Meredith Corporation (MDP) Cut to Hold at BidaskClub
BidaskClub lowered shares of Meredith Corporation (NYSE:MDP) from a buy rating to a hold rating in a report published on Tuesday morning.
Other equities analysts have also issued research reports about the stock. ValuEngine lowered shares of Meredith Corporation from a buy rating to a hold rating in a report on Wednesday, June 7th. Benchmark Co. raised shares of Meredith Corporation from a hold rating to a buy rating and set a $65.00 target price for the company in a research note on Monday, June 5th. Jefferies Group LLC reaffirmed a hold rating and issued a $57.00 target price on shares of Meredith Corporation in a research note on Monday, April 24th. Zacks Investment Research raised shares of Meredith Corporation from a hold rating to a buy rating and set a $64.00 target price for the company in a research note on Thursday, June 22nd. Finally, Citigroup Inc. raised shares of Meredith Corporation from a neutral rating to a buy rating and upped their target price for the stock from $58.00 to $65.00 in a research note on Tuesday, May 2nd. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The stock currently has an average rating of Hold and a consensus price target of $63.50.
Shares of Meredith Corporation (NYSE MDP) opened at 54.50 on Tuesday. The stock has a market capitalization of $2.44 billion, a P/E ratio of 13.10 and a beta of 1.22. The stock has a 50 day moving average price of $57.96 and a 200 day moving average price of $59.60. Meredith Corporation has a 12 month low of $43.85 and a 12 month high of $66.25.
Meredith Corporation (NYSE:MDP) last announced its quarterly earnings results on Thursday, July 27th. The company reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.11. Meredith Corporation had a net margin of 11.03% and a return on equity of 18.98%. The company had revenue of $445.40 million during the quarter, compared to analyst estimates of $439.61 million. During the same quarter in the previous year, the business earned $1.08 EPS. The firm’s revenue was up 2.2% on a year-over-year basis. On average, analysts anticipate that Meredith Corporation will post $3.38 EPS for the current fiscal year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Thursday, August 31st will be paid a dividend of $0.52 per share. The ex-dividend date is Tuesday, August 29th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.82%. Meredith Corporation’s dividend payout ratio is 50.12%.
In other news, insider Thomas H. Harty sold 20,028 shares of the stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $60.46, for a total transaction of $1,210,892.88. Following the completion of the transaction, the insider now directly owns 44,445 shares in the company, valued at approximately $2,687,144.70. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Chairman Stephen M. Lacy sold 10,816 shares of the stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $56.04, for a total transaction of $606,128.64. Following the transaction, the chairman now owns 9,274 shares of the company’s stock, valued at $519,714.96. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 80,659 shares of company stock valued at $4,745,847. Company insiders own 12.40% of the company’s stock.
Several institutional investors have recently bought and sold shares of MDP. Teachers Advisors LLC boosted its stake in shares of Meredith Corporation by 2.2% in the fourth quarter. Teachers Advisors LLC now owns 62,004 shares of the company’s stock worth $3,668,000 after buying an additional 1,353 shares during the last quarter. Bank of Montreal Can boosted its stake in shares of Meredith Corporation by 16.1% in the first quarter. Bank of Montreal Can now owns 1,739 shares of the company’s stock worth $113,000 after buying an additional 241 shares during the last quarter. Louisiana State Employees Retirement System boosted its stake in shares of Meredith Corporation by 2.2% in the first quarter. Louisiana State Employees Retirement System now owns 9,200 shares of the company’s stock worth $594,000 after buying an additional 200 shares during the last quarter. James Investment Research Inc. purchased a new stake in shares of Meredith Corporation during the first quarter worth about $2,162,000. Finally, Fisher Asset Management LLC boosted its stake in shares of Meredith Corporation by 2.5% in the first quarter. Fisher Asset Management LLC now owns 956,256 shares of the company’s stock worth $61,774,000 after buying an additional 23,491 shares during the last quarter. Institutional investors own 97.65% of the company’s stock.
About Meredith Corporation
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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