Meredith (MDP) Upgraded to “Outperform” by Wells Fargo & Company

Wells Fargo & Company upgraded shares of Meredith (NYSE:MDP) from a market perform rating to an outperform rating in a research report sent to investors on Monday, November 27th, Marketbeat.com reports. The firm currently has $76.00 price target on the stock, up from their previous price target of $54.00.

MDP has been the topic of several other reports. Zacks Investment Research lowered shares of Meredith from a hold rating to a sell rating in a report on Tuesday, September 26th. Jefferies Group reaffirmed a hold rating on shares of Meredith in a report on Sunday, October 29th. JMP Securities assumed coverage on shares of Meredith in a report on Monday, November 13th. They issued a market perform rating on the stock. BidaskClub lowered shares of Meredith from a buy rating to a hold rating in a research note on Tuesday, August 22nd. Finally, ValuEngine lowered shares of Meredith from a buy rating to a hold rating in a research note on Friday, September 1st. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $71.40.

Shares of Meredith (NYSE:MDP) traded down $0.55 during mid-day trading on Monday, hitting $70.00. The stock had a trading volume of 446,400 shares, compared to its average volume of 533,859. The firm has a market capitalization of $3,040.00, a P/E ratio of 17.95, a PEG ratio of 2.60 and a beta of 1.29. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.04 and a current ratio of 1.08. Meredith has a 1-year low of $50.63 and a 1-year high of $71.00.

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

The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 30th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 2.97%. The ex-dividend date is Wednesday, November 29th. Meredith’s dividend payout ratio is presently 50.24%.

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

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Advisor Group Inc. increased its holdings in Meredith by 0.9% in the 2nd quarter. Advisor Group Inc. now owns 5,398 shares of the company’s stock valued at $321,000 after purchasing an additional 49 shares during the last quarter. State of Alaska Department of Revenue boosted its position in Meredith by 3.4% in the 2nd 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 during the period. Lowe Brockenbrough & Co. Inc. boosted its position in Meredith by 2.2% in the 2nd quarter. Lowe Brockenbrough & Co. Inc. now owns 5,860 shares of the company’s stock valued at $348,000 after buying an additional 125 shares during the period. Mutual of America Capital Management LLC boosted its position in Meredith by 0.5% in the 2nd quarter. Mutual of America Capital Management LLC now owns 30,059 shares of the company’s stock valued at $1,787,000 after buying an additional 163 shares during the period. Finally, Northwestern Mutual Investment Management Company LLC boosted its position in Meredith by 3.0% in the 2nd quarter. Northwestern Mutual Investment Management Company LLC now owns 6,495 shares of the company’s stock valued at $337,000 after buying an additional 191 shares during the period. Institutional investors and hedge funds own 98.04% of the company’s stock.

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About Meredith

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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