Several other research firms have also commented on MDP. BidaskClub raised Meredith Corporation from a hold rating to a buy rating in a research report on Tuesday, July 25th. ValuEngine raised Meredith Corporation from a hold rating to a buy rating in a research report on Friday, August 4th. Jefferies Group LLC reaffirmed a hold rating and set a $60.00 price target on shares of Meredith Corporation in a research report on Wednesday, August 9th. Zacks Investment Research lowered Meredith Corporation from a hold rating to a sell rating in a research report on Tuesday, September 26th. Finally, Wells Fargo & Company cut their price target on Meredith Corporation from $62.00 to $54.00 and set a market perform rating on the stock in a research report on Friday, October 27th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Meredith Corporation has a consensus rating of Buy and an average target price of $60.60.
Meredith Corporation (NYSE MDP) traded down $0.35 during mid-day trading on Monday, reaching $52.85. The company had a trading volume of 247,000 shares, compared to its average volume of 509,401. The stock has a market capitalization of $2,376.76, a PE ratio of 13.54, a price-to-earnings-growth ratio of 4.03 and a beta of 1.20. Meredith Corporation has a 12-month low of $50.60 and a 12-month high of $66.25. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.04 and a current ratio of 1.08.
Meredith Corporation (NYSE:MDP) last posted its earnings results on Thursday, October 26th. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.06. The firm had revenue of $393.00 million during the quarter, compared to analysts’ expectations of $397.50 million. Meredith Corporation had a return on equity of 18.24% and a net margin of 11.04%. The firm’s revenue was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.75 earnings per share. research analysts predict that Meredith Corporation will post 3.39 EPS for the current fiscal year.
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The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 30th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.94%. The ex-dividend date of this dividend is Wednesday, November 29th. Meredith Corporation’s payout ratio is currently 50.36%.
In other news, Chairman Stephen M. Lacy sold 10,816 shares of the business’s stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $56.04, for a total value of $606,128.64. Following the transaction, the chairman now owns 9,274 shares of the company’s stock, valued at $519,714.96. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Paul Karpowicz sold 4,291 shares of the business’s stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $56.12, for a total value of $240,810.92. Following the completion of the transaction, the insider now directly owns 66,473 shares in the company, valued at approximately $3,730,464.76. The disclosure for this sale can be found here. Insiders own 4.00% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. BlackRock Inc. increased its holdings in shares of Meredith Corporation by 9.1% in the second quarter. BlackRock Inc. now owns 7,553,017 shares of the company’s stock valued at $449,025,000 after purchasing an additional 627,217 shares during the period. State Street Corp increased its holdings in shares of Meredith Corporation by 16.8% in the second quarter. State Street Corp now owns 4,938,340 shares of the company’s stock valued at $293,589,000 after purchasing an additional 710,721 shares during the period. Vanguard Group Inc. increased its holdings in shares of Meredith Corporation by 0.4% in the second quarter. Vanguard Group Inc. now owns 3,564,353 shares of the company’s stock valued at $211,902,000 after purchasing an additional 14,885 shares during the period. Royce & Associates LP increased its holdings in shares of Meredith Corporation by 5.4% in the third quarter. Royce & Associates LP now owns 1,602,378 shares of the company’s stock valued at $88,932,000 after purchasing an additional 81,737 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in shares of Meredith Corporation by 11.4% in the second quarter. Bank of New York Mellon Corp now owns 1,501,656 shares of the company’s stock valued at $89,273,000 after purchasing an additional 154,036 shares during the period. 94.48% of the stock is currently owned by institutional investors and hedge funds.
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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