Meredith (NYSE:MDP) Cut to “Hold” at ValuEngine

ValuEngine lowered shares of Meredith (NYSE:MDP) from a buy rating to a hold rating in a report released on Thursday, January 4th.

A number of other research firms also recently issued reports on MDP. Zacks Investment Research downgraded shares of Meredith from a buy rating to a hold rating in a research report on Wednesday, December 27th. Citigroup downgraded shares of Meredith from a buy rating to a neutral rating in a research report on Friday, December 1st. Jefferies Group upgraded shares of Meredith from a hold rating to a buy rating and raised their price target for the stock from $56.00 to $80.00 in a research report on Tuesday, November 28th. Benchmark restated a buy rating and issued a $77.00 price target (up from $67.00) on shares of Meredith in a research report on Monday, November 27th. Finally, Wells Fargo & Co upgraded shares of Meredith from a market perform rating to an outperform rating and raised their price target for the stock from $54.00 to $76.00 in a research report on Monday, November 27th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Meredith currently has a consensus rating of Buy and a consensus target price of $74.20.

Meredith (NYSE:MDP) opened at $67.20 on Thursday. The firm has a market cap of $3,006.70, a price-to-earnings ratio of 17.13, a price-to-earnings-growth ratio of 2.48 and a beta of 1.30. The company has a current ratio of 1.08, a quick ratio of 1.04 and a debt-to-equity ratio of 0.64. Meredith has a fifty-two week low of $50.62 and a fifty-two week high of $72.25.

Meredith (NYSE:MDP) last announced its quarterly earnings data on Thursday, October 26th. The company reported $0.69 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.63 by $0.06. The company had revenue of $393.00 million during the quarter, compared to analyst estimates of $397.50 million. Meredith had a net margin of 11.04% and a return on equity of 18.24%. The firm’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period last year, the business earned $0.75 EPS. sell-side analysts predict that Meredith will post 3.39 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Thursday, November 30th were given a $0.52 dividend. The ex-dividend date of this dividend was Wednesday, November 29th. This represents a $2.08 annualized dividend and a yield of 3.10%. Meredith’s dividend payout ratio is presently 50.36%.

In related news, Director Frederick B. Henry sold 1,048 shares of Meredith stock in a transaction dated Wednesday, November 29th. The shares were sold at an average price of $66.50, for a total value of $69,692.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Joseph H. Ceryanec sold 3,200 shares of Meredith stock in a transaction dated Friday, December 8th. The shares were sold at an average price of $71.54, for a total transaction of $228,928.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 35,024 shares of company stock worth $2,443,024. 4.00% of the stock is currently owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. Rowland & Co. Investment Counsel ADV increased its stake in Meredith by 17.4% during the 4th quarter. Rowland & Co. Investment Counsel ADV now owns 30,160 shares of the company’s stock valued at $1,996,000 after buying an additional 4,460 shares during the period. North Star Investment Management Corp. increased its stake in Meredith by 6.9% during the 4th quarter. North Star Investment Management Corp. now owns 31,025 shares of the company’s stock valued at $2,049,000 after buying an additional 2,000 shares during the period. California Public Employees Retirement System increased its stake in Meredith by 4.9% during the 3rd quarter. California Public Employees Retirement System now owns 124,134 shares of the company’s stock valued at $6,889,000 after buying an additional 5,834 shares during the period. Janney Montgomery Scott LLC acquired a new position in Meredith during the 3rd quarter valued at about $204,000. Finally, Royce & Associates LP increased its stake in Meredith by 5.4% during the 3rd quarter. Royce & Associates LP now owns 1,602,378 shares of the company’s stock valued at $88,932,000 after buying an additional 81,737 shares during the period. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

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About Meredith

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Meredith (NYSE:MDP)

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