Meredith Corporation (MDP) Receives Average Rating of “Hold” from Brokerages
Shares of Meredith Corporation (NYSE:MDP) have been assigned an average rating of “Hold” from the seven ratings firms that are presently covering the stock, MarketBeat.com reports. Five analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $63.33.
Several research firms have recently commented on MDP. Jefferies Group LLC reaffirmed a “hold” rating and issued a $60.00 target price on shares of Meredith Corporation in a research report on Wednesday, August 9th. ValuEngine cut shares of Meredith Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, June 7th. Zacks Investment Research cut shares of Meredith Corporation from a “buy” rating to a “hold” rating in a research report on Thursday, May 25th. BidaskClub cut shares of Meredith Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, August 22nd. Finally, Benchmark Co. raised shares of Meredith Corporation from a “hold” rating to a “buy” rating and set a $65.00 target price for the company in a research report on Monday, June 5th.
In related news, Chairman Stephen M. Lacy sold 10,339 shares of the stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $60.91, for a total value of $629,748.49. Following the completion of the transaction, the chairman now directly owns 9,345 shares in the company, valued at approximately $569,203.95. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Stephen M. Lacy sold 10,816 shares of the stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $56.04, for a total transaction of $606,128.64. Following the completion of the transaction, the chairman now owns 9,274 shares of the company’s stock, valued at $519,714.96. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 80,659 shares of company stock valued at $4,745,847. Corporate insiders own 12.40% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. North Star Investment Management Corp. increased its stake in shares of Meredith Corporation by 14.8% in the 2nd quarter. North Star Investment Management Corp. now owns 31,025 shares of the company’s stock worth $1,844,000 after acquiring an additional 4,000 shares in the last quarter. Gotham Asset Management LLC bought a new position in shares of Meredith Corporation in the 1st quarter worth about $2,350,000. Mason Street Advisors LLC increased its stake in shares of Meredith Corporation by 1.4% in the 1st quarter. Mason Street Advisors LLC now owns 17,282 shares of the company’s stock worth $1,116,000 after acquiring an additional 234 shares in the last quarter. Renaissance Technologies LLC bought a new position in shares of Meredith Corporation in the 1st quarter worth about $15,791,000. Finally, Bank of Montreal Can increased its stake in shares of Meredith Corporation by 16.1% in the 1st quarter. Bank of Montreal Can now owns 1,739 shares of the company’s stock worth $113,000 after acquiring an additional 241 shares in the last quarter. Institutional investors own 96.42% of the company’s stock.
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Shares of Meredith Corporation (NYSE:MDP) opened at 53.75 on Friday. The company has a market capitalization of $2.40 billion, a P/E ratio of 12.92 and a beta of 1.24. Meredith Corporation has a 1-year low of $43.85 and a 1-year high of $66.25. The firm has a 50-day moving average of $55.97 and a 200 day moving average of $58.78.
Meredith Corporation (NYSE:MDP) last posted its earnings results on Thursday, July 27th. The company reported $1.07 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.96 by $0.11. Meredith Corporation had a net margin of 11.03% and a return on equity of 18.98%. The firm had revenue of $445.40 million during the quarter, compared to analysts’ expectations of $439.61 million. During the same period last year, the company posted $1.08 EPS. The company’s quarterly revenue was up 2.2% compared to the same quarter last year. On average, equities research analysts expect that Meredith Corporation will post $3.38 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Thursday, August 31st were given a $0.52 dividend. The ex-dividend date of this dividend was Tuesday, August 29th. This represents a $2.08 annualized dividend and a dividend yield of 3.87%. Meredith Corporation’s dividend payout ratio is 50.12%.
Meredith Corporation Company Profile
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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