ValuEngine upgraded shares of Meredith (NYSE:MDP) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning.
Other equities research analysts have also issued research reports about the stock. Benchmark reaffirmed a buy rating and set a $70.00 target price on shares of Meredith in a research note on Tuesday, June 12th. Citigroup lifted their target price on shares of Meredith from $56.00 to $61.00 and gave the company a buy rating in a research note on Tuesday, September 11th. Jefferies Financial Group reaffirmed a buy rating and set a $57.00 target price on shares of Meredith in a research note on Monday, August 13th. Finally, Zacks Investment Research raised shares of Meredith from a strong sell rating to a hold rating in a research note on Tuesday, July 3rd. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock has an average rating of Buy and a consensus target price of $66.20.
Shares of MDP opened at $51.96 on Tuesday. The stock has a market cap of $2.29 billion, a PE ratio of 20.46, a P/E/G ratio of 0.41 and a beta of 1.46. The company has a debt-to-equity ratio of 2.84, a quick ratio of 1.63 and a current ratio of 1.66. Meredith has a 1-year low of $47.30 and a 1-year high of $72.25.
Meredith (NYSE:MDP) last announced its earnings results on Friday, August 10th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.93). The company had revenue of $788.10 million for the quarter, compared to the consensus estimate of $787.26 million. Meredith had a net margin of 4.43% and a return on equity of 13.49%. The company’s revenue for the quarter was up 76.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.07 EPS. Research analysts expect that Meredith will post 4.54 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 14th. Investors of record on Friday, August 31st were given a dividend of $0.545 per share. The ex-dividend date of this dividend was Thursday, August 30th. This represents a $2.18 dividend on an annualized basis and a yield of 4.20%. Meredith’s dividend payout ratio (DPR) is currently 85.83%.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Principal Financial Group Inc. lifted its position in Meredith by 2.4% during the 1st quarter. Principal Financial Group Inc. now owns 191,704 shares of the company’s stock valued at $10,313,000 after acquiring an additional 4,457 shares during the period. Standard Life Aberdeen plc lifted its position in Meredith by 7.9% during the 2nd quarter. Standard Life Aberdeen plc now owns 1,224,406 shares of the company’s stock valued at $62,506,000 after acquiring an additional 89,980 shares during the period. GAM Holding AG lifted its position in Meredith by 176.5% during the 2nd quarter. GAM Holding AG now owns 27,769 shares of the company’s stock valued at $1,416,000 after acquiring an additional 17,726 shares during the period. Ausdal Financial Partners Inc. lifted its position in Meredith by 29.2% during the 2nd quarter. Ausdal Financial Partners Inc. now owns 5,765 shares of the company’s stock valued at $294,000 after acquiring an additional 1,303 shares during the period. Finally, OppenheimerFunds Inc. lifted its position in Meredith by 20.8% during the 2nd quarter. OppenheimerFunds Inc. now owns 11,139 shares of the company’s stock valued at $568,000 after acquiring an additional 1,919 shares during the period. 95.24% of the stock is owned by institutional investors.
Meredith Company Profile
Meredith Corporation operates as a diversified media company in the United States, Europe, and Asia. It operates in two segments, National Media and Local Media. The National Media segment offers national consumer media brands through various media platforms, including print magazines, digital and mobile media, brand licensing activities, database-related activities, affinity marketing, and business-to-business marketing products and services.
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