Zacks Investment Research upgraded shares of Meredith (NYSE:MDP) from a hold rating to a buy rating in a research report sent to investors on Thursday morning. Zacks Investment Research currently has $73.00 price objective on the stock.
According to Zacks, “Meredith has outperformed the industry in the past three months. The company’s strategic initiatives particularly in digital space, brand licensing activities, solid portfolio of television stations and robust earnings surprise history reinforce its position as one of the leading media and marketing companies. The company remains optimistic to generate solid no-political adverting revenues in Local Media Group attributable to robust demand for automotive and professional services. Moreover, the company’s recent merger agreement with Time Inc. for $2.8 billion cash, bodes well. Nevertheless, waning print media trends due to shift from traditional advertising and stiff competition continues to pose concerns for investors. Meanwhile, earnings in both the second quarter and fiscal 2018 are anticipated to decline year over year as the fiscal 2017 benefited from record political advertising revenues.”
Other equities analysts have also issued research reports about the company. Jefferies Group upgraded Meredith from a hold rating to a buy rating and increased their price target for the company from $56.00 to $80.00 in a research report on Tuesday, November 28th. ValuEngine upgraded Meredith from a hold rating to a buy rating in a research report on Monday, November 27th. Benchmark reiterated a buy rating and issued a $77.00 price target (up previously from $67.00) on shares of Meredith in a research report on Monday, November 27th. Wells Fargo & Co decreased their price target on Meredith from $62.00 to $54.00 and set a market perform rating for the company in a research report on Friday, October 27th. Finally, JMP Securities started coverage on Meredith in a research report on Monday, November 13th. They issued a market perform rating for the company. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock currently has a consensus rating of Buy and an average target price of $74.20.
Shares of Meredith (NYSE MDP) traded down $0.10 during mid-day trading on Thursday, reaching $67.20. The company had a trading volume of 203,100 shares, compared to its average volume of 396,789. Meredith has a fifty-two week low of $50.63 and a fifty-two week high of $72.25. The company has a market capitalization of $3,000.00, a PE ratio of 16.23, a P/E/G ratio of 2.48 and a beta of 1.30. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.08 and a quick ratio of 1.04.
Meredith (NYSE:MDP) last released its quarterly earnings results on Thursday, October 26th. The company reported $0.69 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.06. Meredith had a return on equity of 18.24% and a net margin of 11.04%. The business had revenue of $393.00 million during the quarter, compared to analyst estimates of $397.50 million. During the same quarter last year, the company posted $0.75 EPS. Meredith’s revenue for the quarter was down 1.7% on a year-over-year basis. sell-side analysts expect that Meredith will post 3.39 EPS for the current year.
In other Meredith news, major shareholder Edwin T. Iv Meredith sold 3,600 shares of the firm’s stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $70.10, for a total transaction of $252,360.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Meredith D. Mell Frazier sold 22,176 shares of the firm’s stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $69.85, for a total value of $1,548,993.60. Following the sale, the director now owns 6,000 shares of the company’s stock, valued at $419,100. The disclosure for this sale can be found here. Insiders sold a total of 35,024 shares of company stock valued at $2,443,024 in the last quarter. 4.00% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in MDP. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Meredith during the 3rd quarter worth about $167,000. Janney Montgomery Scott LLC acquired a new stake in Meredith during the 3rd quarter worth about $204,000. Crossmark Global Holdings Inc. acquired a new stake in Meredith during the 3rd quarter worth about $207,000. Flinton Capital Management LLC boosted its position in Meredith by 53.4% during the 2nd quarter. Flinton Capital Management LLC now owns 3,808 shares of the company’s stock worth $226,000 after acquiring an additional 1,326 shares during the period. Finally, Riverhead Capital Management LLC boosted its position in Meredith by 54.6% during the 2nd quarter. Riverhead Capital Management LLC now owns 3,864 shares of the company’s stock worth $230,000 after acquiring an additional 1,364 shares during the period. Hedge funds and other institutional investors own 97.26% of the company’s stock.
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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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