Meredith (NYSE:MDP) announced its quarterly earnings results on Monday. The company reported $1.53 earnings per share for the quarter, topping analysts’ consensus estimates of $1.29 by $0.24, Bloomberg Earnings reports. The company had revenue of $853.50 million for the quarter, compared to analysts’ expectations of $859.28 million. Meredith had a net margin of 3.18% and a return on equity of 13.08%. The business’s quarterly revenue was up 104.3% compared to the same quarter last year. During the same period last year, the firm posted $1.14 earnings per share.
MDP traded down $0.78 during trading on Monday, hitting $51.74. The company had a trading volume of 7,967 shares, compared to its average volume of 372,206. The stock has a market capitalization of $2.36 billion, a P/E ratio of 20.22 and a beta of 1.14. Meredith has a one year low of $47.30 and a one year high of $62.40. The company has a current ratio of 1.57, a quick ratio of 1.52 and a debt-to-equity ratio of 2.72.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 15th. Investors of record on Thursday, February 28th will be given a $0.575 dividend. This is a boost from Meredith’s previous quarterly dividend of $0.55. This represents a $2.30 annualized dividend and a yield of 4.45%. The ex-dividend date of this dividend is Wednesday, February 27th. Meredith’s payout ratio is currently 85.83%.
MDP has been the topic of a number of recent analyst reports. Citigroup boosted their price objective on shares of Meredith from $61.00 to $67.00 and gave the company a “buy” rating in a research report on Thursday, November 29th. Zacks Investment Research raised shares of Meredith from a “hold” rating to a “buy” rating and set a $58.00 price objective on the stock in a research report on Wednesday, January 2nd. Benchmark reaffirmed a “buy” rating and issued a $70.00 price objective on shares of Meredith in a research report on Monday, December 17th. Wolfe Research assumed coverage on shares of Meredith in a research report on Friday, December 7th. They issued a “market perform” rating on the stock. Finally, TheStreet raised shares of Meredith from a “c+” rating to a “b-” rating in a research report on Tuesday, November 27th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $63.00.
In other Meredith news, CFO Joseph H. Ceryanec sold 6,884 shares of the business’s stock in a transaction dated Wednesday, November 14th. The shares were sold at an average price of $58.01, for a total transaction of $399,340.84. Following the sale, the chief financial officer now directly owns 2,226 shares of the company’s stock, valued at approximately $129,130.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Frederick B. Henry sold 1,057 shares of the business’s stock in a transaction dated Thursday, November 15th. The stock was sold at an average price of $57.45, for a total transaction of $60,724.65. The disclosure for this sale can be found here. Insiders have sold a total of 13,952 shares of company stock worth $811,228 over the last three months. Insiders own 4.70% of the company’s stock.
A number of large investors have recently modified their holdings of MDP. Bank of America Corp DE lifted its position in Meredith by 4.7% during the 2nd quarter. Bank of America Corp DE now owns 103,024 shares of the company’s stock worth $5,253,000 after buying an additional 4,627 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Meredith by 1.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 808,300 shares of the company’s stock worth $41,224,000 after purchasing an additional 8,619 shares during the last quarter. State of Alaska Department of Revenue acquired a new position in shares of Meredith during the 3rd quarter worth about $257,000. Deprince Race & Zollo Inc. increased its stake in shares of Meredith by 8.8% during the 3rd quarter. Deprince Race & Zollo Inc. now owns 1,020,055 shares of the company’s stock worth $52,074,000 after purchasing an additional 82,757 shares during the last quarter. Finally, First Hawaiian Bank acquired a new position in shares of Meredith during the 3rd quarter worth about $609,000.
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Meredith Company Profile
Meredith Corporation operates as a diversified media company in the United States, Europe, and Asia. It operates in two segments, National Media and Local Media. The National Media segment offers national consumer media brands through various media platforms, including print magazines, digital and mobile media, brand licensing activities, database-related activities, affinity marketing, and business-to-business marketing products and services.
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