Meredith Co. (NYSE:MDP) – Equities researchers at Jefferies Group cut their Q3 2018 earnings estimates for shares of Meredith in a research note issued to investors on Wednesday, Zacks Investment Research reports. Jefferies Group analyst J. Janedis now anticipates that the company will post earnings per share of $0.51 for the quarter, down from their prior estimate of $0.84. Jefferies Group currently has a “Buy” rating and a $80.00 target price on the stock. Jefferies Group also issued estimates for Meredith’s FY2018 earnings at $4.65 EPS, Q1 2019 earnings at $1.50 EPS, Q2 2019 earnings at $3.30 EPS, Q3 2019 earnings at $1.04 EPS, Q4 2019 earnings at $2.15 EPS and FY2019 earnings at $7.98 EPS.
MDP has been the topic of several other reports. ValuEngine raised Meredith from a “hold” rating to a “buy” rating in a research report on Monday, November 27th. Zacks Investment Research lowered Meredith from a “buy” rating to a “hold” rating in a research report on Monday, January 22nd. JMP Securities began coverage on Meredith in a research report on Monday, November 13th. They issued a “market perform” rating on the stock. Wells Fargo & Co raised Meredith from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $54.00 to $76.00 in a research report on Monday, November 27th. Finally, Benchmark reaffirmed a “buy” rating and issued a $77.00 target price (up from $67.00) on shares of Meredith in a research report on Monday, November 27th. Four equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. Meredith has an average rating of “Buy” and a consensus target price of $73.00.
Shares of Meredith (NYSE:MDP) traded up $0.41 during mid-day trading on Monday, reaching $55.21. The company’s stock had a trading volume of 129,325 shares, compared to its average volume of 643,714. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.10 and a current ratio of 1.15. Meredith has a 12 month low of $50.63 and a 12 month high of $72.25. The firm has a market cap of $2,443.78, a price-to-earnings ratio of 9.07, a P/E/G ratio of 1.47 and a beta of 1.24.
Meredith (NYSE:MDP) last posted its quarterly earnings results on Wednesday, January 31st. The company reported $1.14 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.25. The firm had revenue of $417.70 million for the quarter, compared to analyst estimates of $414.97 million. Meredith had a return on equity of 16.72% and a net margin of 16.41%. Meredith’s quarterly revenue was down 5.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.30 earnings per share.
A number of large investors have recently made changes to their positions in the stock. Advisor Group Inc. boosted its stake in Meredith by 0.9% during the 2nd quarter. Advisor Group Inc. now owns 5,398 shares of the company’s stock valued at $321,000 after purchasing an additional 49 shares during the period. Amalgamated Bank boosted its stake in Meredith by 6.1% during the 2nd quarter. Amalgamated Bank now owns 5,575 shares of the company’s stock valued at $331,000 after purchasing an additional 319 shares during the period. Thrivent Financial For Lutherans boosted its stake in Meredith by 8.6% during the 2nd quarter. Thrivent Financial For Lutherans now owns 7,420 shares of the company’s stock valued at $441,000 after purchasing an additional 590 shares during the period. GWM Advisors LLC boosted its stake in Meredith by 15.9% during the 4th quarter. GWM Advisors LLC now owns 6,875 shares of the company’s stock valued at $447,000 after purchasing an additional 944 shares during the period. Finally, Mutual of America Capital Management LLC boosted its stake in Meredith by 3.4% during the 4th quarter. Mutual of America Capital Management LLC now owns 32,944 shares of the company’s stock valued at $2,176,000 after purchasing an additional 1,085 shares during the period. Hedge funds and other institutional investors own 98.28% of the company’s stock.
In related news, Director Donald C. Berg purchased 3,500 shares of the firm’s stock in a transaction dated Monday, February 5th. The stock was bought at an average price of $57.50 per share, for a total transaction of $201,250.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Paul Karpowicz sold 5,000 shares of the stock in a transaction that occurred on Wednesday, November 29th. The shares were sold at an average price of $68.61, for a total value of $343,050.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 35,024 shares of company stock valued at $2,443,024. 4.00% of the stock is currently owned by corporate insiders.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Stockholders of record on Wednesday, February 28th will be paid a dividend of $0.545 per share. This represents a $2.18 annualized dividend and a dividend yield of 3.95%. The ex-dividend date of this dividend is Tuesday, February 27th. This is an increase from Meredith’s previous quarterly dividend of $0.52. Meredith’s dividend payout ratio is 34.44%.
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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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