Meredith Corp. (NYSE:MDP) has been assigned a consensus recommendation of “Hold” from the seven ratings firms that are covering the stock. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $53.25.
A number of equities research analysts have commented on MDP shares. Benchmark Co. increased their target price on Meredith Corp. from $57.00 to $62.00 and gave the company a “buy” rating in a report on Friday, July 29th. Zacks Investment Research cut Meredith Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, June 29th.
Meredith Corp. (NYSE:MDP) opened at 51.11 on Friday. Meredith Corp. has a 1-year low of $35.03 and a 1-year high of $57.53. The company’s 50-day moving average price is $52.66 and its 200 day moving average price is $50.97. The firm has a market capitalization of $2.28 billion, a PE ratio of 68.15 and a beta of 1.07.
Meredith Corp. (NYSE:MDP) last announced its earnings results on Thursday, July 28th. The company reported $1.08 EPS for the quarter, beating analysts’ consensus estimates of $1.03 by $0.05. The firm had revenue of $435.78 million for the quarter, compared to analysts’ expectations of $437.78 million. Meredith Corp. had a return on equity of 15.66% and a net margin of 2.06%. Meredith Corp.’s quarterly revenue was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.94 EPS. On average, equities analysts anticipate that Meredith Corp. will post $3.68 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 31st were given a $0.495 dividend. This represents a $1.98 annualized dividend and a dividend yield of 3.87%. The ex-dividend date of this dividend was Monday, August 29th. Meredith Corp.’s dividend payout ratio (DPR) is currently 275.00%.
In related news, insider John S. Zieser sold 1,206 shares of the stock in a transaction on Thursday, August 18th. The stock was sold at an average price of $55.00, for a total value of $66,330.00. Following the transaction, the insider now directly owns 18,000 shares of the company’s stock, valued at approximately $990,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Joseph H. Ceryanec sold 9,145 shares of the stock in a transaction on Monday, August 1st. The stock was sold at an average price of $54.03, for a total value of $494,104.35. The disclosure for this sale can be found here. 11.24% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. LS Investment Advisors LLC raised its position in shares of Meredith Corp. by 69.6% in the second quarter. LS Investment Advisors LLC now owns 2,319 shares of the company’s stock valued at $120,000 after buying an additional 952 shares during the period. Public Employees Retirement System of Ohio raised its position in shares of Meredith Corp. by 9.1% in the second quarter. Public Employees Retirement System of Ohio now owns 2,734 shares of the company’s stock valued at $142,000 after buying an additional 229 shares during the period. Pacad Investment Ltd. purchased a new position in shares of Meredith Corp. during the second quarter valued at $197,000. Opus Capital Group LLC purchased a new position in shares of Meredith Corp. during the second quarter valued at $205,000. Finally, Nuveen Fund Advisors LLC purchased a new position in shares of Meredith Corp. during the second quarter valued at $210,000. 82.34% of the stock is currently owned by institutional investors and hedge funds.
Meredith Corp. Company Profile
Meredith Corporation is a media and marketing company. The Company operates two business segments namely local media and national media. Its national media segment includes national consumer media brands delivered via multiple media platforms including print magazines and digital and mobile media, brand licensing activities, database-related activities and business-to-business marketing products and services.
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