Meredith Corp. (MDP) to Post Q1 2017 Earnings of $0.72 Per Share, Jefferies Group Forecasts
Meredith Corp. (NYSE:MDP) – Equities researchers at Jefferies Group boosted their Q1 2017 earnings per share (EPS) estimates for Meredith Corp. in a research report issued on Monday. Jefferies Group analyst J. Janedis now expects that the firm will post earnings of $0.72 per share for the quarter, up from their previous forecast of $0.71. Jefferies Group also issued estimates for Meredith Corp.’s Q2 2017 earnings at $1.22 EPS, Q3 2017 earnings at $0.76 EPS and FY2018 earnings at $3.29 EPS.
Meredith Corp. (NYSE:MDP) last posted its quarterly earnings data on Thursday, July 28th. The company reported $1.08 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.03 by $0.05. The firm earned $435.78 million during the quarter, compared to analysts’ expectations of $437.78 million. Meredith Corp. had a net margin of 2.06% and a return on equity of 15.66%. The firm’s quarterly revenue was up 2.3% on a year-over-year basis. During the same quarter last year, the company posted $0.94 EPS.
A number of other research firms also recently commented on MDP. Benchmark Co. boosted their price objective on shares of Meredith Corp. from $57.00 to $62.00 and gave the stock a “buy” rating in a report on Friday, July 29th. Zacks Investment Research cut shares of Meredith Corp. from a “hold” rating to a “sell” rating in a research report on Wednesday, September 28th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $54.20.
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Meredith Corp. (NYSE:MDP) traded down 2.19% during trading on Tuesday, hitting $50.08. 53,273 shares of the company were exchanged. The company has a market capitalization of $2.23 billion, a price-to-earnings ratio of 66.77 and a beta of 1.01. The company has a 50-day moving average of $52.03 and a 200-day moving average of $51.34. Meredith Corp. has a 12 month low of $35.03 and a 12 month high of $57.53.
Institutional investors have recently bought and sold shares of the stock. CIBC World Markets Inc. purchased a new position in Meredith Corp. during the first quarter worth $239,000. TIAA CREF Investment Management LLC raised its position in Meredith Corp. by 10.2% in the first quarter. TIAA CREF Investment Management LLC now owns 145,588 shares of the company’s stock worth $6,915,000 after buying an additional 13,449 shares in the last quarter. BlackRock Inc. raised its position in Meredith Corp. by 15.5% in the first quarter. BlackRock Inc. now owns 27,667 shares of the company’s stock worth $1,314,000 after buying an additional 3,715 shares in the last quarter. BlackRock Group LTD raised its position in Meredith Corp. by 41.5% in the first quarter. BlackRock Group LTD now owns 102,995 shares of the company’s stock worth $4,893,000 after buying an additional 30,203 shares in the last quarter. Finally, BlackRock Fund Advisors raised its position in Meredith Corp. by 15.5% in the first quarter. BlackRock Fund Advisors now owns 5,215,985 shares of the company’s stock worth $247,759,000 after buying an additional 701,153 shares in the last quarter. 82.32% of the stock is owned by institutional investors and hedge funds.
In other news, insider John S. Zieser sold 1,206 shares of the business’s stock in a transaction that occurred on Thursday, August 18th. The shares were sold at an average price of $55.00, for a total value of $66,330.00. Following the completion of the transaction, the insider now owns 18,000 shares of the company’s stock, valued at $990,000. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Chairman Stephen M. Lacy sold 46,283 shares of the business’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $54.15, for a total transaction of $2,506,224.45. The disclosure for this sale can be found here. 11.24% of the stock is currently owned by insiders.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st were given a $0.495 dividend. This represents a $1.98 dividend on an annualized basis and a dividend yield of 3.87%. The ex-dividend date was Monday, August 29th. Meredith Corp.’s dividend payout ratio is presently 275.00%.
About Meredith Corp.
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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