Meredith Corporation (MDP) Forecasted to Post Q1 2018 Earnings of $0.63 Per Share
Meredith Corporation (NYSE:MDP) – Equities research analysts at Jefferies Group reduced their Q1 2018 EPS estimates for Meredith Corporation in a research note issued to investors on Wednesday. Jefferies Group analyst J. Janedis now anticipates that the company will post earnings per share of $0.63 for the quarter, down from their previous estimate of $0.64. Jefferies Group has a “Hold” rating and a $60.00 price target on the stock. Jefferies Group also issued estimates for Meredith Corporation’s Q2 2018 earnings at $0.90 EPS, FY2018 earnings at $3.37 EPS and FY2020 earnings at $3.23 EPS.
A number of other brokerages have also recently commented on MDP. ValuEngine raised shares of Meredith Corporation from a “hold” rating to a “buy” rating in a report on Friday, October 13th. BidaskClub raised shares of Meredith Corporation from a “hold” rating to a “buy” rating in a report on Thursday, June 29th. Finally, Zacks Investment Research cut shares of Meredith Corporation from a “hold” rating to a “sell” rating in a report on Friday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. Meredith Corporation has a consensus rating of “Hold” and a consensus price target of $63.33.
Shares of Meredith Corporation (NYSE MDP) opened at 53.70 on Monday. Meredith Corporation has a 12-month low of $43.85 and a 12-month high of $66.25. The stock has a 50 day moving average of $54.63 and a 200 day moving average of $57.22. The stock has a market capitalization of $2.39 billion, a P/E ratio of 12.91 and a beta of 1.23.
Meredith Corporation (NYSE:MDP) last released its quarterly earnings data on Thursday, July 27th. The company reported $1.07 EPS for the quarter, beating the consensus estimate of $0.96 by $0.11. The business had revenue of $445.40 million for the quarter, compared to the consensus estimate of $439.61 million. Meredith Corporation had a net margin of 11.03% and a return on equity of 18.98%. The business’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.08 EPS.
Institutional investors have recently made changes to their positions in the company. Invictus RG acquired a new position in shares of Meredith Corporation in the 1st quarter valued at $154,000. LS Investment Advisors LLC increased 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 during the period. State of Alaska Department of Revenue increased 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 during the period. Teacher Retirement System of Texas acquired a new position in shares of Meredith Corporation in the 1st quarter valued at $201,000. Finally, Tudor Investment Corp ET AL acquired a new position in shares of Meredith Corporation in the 1st quarter valued at $224,000. 96.40% of the stock is currently owned by institutional investors and hedge funds.
In other news, Chairman Stephen M. Lacy sold 10,816 shares of Meredith Corporation stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $56.04, for a total value of $606,128.64. Following the transaction, the chairman now directly owns 9,274 shares of the company’s stock, valued at approximately $519,714.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Paul Karpowicz sold 4,291 shares of Meredith Corporation stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $56.12, for a total transaction of $240,810.92. Following the completion of the transaction, the insider now directly owns 66,473 shares in the company, valued at $3,730,464.76. The disclosure for this sale can be found here. Insiders sold a total of 80,659 shares of company stock worth $4,745,847 over the last ninety days. Corporate insiders own 4.00% 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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