Meredith Corporation (MDP) Rating Reiterated by Jefferies Group LLC
Jefferies Group LLC restated their hold rating on shares of Meredith Corporation (NYSE:MDP) in a research report report published on Sunday morning. Jefferies Group also issued estimates for Meredith Corporation’s Q4 2018 earnings at $1.02 EPS.
A number of other research analysts also recently weighed in on MDP. Wells Fargo & Company cut their price target on shares of Meredith Corporation from $62.00 to $54.00 and set a market perform rating on the stock in a report on Friday, October 27th. ValuEngine upgraded shares of Meredith Corporation from a hold rating to a buy rating in a report on Friday, October 13th. BidaskClub downgraded shares of Meredith Corporation from a buy rating to a hold rating in a report on Tuesday, August 22nd. Finally, Zacks Investment Research downgraded shares of Meredith Corporation from a hold rating to a sell rating in a report on Friday, October 20th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Meredith Corporation currently has a consensus rating of Buy and a consensus price target of $60.60.
Meredith Corporation (NYSE:MDP) last released its quarterly earnings results on Thursday, October 26th. The company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.06. The business had revenue of $393.00 million for the quarter, compared to the consensus estimate of $397.50 million. Meredith Corporation had a net margin of 11.04% and a return on equity of 18.24%. Meredith Corporation’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.75 EPS.
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In related news, insider Thomas H. Harty sold 10,363 shares of the firm’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $57.80, for a total value of $598,981.40. Following the transaction, the insider now directly owns 14,445 shares in the company, valued at approximately $834,921. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Paul Karpowicz sold 4,291 shares of the firm’s stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $56.12, for a total transaction of $240,810.92. Following the completion of the transaction, the insider now owns 66,473 shares in the company, valued at $3,730,464.76. The disclosure for this sale can be found here. Insiders sold a total of 40,024 shares of company stock worth $2,279,679 over the last quarter. 4.00% of the stock is currently owned by company insiders.
Large investors have recently bought and sold shares of the stock. LS Investment Advisors LLC grew its stake in Meredith Corporation by 20.8% in the 2nd quarter. LS Investment Advisors LLC now owns 2,951 shares of the company’s stock valued at $175,000 after buying an additional 508 shares during the last quarter. State of Alaska Department of Revenue grew its stake in Meredith Corporation by 3.4% in the 2nd quarter. State of Alaska Department of Revenue now owns 3,050 shares of the company’s stock valued at $181,000 after buying an additional 100 shares during the last quarter. Teacher Retirement System of Texas acquired a new position in Meredith Corporation in the 1st quarter valued at $201,000. Tudor Investment Corp ET AL acquired a new position in Meredith Corporation in the 1st quarter valued at $224,000. Finally, Crossmark Global Holdings Inc. acquired a new position in Meredith Corporation in the 3rd quarter valued at $207,000. Institutional investors and hedge funds own 94.49% 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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