Shares of Meredith Corporation (NYSE:MDP) have been assigned a consensus recommendation of “Buy” from the seven research firms that are covering the stock, MarketBeat.com reports. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $63.33.
Several brokerages have recently weighed in on MDP. Jefferies Group LLC reiterated a “hold” rating and issued a $57.00 price target on shares of Meredith Corporation in a report on Monday, April 24th. 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 Friday, June 16th. ValuEngine upgraded Meredith Corporation from a “hold” rating to a “buy” rating in a report on Friday, August 4th. Finally, Citigroup Inc. upgraded Meredith Corporation from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $58.00 to $65.00 in a report on Tuesday, May 2nd.
Meredith Corporation (NYSE:MDP) traded down 0.70% on Friday, reaching $56.80. 345,012 shares of the company traded hands. Meredith Corporation has a one year low of $43.85 and a one year high of $66.25. The stock has a market capitalization of $2.54 billion, a PE ratio of 13.65 and a beta of 1.22. The firm has a 50 day moving average of $59.03 and a 200-day moving average of $60.00.
Meredith Corporation (NYSE:MDP) last posted its quarterly earnings data on Thursday, July 27th. The company reported $1.07 earnings per share (EPS) for the quarter, beating the 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 return on equity of 18.98% and a net margin of 11.03%. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period last year, the company earned $1.08 EPS. On average, analysts anticipate that Meredith Corporation will post $3.38 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Thursday, August 31st will be given 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 presently 50.12%.
In other news, CEO Stephen M. Lacy sold 10,268 shares of the firm’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 completion of the sale, the chief executive officer now owns 9,345 shares of the company’s stock, valued at approximately $569,297.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Stephen M. Lacy sold 10,339 shares of the firm’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $60.91, for a total value of $629,748.49. Following the completion of the sale, the chairman now directly owns 9,345 shares of the company’s stock, valued at approximately $569,203.95. The disclosure for this sale can be found here. Insiders have sold a total of 50,998 shares of company stock worth $3,065,149 in the last ninety days. Insiders own 12.40% of the company’s stock.
A number of hedge funds have recently modified their holdings of the company. Citadel Advisors LLC boosted its stake in shares of Meredith Corporation by 3,610.1% in the second quarter. Citadel Advisors LLC now owns 45,374 shares of the company’s stock worth $2,697,000 after buying an additional 44,151 shares in the last quarter. Parametric Portfolio Associates LLC boosted its stake in shares of Meredith Corporation by 1.5% in the second quarter. Parametric Portfolio Associates LLC now owns 87,727 shares of the company’s stock worth $5,215,000 after buying an additional 1,262 shares in the last quarter. Advisor Group Inc. boosted its stake in shares of Meredith Corporation by 0.9% in the second quarter. Advisor Group Inc. now owns 5,398 shares of the company’s stock worth $321,000 after buying an additional 49 shares in the last quarter. Nordea Investment Management AB purchased a new stake in shares of Meredith Corporation during the second quarter worth approximately $9,354,000. Finally, California Public Employees Retirement System boosted its stake in shares of Meredith Corporation by 1.3% in the second quarter. California Public Employees Retirement System now owns 118,300 shares of the company’s stock worth $7,033,000 after buying an additional 1,500 shares in the last quarter. 96.59% of the stock is 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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