Meredith Co. (MDP) Receives Consensus Rating of “Buy” from Analysts

Shares of Meredith Co. (NYSE:MDP) have been given an average rating of “Buy” by the nine brokerages that are presently covering the company, MarketBeat.com reports. Four analysts have rated the stock with a hold recommendation, four have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $74.33.

MDP has been the topic of a number of recent analyst reports. Zacks Investment Research upgraded Meredith from a “sell” rating to a “buy” rating and set a $59.00 target price on the stock in a report on Tuesday, October 31st. Wells Fargo & Co reduced their target price on Meredith from $62.00 to $54.00 and set a “market perform” rating on the stock in a report on Friday, October 27th. JMP Securities started coverage on Meredith in a report on Monday, November 13th. They set a “market perform” rating on the stock. Finally, Citigroup cut Meredith from a “buy” rating to a “neutral” rating in a report on Friday, December 1st.

In other news, major shareholder Edwin T. Iv Meredith sold 3,600 shares of Meredith stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $70.10, for a total transaction of $252,360.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Frederick B. Henry sold 1,048 shares of Meredith stock in a transaction that occurred on Wednesday, November 29th. The shares were sold at an average price of $66.50, for a total value of $69,692.00. The disclosure for this sale can be found here. Insiders have sold a total of 35,024 shares of company stock worth $2,443,024 in the last quarter. 4.00% of the stock is currently owned by company insiders.

A number of institutional investors have recently made changes to their positions in the stock. Barrow Hanley Mewhinney & Strauss LLC raised its position in Meredith by 8.3% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,117,498 shares of the company’s stock valued at $139,861,000 after buying an additional 162,700 shares during the last quarter. Royce & Associates LP raised its position in Meredith by 4.9% in the 4th quarter. Royce & Associates LP now owns 1,681,116 shares of the company’s stock valued at $111,038,000 after buying an additional 78,738 shares during the last quarter. Macquarie Group Ltd. raised its position in Meredith by 6.8% in the 3rd quarter. Macquarie Group Ltd. now owns 1,057,615 shares of the company’s stock valued at $58,698,000 after buying an additional 67,632 shares during the last quarter. Standard Life Aberdeen plc raised its position in Meredith by 11.9% in the 4th quarter. Standard Life Aberdeen plc now owns 948,554 shares of the company’s stock valued at $62,676,000 after buying an additional 101,220 shares during the last quarter. Finally, Channing Capital Management LLC raised its position in Meredith by 11.6% in the 4th quarter. Channing Capital Management LLC now owns 891,394 shares of the company’s stock valued at $58,877,000 after buying an additional 92,360 shares during the last quarter. 98.28% of the stock is currently owned by institutional investors and hedge funds.

Meredith (NYSE:MDP) opened at $55.35 on Wednesday. The company has a current ratio of 1.15, a quick ratio of 1.10 and a debt-to-equity ratio of 0.55. Meredith has a 1-year low of $50.63 and a 1-year high of $72.25. The stock has a market capitalization of $2,443.78, a PE ratio of 9.16, a price-to-earnings-growth ratio of 1.47 and a beta of 1.24.

Meredith (NYSE:MDP) last issued its earnings results on Wednesday, January 31st. The company reported $1.14 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.89 by $0.25. Meredith had a return on equity of 16.72% and a net margin of 16.41%. The firm had revenue of $417.70 million for the quarter, compared to analysts’ expectations of $414.97 million. During the same quarter last year, the business earned $1.30 earnings per share. The company’s revenue was down 5.6% compared to the same quarter last year. sell-side analysts expect that Meredith will post 4.65 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Stockholders of record on Wednesday, February 28th will be issued a dividend of $0.545 per share. This represents a $2.18 annualized dividend and a dividend yield of 3.94%. The ex-dividend date is Tuesday, February 27th. This is a boost from Meredith’s previous quarterly dividend of $0.52. Meredith’s payout ratio is 34.44%.

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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.

Analyst Recommendations for Meredith (NYSE:MDP)

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