Meredith Corporation (NYSE:MDP) issued its quarterly earnings results on Thursday, October 26th. The company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.63 by $0.06, Bloomberg Earnings reports. The company had revenue of $393.00 million for the quarter, compared to the consensus estimate of $397.50 million. Meredith Corporation had a net margin of 11.04% and a return on equity of 18.24%. The firm’s revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.75 EPS. Meredith Corporation updated its Q2 guidance to $0.87 -0.92 EPS and its FY18 guidance to $3.20-3.50 EPS.
Shares of Meredith Corporation (MDP) traded down $0.15 during trading on Friday, hitting $53.20. 357,900 shares of the stock traded hands, compared to its average volume of 487,031. Meredith Corporation has a fifty-two week low of $48.65 and a fifty-two week high of $66.25. The firm has a market cap 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. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.04 and a current ratio of 1.08.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 30th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.91%. The ex-dividend date of this dividend is Wednesday, November 29th. Meredith Corporation’s dividend payout ratio (DPR) is 50.36%.
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In other news, Chairman Stephen M. Lacy sold 10,816 shares of the company’s stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $56.04, for a total transaction of $606,128.64. Following the transaction, the chairman now directly owns 9,274 shares of the company’s stock, valued at approximately $519,714.96. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman Stephen M. Lacy sold 6,736 shares of the company’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $57.17, for a total transaction of $385,097.12. Following the transaction, the chairman now directly owns 30,274 shares in the company, valued at $1,730,764.58. The disclosure for this sale can be found here. In the last quarter, insiders sold 29,661 shares of company stock valued at $1,680,697. 4.00% of the stock is owned by insiders.
A number of equities analysts have commented on MDP shares. ValuEngine cut shares of Meredith Corporation from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Zacks Investment Research cut shares of Meredith Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, September 26th. Wells Fargo & Company reduced their target price on shares of Meredith Corporation from $62.00 to $54.00 and set a “market perform” rating for the company in a report on Friday, October 27th. BidaskClub upgraded shares of Meredith Corporation from a “hold” rating to a “buy” rating in a research report on Tuesday, July 25th. Finally, Jefferies Group LLC reiterated a “hold” rating on shares of Meredith Corporation in a research report on Sunday, October 29th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Meredith Corporation has an average rating of “Buy” and a consensus target price of $60.60.
About Meredith Corporation
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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