Meredith Corporation (MDP) Expected to Announce Quarterly Sales of $440.55 Million
Wall Street analysts predict that Meredith Corporation (NYSE:MDP) will report $440.55 million in sales for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for Meredith Corporation’s earnings, with estimates ranging from $440.00 million to $441.10 million. Meredith Corporation reported sales of $435.78 million during the same quarter last year, which indicates a positive year-over-year growth rate of 1.1%. The company is expected to issue its next earnings report before the market opens on Thursday, July 27th.
According to Zacks, analysts expect that Meredith Corporation will report full-year sales of $440.55 million for the current year. For the next financial year, analysts expect that the firm will report sales of $1.69 billion per share, with estimates ranging from $1.69 billion to $1.70 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover Meredith Corporation.
Meredith Corporation (NYSE:MDP) last issued its quarterly earnings data on Thursday, April 27th. The company reported $0.87 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.87. The firm had revenue of $425.40 million during the quarter, compared to analysts’ expectations of $422.61 million. Meredith Corporation had a return on equity of 19.44% and a net margin of 3.23%. The firm’s quarterly revenue was up .6% on a year-over-year basis. During the same period in the prior year, the business posted $0.92 EPS.
Several research analysts recently commented on MDP shares. BidaskClub raised Meredith Corporation from a “hold” rating to a “buy” rating in a research note on Thursday, June 15th. Zacks Investment Research cut Meredith Corporation from a “buy” rating to a “hold” rating in a research note on Thursday, May 25th. Citigroup Inc. raised Meredith Corporation from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $58.00 to $65.00 in a research note on Tuesday, May 2nd. Jefferies Group LLC reissued a “hold” rating and set a $60.00 target price on shares of Meredith Corporation in a research note on Friday, July 7th. Finally, Benchmark Co. raised Meredith Corporation from a “hold” rating to a “buy” rating and set a $65.00 target price for the company in a research note on Monday, June 5th. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $63.50.
Shares of Meredith Corporation (NYSE:MDP) traded down 0.33% during midday trading on Friday, hitting $60.90. The company had a trading volume of 245,547 shares. The firm has a market capitalization of $2.72 billion, a PE ratio of 50.16 and a beta of 1.23. Meredith Corporation has a 12 month low of $43.85 and a 12 month high of $66.25. The company has a 50-day moving average of $57.90 and a 200 day moving average of $59.86.
In other news, Director Frederick B. Henry sold 3,995 shares of the business’s stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $57.50, for a total value of $229,712.50. Following the completion of the sale, the director now directly owns 2,103 shares of the company’s stock, valued at approximately $120,922.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steven M. Cappaert sold 2,195 shares of the business’s stock in a transaction dated Wednesday, May 3rd. The shares were sold at an average price of $56.96, for a total value of $125,027.20. Following the completion of the sale, the insider now directly owns 6,542 shares of the company’s stock, valued at $372,632.32. The disclosure for this sale can be found here. Insiders have sold a total of 9,179 shares of company stock valued at $527,227 over the last ninety days. 12.40% of the stock is owned by company insiders.
Several hedge funds have recently bought and sold shares of the stock. BlackRock Inc. increased its stake in Meredith Corporation by 16,099.9% in the first quarter. BlackRock Inc. now owns 6,925,800 shares of the company’s stock valued at $447,406,000 after buying an additional 6,883,048 shares during the last quarter. State Street Corp increased its stake in Meredith Corporation by 262.5% in the first quarter. State Street Corp now owns 4,227,619 shares of the company’s stock valued at $273,107,000 after buying an additional 3,061,421 shares during the last quarter. Vanguard Group Inc. increased its stake in Meredith Corporation by 14.5% in the first quarter. Vanguard Group Inc. now owns 3,549,468 shares of the company’s stock valued at $229,296,000 after buying an additional 450,150 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Meredith Corporation by 68.3% in the first quarter. Bank of New York Mellon Corp now owns 1,347,620 shares of the company’s stock valued at $87,057,000 after buying an additional 546,916 shares during the last quarter. Finally, Schroder Investment Management Group increased its stake in Meredith Corporation by 16.1% in the first quarter. Schroder Investment Management Group now owns 1,054,436 shares of the company’s stock valued at $67,906,000 after buying an additional 146,177 shares during the last quarter. 96.73% of the stock is owned by institutional investors and hedge funds.
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About Meredith Corporation
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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