Meredith Corporation (NYSE:MDP) Director Frederick B. Henry sold 1,048 shares of the business’s stock in a transaction on Wednesday, November 29th. The stock was sold at an average price of $66.50, for a total transaction of $69,692.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.
Shares of Meredith Corporation (NYSE MDP) traded down $0.25 on Friday, reaching $67.90. 973,288 shares of the company’s stock traded hands, compared to its average volume of 532,598. Meredith Corporation has a 52 week low of $50.63 and a 52 week high of $70.85. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.04 and a current ratio of 1.08. The firm has a market cap of $2,960.00, a PE ratio of 17.13, a PEG ratio of 5.09 and a beta of 1.20.
Meredith (NYSE:MDP) last announced its earnings results on Thursday, October 26th. The company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.06. Meredith had a net margin of 11.04% and a return on equity of 18.24%. The company had revenue of $393.00 million for the quarter, compared to analysts’ expectations of $397.50 million. During the same quarter in the previous year, the company posted $0.75 EPS. The firm’s quarterly revenue was down 1.7% on a year-over-year basis. sell-side analysts predict that Meredith Corporation will post 3.39 EPS for the current year.
Several equities research analysts have issued reports on the stock. Citigroup cut shares of Meredith from a “buy” rating to a “neutral” rating in a research note on Friday. Jefferies Group raised shares of Meredith from a “hold” rating to a “buy” rating and lifted their target price for the stock from $56.00 to $80.00 in a research note on Tuesday. ValuEngine raised shares of Meredith from a “hold” rating to a “buy” rating in a research note on Monday. Benchmark reaffirmed a “buy” rating and set a $77.00 target price (up previously from $67.00) on shares of Meredith in a research note on Monday. Finally, Wells Fargo & Company raised shares of Meredith from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $54.00 to $76.00 in a research note on Monday. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $71.40.
Several hedge funds have recently made changes to their positions in MDP. Spot Trading L.L.C. acquired a new position in shares of Meredith during the 1st quarter valued at about $301,000. Teachers Advisors LLC boosted its position in shares of Meredith by 5.0% during the 1st quarter. Teachers Advisors LLC now owns 65,135 shares of the company’s stock valued at $4,208,000 after acquiring an additional 3,131 shares during the last quarter. State of Alaska Department of Revenue boosted its position in shares of Meredith by 3.4% during 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 last quarter. Oregon Public Employees Retirement Fund boosted its position in shares of Meredith by 4.3% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 13,375 shares of the company’s stock valued at $795,000 after acquiring an additional 549 shares during the last quarter. Finally, LS Investment Advisors LLC boosted its position in shares of Meredith by 20.8% during 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 last quarter. 98.06% of the stock is currently owned by hedge funds and other institutional investors.
Meredith 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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