Zacks Investment Research upgraded shares of Meredith (NYSE:MDP) from a hold rating to a buy rating in a report released on Thursday, January 11th. They currently have $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.”
A number of other research firms have also recently commented on MDP. Jefferies Group restated a hold rating and set a $60.00 price target on shares of Meredith in a research note on Monday, October 16th. JMP Securities assumed coverage on Meredith in a research note on Monday, November 13th. They set a market perform rating on the stock. Benchmark reiterated a buy rating and issued a $77.00 price objective (up from $67.00) on shares of Meredith in a research note on Monday, November 27th. Wells Fargo & Co upgraded Meredith from a market perform rating to an outperform rating and increased their price objective for the company from $54.00 to $76.00 in a research note on Monday, November 27th. Finally, ValuEngine upgraded Meredith from a hold rating to a buy rating in a research note on Friday, October 13th. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus target price of $74.20.
Meredith (NYSE:MDP) opened at $66.45 on Thursday. Meredith has a fifty-two week low of $50.63 and a fifty-two week high of $72.25. The company has a quick ratio of 1.04, a current ratio of 1.08 and a debt-to-equity ratio of 0.64. The stock has a market capitalization of $2,984.36, a PE ratio of 16.09, a PEG ratio of 2.46 and a beta of 1.30.
Meredith (NYSE:MDP) last posted its quarterly earnings data on Thursday, October 26th. The company reported $0.69 EPS 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 return on equity of 18.24% and a net margin of 11.04%. Meredith’s quarterly revenue was down 1.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.75 EPS. sell-side analysts expect that Meredith will post 3.39 earnings per share for the current year.
In related news, CFO Joseph H. Ceryanec sold 3,200 shares of the firm’s stock in a transaction dated Friday, December 8th. The shares were sold at an average price of $71.54, for a total value of $228,928.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Edwin T. Iv Meredith sold 3,600 shares of the firm’s stock in a transaction dated Friday, December 15th. The shares were sold at an average price of $70.10, for a total transaction of $252,360.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 35,024 shares of company stock worth $2,443,024. Corporate insiders own 4.00% of the company’s stock.
Several hedge funds have recently bought and sold shares of the company. Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of Meredith during the 3rd quarter worth approximately $167,000. Janney Montgomery Scott LLC acquired a new position in shares of Meredith during the 3rd quarter worth approximately $204,000. Crossmark Global Holdings Inc. acquired a new position in shares of Meredith during the 3rd quarter worth approximately $207,000. Flinton Capital Management LLC raised its position in shares of 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 purchasing an additional 1,326 shares during the last quarter. Finally, Riverhead Capital Management LLC raised its position in shares of 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 purchasing an additional 1,364 shares during the last quarter. Institutional investors own 97.26% of the company’s stock.
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Meredith 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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