Wolfe Research began coverage on shares of Meredith (NYSE:MDP) in a research note published on Friday, The Fly reports. The brokerage issued a market perform rating on the stock.
Several other brokerages have also weighed in on MDP. Jefferies Financial Group reissued a buy rating and issued a $57.00 price objective on shares of Meredith in a report on Monday, August 13th. Zacks Investment Research raised Meredith from a strong sell rating to a hold rating in a report on Friday, October 12th. ValuEngine raised Meredith from a strong sell rating to a sell rating in a report on Thursday, August 16th. Citigroup lifted their price objective on Meredith from $56.00 to $61.00 and gave the stock a buy rating in a report on Tuesday, September 11th. Finally, TheStreet raised Meredith from a c+ rating to a b- rating in a report on Tuesday, November 27th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company presently has a consensus rating of Buy and a consensus price target of $65.25.
MDP traded down $3.00 during trading hours on Friday, hitting $55.29. The stock had a trading volume of 320,509 shares, compared to its average volume of 288,083. Meredith has a 1 year low of $47.30 and a 1 year high of $72.25. The firm has a market cap of $2.62 billion, a P/E ratio of 21.77 and a beta of 1.28. The company has a debt-to-equity ratio of 2.72, a quick ratio of 1.52 and a current ratio of 1.57.
Meredith (NYSE:MDP) last announced its quarterly earnings data on Friday, November 9th. The company reported $0.22 earnings per share for the quarter, topping the consensus estimate of ($0.32) by $0.54. Meredith had a return on equity of 13.08% and a net margin of 3.18%. The company had revenue of $756.70 million during the quarter, compared to analyst estimates of $751.33 million. During the same quarter last year, the firm posted $0.73 EPS. The firm’s revenue for the quarter was up 92.6% on a year-over-year basis. As a group, research analysts predict that Meredith will post 3.05 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 14th. Shareholders of record on Friday, November 30th will be paid a $0.545 dividend. The ex-dividend date of this dividend is Thursday, November 29th. This represents a $2.18 annualized dividend and a yield of 3.94%. Meredith’s dividend payout ratio is currently 85.83%.
In other Meredith news, CFO Joseph H. Ceryanec sold 6,884 shares of the firm’s stock in a transaction dated Wednesday, November 14th. The stock was sold at an average price of $58.01, for a total value of $399,340.84. Following the completion of the transaction, the chief financial officer now owns 2,226 shares in the company, valued at approximately $129,130.26. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Frederick B. Henry sold 1,057 shares of the firm’s stock in a transaction dated Thursday, November 15th. The stock was sold at an average price of $57.45, for a total value of $60,724.65. The disclosure for this sale can be found here. In the last 90 days, insiders sold 18,610 shares of company stock valued at $1,081,858. 4.70% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of MDP. Commonwealth Bank of Australia bought a new position in Meredith in the 3rd quarter worth about $214,000. Crossmark Global Holdings Inc. bought a new position in Meredith in the 2nd quarter worth about $229,000. Tower Research Capital LLC TRC boosted its stake in Meredith by 183.8% in the 3rd quarter. Tower Research Capital LLC TRC now owns 4,892 shares of the company’s stock worth $249,000 after purchasing an additional 3,168 shares during the period. State of Alaska Department of Revenue bought a new position in Meredith in the 3rd quarter worth about $257,000. Finally, Janney Montgomery Scott LLC bought a new position in Meredith in the 2nd quarter worth about $276,000.
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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