BidaskClub upgraded shares of Meredith Corporation (NYSE:MDP) from a hold rating to a buy rating in a research note issued to investors on Tuesday morning.
A number of other equities analysts have also weighed in on MDP. ValuEngine lowered shares of Meredith Corporation from a buy rating to a hold rating in a research report on Wednesday, June 7th. Zacks Investment Research upgraded shares of Meredith Corporation from a hold rating to a buy rating and set a $64.00 price target for the company in a research report on Thursday, June 22nd. Benchmark Co. upgraded shares of Meredith Corporation from a hold rating to a buy rating and set a $65.00 price target for the company in a research report on Monday, June 5th. Jefferies Group LLC reiterated a hold rating and issued a $60.00 price target on shares of Meredith Corporation in a research report on Friday, July 7th. Finally, Citigroup Inc. upgraded shares of Meredith Corporation from a neutral rating to a buy rating and upped their price target for the stock from $58.00 to $65.00 in a research report on Tuesday, May 2nd. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus price target of $63.50.
Meredith Corporation (MDP) traded up 0.57% during mid-day trading on Tuesday, reaching $62.25. 612,333 shares of the company’s stock traded hands. The company has a market cap of $2.78 billion, a P/E ratio of 51.28 and a beta of 1.23. The stock has a 50 day moving average of $58.74 and a 200 day moving average of $59.93. Meredith Corporation has a 12-month low of $43.85 and a 12-month high of $66.25.
Meredith Corporation (NYSE:MDP) last posted its quarterly earnings results on Thursday, July 27th. The company reported $1.07 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.96 by $0.11. The business had revenue of $445.40 million during the quarter, compared to analyst estimates of $439.61 million. Meredith Corporation had a net margin of 3.23% and a return on equity of 19.44%. The company’s revenue was up 2.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.08 earnings per share. On average, equities research analysts predict that Meredith Corporation will post $3.40 earnings per share for the current fiscal year.
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In related news, Director Frederick B. Henry sold 3,995 shares of the company’s stock in a transaction on Monday, May 1st. The shares were sold at an average price of $57.50, for a total transaction of $229,712.50. Following the completion of the transaction, the director now owns 2,103 shares in the company, valued at $120,922.50. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Steven M. Cappaert sold 2,195 shares of the company’s stock in a transaction on Wednesday, May 3rd. The stock was sold at an average price of $56.96, for a total transaction of $125,027.20. Following the transaction, the insider now owns 6,542 shares of the company’s stock, valued at approximately $372,632.32. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 9,179 shares of company stock valued at $527,227. 12.40% of the stock is owned by company insiders.
Large investors have recently added to or reduced their stakes in the stock. Louisiana State Employees Retirement System increased its stake in Meredith Corporation by 2.2% in the first quarter. Louisiana State Employees Retirement System now owns 9,200 shares of the company’s stock worth $594,000 after buying an additional 200 shares during the last quarter. Iowa State Bank increased its stake in Meredith Corporation by 41.9% in the first quarter. Iowa State Bank now owns 16,225 shares of the company’s stock worth $1,048,000 after buying an additional 4,789 shares during the last quarter. Fox Run Management L.L.C. acquired a new stake in Meredith Corporation during the first quarter worth about $711,000. Alpha Windward LLC acquired a new stake in Meredith Corporation during the first quarter worth about $488,000. Finally, Bank of Montreal Can increased its stake in Meredith Corporation by 16.1% in the first quarter. Bank of Montreal Can now owns 1,739 shares of the company’s stock worth $113,000 after buying an additional 241 shares during the last quarter. 96.51% of the stock is currently owned by institutional investors.
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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