Meredith Corp. Given Hold Rating at Deutsche Bank (MDP)
Meredith Corp. (NYSE:MDP)‘s stock had its “hold” rating reaffirmed by investment analysts at Deutsche Bank in a note issued to investors on Monday, StockRatingsNetwork.com reports. They currently have a $43.00 price target on the stock, up from their previous price target of $42.00. Deutsche Bank’s price objective indicates a potential downside of 9.85% from the stock’s previous close.
The analysts wrote, “Maintain Hold rating. We maintain our Hold but raise our TP from $42 to $43 based on our updated sum-of-the-parts analysis (base case and TV M&A scenario SOTP). While we like Meredith’s stable National consumer brands, retrans opportunity, and capital return (3.5% div yid + 2% buyback yld), we think an opportunistic TV scenario is required to justify the current price not to mention any upside, thus we remain on the sidelines and await a better entry point.”
A number of other firms have also recently commented on MDP. Analysts at Zacks reiterated a “neutral” rating on shares of Meredith Corp. (NYSE:MDP) in a research note to investors on Wednesday, September 11th. They now have a $47.00 price target on the stock. Separately, analysts at Citigroup Inc. downgraded shares of Meredith Corp. (NYSE:MDP) from a “buy” rating to a “neutral” rating in a research note to investors on Wednesday, July 10th. They now have a $48.00 price target on the stock, up previously from $44.00. Eight analysts have rated the stock with a hold rating, The company has a consensus rating of “Hold” and an average price target of $44.17.
Shares of Meredith Corp. (NYSE:MDP) traded down 0.48% during mid-day trading on Monday, hitting $47.47. 298,106 shares of the company’s stock traded hands. Meredith Corp. has a 52 week low of $29.27 and a 52 week high of $49.10. The stock has a 50-day moving average of $45.2 and a 200-day moving average of $43.06. The company has a market cap of $2.116 billion and a price-to-earnings ratio of 17.41.
Meredith Corp. (NYSE:MDP) last announced its earnings results on Thursday, July 25th. The company reported $0.76 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.72 by $0.04. The company had revenue of $386.97 million for the quarter, compared to the consensus estimate of $383.05 million. During the same quarter last year, the company posted $0.67 earnings per share. Meredith Corp.’s revenue was up 3.3% compared to the same quarter last year. On average, analysts predict that Meredith Corp. will post $2.76 earnings per share for the current fiscal year.
Meredith Corporation (NYSE:MDP) is a media and marketing company.
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