Meredith (MDP) Stock Rating Lowered by ValuEngine

Meredith (NYSE:MDP) was downgraded by research analysts at ValuEngine from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday.

A number of other brokerages have also recently weighed in on MDP. Zacks Investment Research cut shares of Meredith from a “buy” rating to a “hold” rating in a research note on Wednesday, December 27th. Citigroup cut shares of Meredith from a “buy” rating to a “neutral” rating in a research note on Friday, December 1st. Jefferies Group raised shares of Meredith from a “hold” rating to a “buy” rating and raised their price objective for the stock from $56.00 to $80.00 in a research note on Tuesday, November 28th. Benchmark reaffirmed a “buy” rating and issued a $77.00 target price (up from $67.00) on shares of Meredith in a research note on Monday, November 27th. Finally, Wells Fargo & Co 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, November 27th. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $74.20.

Meredith (NYSE MDP) traded up $0.45 during mid-day trading on Thursday, hitting $65.60. 501,634 shares of the stock were exchanged, compared to its average volume of 406,800. Meredith has a 52 week low of $50.63 and a 52 week high of $72.25. 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 $2,940.00, a P/E ratio of 15.85, a price-to-earnings-growth ratio of 2.40 and a beta of 1.30.

Meredith (NYSE:MDP) last issued its quarterly earnings data on Thursday, October 26th. The company reported $0.69 earnings per share for the quarter, topping the Zacks’ 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 business had revenue of $393.00 million during the quarter, compared to analysts’ expectations of $397.50 million. During the same period last year, the company posted $0.75 EPS. The company’s revenue was down 1.7% on a year-over-year basis. equities research analysts expect that Meredith will post 3.39 earnings per share for the current year.

In other news, Director Frederick B. Henry sold 1,048 shares of the business’s stock in a transaction on Wednesday, November 29th. The shares were 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 can be accessed through this link. Also, major shareholder Edwin T. Iv Meredith sold 3,600 shares of the business’s stock in a transaction on Friday, December 15th. The shares were sold at an average price of $70.10, for a total transaction of $252,360.00. The disclosure for this sale can be found here. Insiders have sold a total of 35,024 shares of company stock valued at $2,443,024 over the last three months. Corporate insiders own 4.00% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in MDP. BlackRock Inc. lifted its holdings in shares of Meredith by 9.1% during the 2nd quarter. BlackRock Inc. now owns 7,553,017 shares of the company’s stock valued at $449,025,000 after acquiring an additional 627,217 shares in the last quarter. State Street Corp lifted its holdings in shares of Meredith by 16.8% during the 2nd quarter. State Street Corp now owns 4,938,340 shares of the company’s stock valued at $293,589,000 after acquiring an additional 710,721 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Meredith by 0.4% during the 2nd quarter. Vanguard Group Inc. now owns 3,564,353 shares of the company’s stock valued at $211,902,000 after acquiring an additional 14,885 shares in the last quarter. Royce & Associates LP lifted its holdings in shares of Meredith by 5.4% during the 3rd quarter. Royce & Associates LP now owns 1,602,378 shares of the company’s stock valued at $88,932,000 after acquiring an additional 81,737 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of Meredith by 3.6% during the 2nd quarter. Northern Trust Corp now owns 1,059,938 shares of the company’s stock valued at $63,014,000 after acquiring an additional 37,120 shares in the last quarter. 97.25% of the stock is owned by institutional investors.

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About Meredith

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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Analyst Recommendations for Meredith (NYSE:MDP)

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