Meredith (NYSE:MDP) released its earnings results on Thursday. The company reported $0.99 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.88 by $0.11, Briefing.com reports. The firm had revenue of $725.20 million during the quarter, compared to analyst estimates of $734.43 million. Meredith had a net margin of 1.47% and a return on equity of 29.93%. The business’s revenue was down 6.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.24 EPS. Meredith updated its Q2 guidance to $1.59-1.72 EPS.
NYSE:MDP traded up $0.74 during mid-day trading on Friday, hitting $37.87. The company’s stock had a trading volume of 567,200 shares, compared to its average volume of 505,939. Meredith has a fifty-two week low of $30.69 and a fifty-two week high of $60.95. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 2.39. The company has a market capitalization of $1.78 billion, a price-to-earnings ratio of 7.77, a P/E/G ratio of 0.46 and a beta of 1.15. The stock has a fifty day moving average of $36.34 and a 200-day moving average of $47.60.
A number of research analysts have weighed in on the stock. Citigroup cut their target price on shares of Meredith from $66.00 to $44.00 and set a “buy” rating for the company in a research report on Monday, October 7th. Zacks Investment Research raised shares of Meredith from a “strong sell” rating to a “buy” rating and set a $41.00 price objective for the company in a research report on Wednesday. Benchmark cut their price objective on shares of Meredith from $68.00 to $48.00 and set a “buy” rating for the company in a research report on Thursday, September 12th. Wolfe Research set a $30.00 price objective on shares of Meredith and gave the company a “hold” rating in a research report on Friday, September 6th. Finally, Guggenheim set a $35.00 price objective on shares of Meredith and gave the company a “hold” rating in a research report on Thursday, September 5th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $42.16.
In other Meredith news, CEO Thomas H. Harty purchased 12,000 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The stock was purchased at an average price of $35.02 per share, with a total value of $420,240.00. Following the completion of the transaction, the chief executive officer now directly owns 46,455 shares of the company’s stock, valued at approximately $1,626,854.10. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Elizabeth E. Tallett purchased 1,250 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock was acquired at an average cost of $37.45 per share, with a total value of $46,812.50. The disclosure for this purchase can be found here. Corporate insiders own 5.30% of the company’s stock.
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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