Jefferies Group LLC restated their hold rating on shares of Meredith Corporation (NYSE:MDP) in a research note released on Wednesday morning. The brokerage currently has a $60.00 target price on the stock.
Several other equities research analysts also recently issued reports on the company. ValuEngine upgraded Meredith Corporation from a hold rating to a buy rating in a report on Friday, August 4th. BidaskClub upgraded Meredith Corporation from a hold rating to a buy rating in a report on Tuesday, July 25th. Zacks Investment Research downgraded Meredith Corporation from a buy rating to a hold rating in a report 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 for the company in a report on Monday, June 5th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average price target of $63.50.
Meredith Corporation (MDP) traded down 0.70% during midday trading on Wednesday, hitting $56.80. The stock had a trading volume of 345,012 shares. The stock has a market capitalization of $2.54 billion, a PE ratio of 13.65 and a beta of 1.22. Meredith Corporation has a 1-year low of $43.85 and a 1-year high of $66.25. The stock’s 50-day moving average is $59.03 and its 200-day moving average is $60.00.
Meredith Corporation (NYSE:MDP) last announced its quarterly earnings results on Thursday, July 27th. The company reported $1.07 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 during the quarter, compared to the consensus estimate of $439.61 million. During the same quarter in the prior year, the company posted $1.08 earnings per share. Meredith Corporation’s revenue was up 2.2% compared to the same quarter last year. On average, equities research analysts anticipate that Meredith Corporation will post $3.38 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Thursday, August 31st will be issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $2.08 annualized dividend and a yield of 3.66%. Meredith Corporation’s dividend payout ratio (DPR) is currently 50.12%.
In other Meredith Corporation news, CEO Stephen M. Lacy sold 10,268 shares of the business’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $60.92, for a total value of $625,526.56. Following the transaction, the chief executive officer now owns 9,345 shares of the company’s stock, valued at $569,297.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Thomas H. Harty sold 20,028 shares of the business’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $60.46, for a total value of $1,210,892.88. Following the completion of the transaction, the insider now directly owns 44,445 shares in the company, valued at approximately $2,687,144.70. The disclosure for this sale can be found here. In the last three months, insiders sold 50,998 shares of company stock worth $3,065,149. Insiders own 12.40% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. First Midwest Bank Trust Division boosted its position in Meredith Corporation by 27.9% in the first quarter. First Midwest Bank Trust Division now owns 11,435 shares of the company’s stock valued at $739,000 after buying an additional 2,495 shares in the last quarter. Tealwood Asset Management Inc. boosted its position in Meredith Corporation by 0.8% in the first quarter. Tealwood Asset Management Inc. now owns 87,497 shares of the company’s stock valued at $5,652,000 after buying an additional 723 shares in the last quarter. Strs Ohio boosted its position in Meredith Corporation by 46.7% in the first quarter. Strs Ohio now owns 2,200 shares of the company’s stock valued at $142,000 after buying an additional 700 shares in the last quarter. Acadian Asset Management LLC boosted its position in Meredith Corporation by 57,162.5% in the first quarter. Acadian Asset Management LLC now owns 82,458 shares of the company’s stock valued at $5,327,000 after buying an additional 82,314 shares in the last quarter. Finally, ProShare Advisors LLC boosted its position in Meredith Corporation by 19.5% in the first quarter. ProShare Advisors LLC now owns 293,085 shares of the company’s stock valued at $18,933,000 after buying an additional 47,772 shares in the last quarter. 96.59% of the stock is currently owned by institutional investors and hedge funds.
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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