FY2017 EPS Estimates for Meredith Corp. Boosted by Analyst (MDP)
Meredith Corp. (NYSE:MDP) – Equities researchers at Jefferies Group lifted their FY2017 EPS estimates for Meredith Corp. in a research note issued to investors on Monday. Jefferies Group analyst J. Janedis now anticipates that the firm will post earnings of $3.71 per share for the year, up from their prior forecast of $3.67.
Meredith Corp. (NYSE:MDP) last posted its quarterly earnings results on Thursday, July 28th. The company reported $1.08 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.05. The company had revenue of $435.78 million for the quarter, compared to the consensus estimate of $437.78 million. Meredith Corp. had a return on equity of 15.66% and a net margin of 2.06%. The firm’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.94 EPS.
Several other research analysts have also issued reports on the company. Zacks Investment Research upgraded Meredith Corp. from a “sell” rating to a “hold” rating in a research report on Wednesday. Benchmark Co. boosted their target price on Meredith Corp. from $57.00 to $62.00 and gave the company a “buy” rating in a research report on Friday, July 29th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Meredith Corp. currently has an average rating of “Hold” and an average price target of $54.20.
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Meredith Corp. (NYSE:MDP) remained flat at $50.20 during mid-day trading on Wednesday. The company had a trading volume of 109,642 shares. 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 is $51.92 and its 200 day moving average is $51.33. The company has a market cap of $2.24 billion, a price-to-earnings ratio of 66.93 and a beta of 1.01.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st were paid a dividend of $0.495 per share. This represents a $1.98 annualized dividend and a dividend yield of 3.94%. The ex-dividend date was Monday, August 29th. Meredith Corp.’s dividend payout ratio is presently 275.00%.
In other news, Chairman Stephen M. Lacy sold 46,283 shares of Meredith Corp. 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider John S. Zieser sold 1,206 shares of Meredith Corp. stock in a transaction that occurred on Thursday, August 18th. The shares were sold at an average price of $55.00, for a total transaction of $66,330.00. Following the sale, the insider now directly owns 18,000 shares of the company’s stock, valued at approximately $990,000. The disclosure for this sale can be found here. Insiders own 11.24% of the company’s stock.
Hedge funds have recently bought and sold shares of the stock. CIBC World Markets Inc. bought a new stake in Meredith Corp. during the first quarter valued at $239,000. TIAA CREF Investment Management LLC increased its position in shares of 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 during the last quarter. BlackRock Inc. increased its position in shares of 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 during the last quarter. BlackRock Group LTD increased its position in shares of 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 during the last quarter. Finally, BlackRock Fund Advisors increased its position in shares of 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 during the last quarter. 82.32% of the stock is owned by hedge funds and other institutional investors.
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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