Meredith Corporation (MDP) Issues Quarterly Earnings Results, Beats Expectations By $0.11 EPS
Meredith Corporation (NYSE:MDP) announced its quarterly earnings data on Thursday. The company reported $1.07 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.11, Morningstar.com reports. Meredith Corporation had a return on equity of 19.44% and a net margin of 3.23%. The company had revenue of $445.40 million during the quarter, compared to analyst estimates of $439.61 million. During the same quarter last year, the firm posted $1.08 EPS. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. Meredith Corporation updated its Q1 guidance to $0.60-$0.65 EPS and its FY18 guidance to $3.20-$3.50 EPS.
Meredith Corporation (MDP) traded up 1.41% on Thursday, reaching $61.00. The company’s stock had a trading volume of 209,787 shares. The stock has a 50-day moving average of $58.56 and a 200-day moving average of $59.92. Meredith Corporation has a one year low of $43.85 and a one year high of $66.25. The stock has a market cap of $2.72 billion, a P/E ratio of 50.25 and a beta of 1.23.
MDP has been the subject of several recent research reports. Jefferies Group LLC reissued a “hold” rating and issued a $57.00 price objective on shares of Meredith Corporation in a report on Monday, April 24th. Citigroup Inc. raised Meredith Corporation from a “neutral” rating to a “buy” rating and lifted their target price for the company from $58.00 to $65.00 in a report on Tuesday, May 2nd. Zacks Investment Research lowered Meredith Corporation from a “buy” rating to a “hold” rating in a report on Thursday, May 25th. 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 report on Monday, June 5th. Finally, ValuEngine lowered Meredith Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, June 7th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Meredith Corporation currently has an average rating of “Hold” and a consensus price target of $63.50.
In related news, insider Steven M. Cappaert sold 2,195 shares of the stock in a transaction dated Wednesday, May 3rd. The stock was sold at an average price of $56.96, for a total transaction of $125,027.20. Following the completion of the sale, the insider now owns 6,542 shares in the company, valued at $372,632.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frederick B. Henry sold 3,995 shares of the 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 sale, the director now owns 2,103 shares of the company’s stock, valued at approximately $120,922.50. The disclosure for this sale can be found here. Insiders have sold 9,179 shares of company stock valued at $527,227 in the last quarter. 12.40% of the stock is currently owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in the company. Iowa State Bank boosted its stake in Meredith Corporation by 41.9% in the first quarter. Iowa State Bank now owns 16,225 shares of the company’s stock valued at $1,048,000 after buying an additional 4,789 shares in the last quarter. North Star Investment Management Corp. boosted its stake in Meredith Corporation by 14.8% in the second quarter. North Star Investment Management Corp. now owns 31,025 shares of the company’s stock valued at $1,844,000 after buying an additional 4,000 shares in the last quarter. Mason Street Advisors LLC boosted its stake in Meredith Corporation by 1.4% in the first quarter. Mason Street Advisors LLC now owns 17,282 shares of the company’s stock valued at $1,116,000 after buying an additional 234 shares in the last quarter. Bank of Montreal Can boosted its stake in Meredith Corporation by 16.1% in the first quarter. Bank of Montreal Can now owns 1,739 shares of the company’s stock valued at $113,000 after buying an additional 241 shares in the last quarter. Finally, Teachers Advisors LLC boosted its stake in Meredith Corporation by 2.2% in the fourth quarter. Teachers Advisors LLC now owns 62,004 shares of the company’s stock valued at $3,668,000 after buying an additional 1,353 shares in the last quarter. Hedge funds and other institutional investors own 96.51% of the company’s stock.
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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