Meredith Corporation (NYSE:MDP) has received a consensus recommendation of “Buy” from the eight brokerages that are presently covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $71.40.
Several research firms have weighed in on MDP. Jefferies Group upgraded Meredith from a “hold” rating to a “buy” rating and raised their price target for the company from $56.00 to $80.00 in a report on Tuesday. ValuEngine upgraded Meredith from a “hold” rating to a “buy” rating in a report on Monday. Benchmark reiterated a “buy” rating and issued a $77.00 target price (up previously from $67.00) on shares of Meredith in a report on Monday. Wells Fargo & Company upgraded 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 report on Monday. Finally, JMP Securities started coverage on Meredith in a report on Monday, November 13th. They issued a “market perform” rating for the company.
A number of institutional investors have recently bought and sold shares of the business. Migdal Insurance & Financial Holdings Ltd. acquired a new position in Meredith in the 3rd quarter worth about $167,000. LS Investment Advisors LLC raised its holdings in shares of Meredith by 20.8% during the second 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. State of Alaska Department of Revenue raised its holdings in shares of Meredith by 3.4% during the second 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. Janney Montgomery Scott LLC acquired a new position in shares of Meredith during the third quarter valued at approximately $204,000. Finally, Crossmark Global Holdings Inc. acquired a new position in shares of Meredith during the third quarter valued at approximately $207,000. Institutional investors and hedge funds own 98.06% of the company’s stock.
Meredith (NYSE:MDP) last posted its quarterly earnings data on Thursday, October 26th. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.63 by $0.06. Meredith had a return on equity of 18.24% and a net margin of 11.04%. The firm had revenue of $393.00 million for the quarter, compared to the consensus estimate of $397.50 million. During the same quarter last year, the company earned $0.75 earnings per share. The business’s revenue for the quarter was down 1.7% compared to the same quarter last year. equities research analysts forecast that Meredith will post 3.39 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 30th will be paid a dividend of $0.52 per share. The ex-dividend date is Wednesday, November 29th. This represents a $2.08 annualized dividend and a yield of 3.05%. Meredith’s dividend payout ratio (DPR) is 50.36%.
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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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