Meredith Co. (NYSE:MDP) has been assigned a consensus rating of “Hold” from the eight brokerages that are covering the stock, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $42.39.
A number of equities research analysts recently commented on the company. Wolfe Research set a $30.00 target price on Meredith and gave the stock a “hold” rating in a report on Friday, September 6th. Guggenheim set a $35.00 target price on Meredith and gave the stock a “hold” rating in a report on Thursday, September 5th. Benchmark decreased their target price on Meredith from $68.00 to $48.00 and set a “buy” rating for the company in a report on Thursday, September 12th. Finally, Citigroup decreased their target price on Meredith from $66.00 to $44.00 and set a “buy” rating for the company in a report on Monday, October 7th.
Shares of Meredith stock traded up $0.43 on Monday, reaching $34.69. 513,328 shares of the stock were exchanged, compared to its average volume of 466,082. The company has a quick ratio of 1.02, a current ratio of 1.07 and a debt-to-equity ratio of 2.39. Meredith has a twelve month low of $30.69 and a twelve month high of $62.40. The firm has a market capitalization of $1.47 billion, a price-to-earnings ratio of 6.42, a PEG ratio of 0.38 and a beta of 1.19. The business has a 50 day moving average price of $37.85 and a two-hundred day moving average price of $50.48.
Meredith (NYSE:MDP) last released its earnings results on Thursday, September 5th. The company reported $1.79 EPS for the quarter, topping the Zacks’ consensus estimate of $1.74 by $0.05. Meredith had a return on equity of 29.93% and a net margin of 1.47%. The firm had revenue of $785.60 million during the quarter, compared to the consensus estimate of $772.63 million. During the same quarter in the previous year, the company posted ($0.06) earnings per share. The company’s revenue was down 1.6% compared to the same quarter last year. Research analysts forecast that Meredith will post 3.35 EPS for the current year.
In related news, CEO Thomas H. Harty purchased 12,000 shares of the firm’s stock in a transaction on Monday, September 9th. The stock was bought at an average cost of $35.02 per share, with a total value of $420,240.00. Following the completion of the acquisition, the chief executive officer now owns 46,455 shares of the company’s stock, valued at approximately $1,626,854.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Elizabeth E. Tallett purchased 1,250 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was bought at an average cost of $37.45 per share, with a total value of $46,812.50. The disclosure for this purchase can be found here. Insiders own 5.30% of the company’s stock.
A number of large investors have recently made changes to their positions in MDP. Invesco Ltd. lifted its holdings in Meredith by 87.7% in the second quarter. Invesco Ltd. now owns 525,332 shares of the company’s stock valued at $28,925,000 after acquiring an additional 245,399 shares during the period. Nuveen Asset Management LLC raised its stake in shares of Meredith by 27.2% during the 2nd quarter. Nuveen Asset Management LLC now owns 581,239 shares of the company’s stock worth $32,003,000 after buying an additional 124,337 shares during the period. First Trust Advisors LP raised its stake in shares of Meredith by 302.0% during the 2nd quarter. First Trust Advisors LP now owns 123,014 shares of the company’s stock worth $6,773,000 after buying an additional 92,417 shares during the period. Vanguard Group Inc. raised its stake in shares of Meredith by 2.1% during the 2nd quarter. Vanguard Group Inc. now owns 3,952,038 shares of the company’s stock worth $217,599,000 after buying an additional 80,457 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in shares of Meredith by 28.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 276,612 shares of the company’s stock worth $14,865,000 after buying an additional 61,474 shares during the period. 97.06% of the stock is owned by institutional investors.
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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