during the period. Vanguard Group Inc. increased its position in shares of Meredith Corporation by 14.5% in the first quarter. Vanguard Group Inc. now owns 3,549,468 shares of the company’s stock valued at $229,296,000 after buying an additional 450,150 shares during the period. Royce & Associates LP increased its stake in Meredith Corporation by 28.1% in the second quarter. Royce & Associates LP now owns 1,520,641 shares of the company’s stock worth $90,402,000 after buying an additional 333,861 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in Meredith Corporation by 11.4% in the second quarter. Bank of New York Mellon Corp now owns 1,501,656 shares of the company’s stock worth $89,273,000 after buying an additional 154,036 shares during the period. Institutional investors own 96.59% of the company’s stock.
Shares of Meredith Corporation (NYSE MDP) traded down 0.43% during midday trading on Friday, hitting $58.00. The stock had a trading volume of 216,099 shares. The stock has a market cap of $2.59 billion, a PE ratio of 13.94 and a beta of 1.22. The firm has a 50 day moving average price of $59.02 and a 200 day moving average price of $59.95. Meredith Corporation has a one year low of $43.85 and a one year high of $66.25.
Meredith Corporation (NYSE:MDP) last issued its earnings results on Thursday, July 27th. The company reported $1.07 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.11. Meredith Corporation had a return on equity of 18.98% and a net margin of 11.03%. The business had revenue of $445.40 million for the quarter, compared to analyst estimates of $439.61 million. During the same quarter last year, the company earned $1.08 EPS. The business’s quarterly revenue was up 2.2% on a year-over-year basis. On average, equities analysts forecast that Meredith Corporation will post $3.38 earnings per share for the current fiscal year.
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Meredith Corporation 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.
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