Meredith (MDP) Updates Q3 Earnings Guidance

Meredith (NYSE:MDP) issued an update on its third quarter earnings guidance on Monday morning. The company provided earnings per share guidance of $1.25-1.41 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.73. The company issued revenue guidance of $715-735 million, compared to the consensus revenue estimate of $745.86 million.Meredith also updated its FY 2019 guidance to $2.78-3.20 EPS.

A number of equities research analysts have issued reports on the company. Wolfe Research assumed coverage on Meredith in a research report on Friday, December 7th. They set a market perform rating on the stock. Citigroup upped their target price on Meredith from $61.00 to $67.00 and gave the stock a buy rating in a report on Thursday, November 29th. TheStreet upgraded Meredith from a c+ rating to a b- rating in a report on Tuesday, November 27th. Zacks Investment Research upgraded Meredith from a sell rating to a hold rating in a research note on Tuesday, December 11th. Finally, Benchmark restated a buy rating and issued a $70.00 target price on shares of Meredith in a research note on Monday, December 17th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company’s stock. Meredith presently has an average rating of Buy and a consensus target price of $63.00.

MDP stock opened at $52.52 on Monday. The company has a market cap of $2.36 billion, a PE ratio of 20.68 and a beta of 1.14. The company has a debt-to-equity ratio of 2.72, a quick ratio of 1.52 and a current ratio of 1.57. Meredith has a one year low of $47.30 and a one year high of $62.40.

Meredith (NYSE:MDP) last posted its earnings results on Friday, November 9th. The company reported $0.22 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.32) by $0.54. Meredith had a net margin of 3.18% and a return on equity of 13.08%. The firm had revenue of $756.70 million during the quarter, compared to the consensus estimate of $751.33 million. During the same quarter last year, the firm earned $0.73 EPS. The firm’s revenue for the quarter was up 92.6% on a year-over-year basis. Analysts forecast that Meredith will post 3.97 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 15th. Shareholders of record on Thursday, February 28th will be paid a $0.575 dividend. This is an increase from Meredith’s previous quarterly dividend of $0.55. The ex-dividend date is Wednesday, February 27th. This represents a $2.30 annualized dividend and a dividend yield of 4.38%. Meredith’s payout ratio is 85.83%.

In related news, insider John S. Zieser sold 6,011 shares of the stock in a transaction dated Thursday, November 15th. The shares were sold at an average price of $58.42, for a total transaction of $351,162.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Frederick B. Henry sold 1,057 shares of the 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. In the last quarter, insiders have sold 13,952 shares of company stock valued at $811,228. Insiders own 4.70% of the company’s stock.

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About Meredith

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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