Meredith Corp. (MDP) to Post Q1 2017 Earnings of $0.72 Per Share, Jefferies Group Forecasts
Meredith Corp. (NYSE:MDP) – Research analysts at Jefferies Group upped their Q1 2017 earnings per share estimates for shares of Meredith Corp. in a research note issued to investors on Monday. Jefferies Group analyst J. Janedis now forecasts that the brokerage will post earnings of $0.72 per share for the quarter, up from their prior estimate of $0.71. Jefferies Group also issued estimates for Meredith Corp.’s Q2 2017 earnings at $1.22 EPS, Q3 2017 earnings at $0.76 EPS and FY2018 earnings at $3.29 EPS.
A number of other brokerages have also commented on MDP. Benchmark Co. lifted their price target on Meredith Corp. from $57.00 to $62.00 and gave the stock a “buy” rating in a report on Friday, July 29th. Zacks Investment Research lowered Meredith Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, June 29th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. Meredith Corp. currently has a consensus rating of “Hold” and a consensus price target of $54.20.
Shares of Meredith Corp. (NYSE:MDP) traded down 2.19% during mid-day trading on Tuesday, hitting $50.08. The company had a trading volume of 53,273 shares. The company has a market capitalization of $2.23 billion, a PE ratio of 66.77 and a beta of 1.01. Meredith Corp. has a one year low of $35.03 and a one year high of $57.53. The company’s 50-day moving average is $52.03 and its 200 day moving average is $51.34.
Meredith Corp. (NYSE:MDP) last announced its quarterly earnings data on Thursday, July 28th. The company reported $1.08 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.05. Meredith Corp. had a return on equity of 15.66% and a net margin of 2.06%. The business earned $435.78 million during the quarter, compared to the consensus estimate of $437.78 million. During the same period in the prior year, the company earned $0.94 EPS. Meredith Corp.’s revenue for the quarter was up 2.3% on a year-over-year basis.
Institutional investors have recently made changes to their positions in the stock. BlackRock Institutional Trust Company N.A. boosted its position in shares of Meredith Corp. by 1.9% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,094,652 shares of the company’s stock valued at $51,996,000 after buying an additional 20,189 shares during the period. Copper Rock Capital Partners LLC bought a new position in shares of Meredith Corp. during the third quarter valued at $36,045,000. TIAA CREF Investment Management LLC boosted its position in shares of Meredith Corp. by 10.2% in the first quarter. TIAA CREF Investment Management LLC now owns 145,588 shares of the company’s stock valued at $6,915,000 after buying an additional 13,449 shares during the period. Nordea Investment Management AB boosted its position in shares of Meredith Corp. by 249.6% in the second quarter. Nordea Investment Management AB now owns 11,625 shares of the company’s stock valued at $603,000 after buying an additional 8,300 shares during the period. Finally, Convergence Investment Partners LLC bought a new position in shares of Meredith Corp. during the second quarter valued at $2,437,000. Institutional investors own 82.32% of the company’s stock.
In other news, CFO Joseph H. Ceryanec sold 9,145 shares of Meredith Corp. stock in a transaction on Monday, August 1st. The stock was sold at an average price of $54.03, for a total value of $494,104.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John S. Zieser sold 1,206 shares of Meredith Corp. stock in a transaction on Thursday, August 18th. The shares were sold at an average price of $55.00, for a total value of $66,330.00. Following the completion of the transaction, the insider now owns 18,000 shares of the company’s stock, valued at $990,000. The disclosure for this sale can be found here. 11.24% of the stock is owned by insiders.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st were given a $0.495 dividend. This represents a $1.98 annualized dividend and a dividend yield of 3.87%. The ex-dividend date was Monday, August 29th. Meredith Corp.’s dividend payout ratio (DPR) is presently 275.00%.
About Meredith Corp.
Meredith Corporation is a media and marketing company. The Company operates two business segments namely local media and national media. Its national media segment includes national consumer media brands delivered via multiple media platforms including print magazines and digital and mobile media, brand licensing activities, database-related activities and business-to-business marketing products and services.
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