Meredith Corporation (NYSE:MDP) Upgraded by BidaskClub to Buy

Meredith Corporation (NYSE:MDP) was upgraded by stock analysts at BidaskClub from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday, June 29th.

MDP has been the subject of several other research reports. Zacks Investment Research cut shares of Meredith Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, June 28th. Jefferies Group LLC lifted their target price on shares of Meredith Corporation from $55.00 to $57.00 and gave the stock a “hold” rating in a research report on Wednesday, March 22nd. Benchmark Co. lifted their target price on shares of Meredith Corporation from $64.00 to $65.00 and gave the stock a “hold” rating in a research report on Thursday, March 23rd. Citigroup Inc. upgraded shares of Meredith Corporation from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $58.00 to $65.00 in a research report on Tuesday, May 2nd. Finally, ValuEngine downgraded shares of Meredith Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, June 7th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $63.50.

Meredith Corporation (NYSE:MDP) traded up 0.57% during trading on Thursday, reaching $62.25. The company had a trading volume of 612,333 shares. The stock has a market capitalization of $2.78 billion, a P/E ratio of 14.96 and a beta of 1.23. Meredith Corporation has a 12-month low of $43.85 and a 12-month high of $66.25. The stock has a 50 day moving average of $58.93 and a 200-day moving average of $59.96.

Meredith Corporation (NYSE:MDP) last announced its quarterly earnings data on Thursday, July 27th. The company reported $1.07 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.96 by $0.11. Meredith Corporation had a net margin of 11.03% and a return on equity of 18.98%. The firm had revenue of $445.40 million during the quarter, compared to analysts’ expectations of $439.61 million. During the same quarter last year, the business earned $1.08 earnings per share. The business’s revenue for the quarter was up 2.2% compared to the same quarter last year. On average, analysts forecast that Meredith Corporation will post $3.40 earnings per share for the current fiscal year.

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In other Meredith Corporation news, Director Frederick B. Henry sold 3,995 shares of Meredith Corporation stock in a transaction that occurred on Monday, May 1st. The shares were sold at an average price of $57.50, for a total transaction of $229,712.50. Following the transaction, the director now directly owns 2,103 shares of the company’s stock, valued at $120,922.50. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Steven M. Cappaert sold 2,195 shares of Meredith Corporation stock in a transaction that occurred on Wednesday, May 3rd. The shares were sold at an average price of $56.96, for a total transaction of $125,027.20. Following the transaction, the insider now directly owns 6,542 shares in the company, valued at $372,632.32. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 9,179 shares of company stock valued at $527,227. 12.40% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Tyers Asset Management LLC acquired a new position in shares of Meredith Corporation during the fourth quarter worth $104,000. Neuburgh Advisers LLC boosted its position in Meredith Corporation by 15.9% in the first quarter. Neuburgh Advisers LLC now owns 1,606 shares of the company’s stock worth $104,000 after buying an additional 220 shares during the last quarter. Bank of Montreal Can boosted its position in Meredith Corporation by 16.1% in the first quarter. Bank of Montreal Can now owns 1,739 shares of the company’s stock worth $113,000 after buying an additional 241 shares during the last quarter. Flinton Capital Management LLC purchased a new position in Meredith Corporation during the fourth quarter worth approximately $127,000. Finally, Strs Ohio boosted its position in Meredith Corporation by 46.7% in the first quarter. Strs Ohio now owns 2,200 shares of the company’s stock worth $142,000 after buying an additional 700 shares during the last quarter. 96.51% of the stock is currently owned by hedge funds and other institutional investors.

Meredith Corporation Company Profile

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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