Meredith Corporation (MDP) Given Consensus Recommendation of “Hold” by Brokerages
Meredith Corporation (NYSE:MDP) has been given a consensus recommendation of “Hold” by the seven ratings firms that are covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $63.33.
Several research analysts have commented on MDP shares. BidaskClub upgraded Meredith Corporation from a “hold” rating to a “buy” rating in a research note on Thursday, June 15th. ValuEngine upgraded Meredith Corporation from a “hold” rating to a “buy” rating in a research note on Friday, August 4th. Jefferies Group LLC restated a “hold” rating and issued a $60.00 target price on shares of Meredith Corporation in a research note on Wednesday, August 9th. Finally, Zacks Investment Research downgraded Meredith Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, September 26th.
Meredith Corporation (NYSE MDP) opened at 55.20 on Thursday. Meredith Corporation has a 1-year low of $43.85 and a 1-year high of $66.25. The company has a 50-day moving average price of $54.71 and a 200-day moving average price of $57.66. The firm has a market cap of $2.46 billion, a P/E ratio of 13.27 and a beta of 1.23.
Meredith Corporation (NYSE:MDP) last issued its earnings results on Thursday, July 27th. The company reported $1.07 EPS for the quarter, topping the consensus estimate of $0.96 by $0.11. Meredith Corporation had a return on equity of 18.98% and a net margin of 11.03%. The business had revenue of $445.40 million during the quarter, compared to the consensus estimate of $439.61 million. During the same quarter last year, the company earned $1.08 EPS. The firm’s revenue was up 2.2% compared to the same quarter last year. On average, equities research analysts forecast that Meredith Corporation will post $3.38 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Thursday, August 31st were paid a $0.52 dividend. The ex-dividend date was Tuesday, August 29th. This represents a $2.08 annualized dividend and a yield of 3.77%. Meredith Corporation’s dividend payout ratio is currently 50.12%.
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In other Meredith Corporation news, Chairman Stephen M. Lacy sold 10,816 shares of the firm’s stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $56.04, for a total value of $606,128.64. Following the completion of the transaction, the chairman now owns 9,274 shares in the company, valued at approximately $519,714.96. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Paul Karpowicz sold 4,291 shares of the firm’s stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $56.12, for a total value of $240,810.92. Following the completion of the transaction, the insider now owns 66,473 shares of the company’s stock, valued at approximately $3,730,464.76. The disclosure for this sale can be found here. In the last 90 days, insiders sold 80,659 shares of company stock valued at $4,745,847. 4.00% of the stock is owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the business. Invictus RG purchased a new stake in shares of Meredith Corporation in the 1st quarter valued at about $154,000. LS Investment Advisors LLC raised its holdings in shares of Meredith Corporation by 20.8% in the 2nd quarter. LS Investment Advisors LLC now owns 2,951 shares of the company’s stock valued at $175,000 after acquiring an additional 508 shares in the last quarter. State of Alaska Department of Revenue raised its holdings in shares of Meredith Corporation by 3.4% in the 2nd quarter. State of Alaska Department of Revenue now owns 3,050 shares of the company’s stock valued at $181,000 after acquiring an additional 100 shares in the last quarter. Teacher Retirement System of Texas purchased a new stake in shares of Meredith Corporation in the 1st quarter valued at about $201,000. Finally, Tudor Investment Corp ET AL purchased a new stake in shares of Meredith Corporation in the 1st quarter valued at about $224,000. 96.41% of the stock is currently owned by hedge funds and other institutional investors.
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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