Meredith (NYSE:MDP) Reaches New 52-Week High at $58.76

Shares of Meredith Co. (NYSE:MDP) hit a new 52-week high during trading on Friday . The company traded as high as $58.76 and last traded at $58.28, with a volume of 76837 shares trading hands. The stock had previously closed at $44.89.

MDP has been the topic of several recent analyst reports. Zacks Investment Research cut shares of Meredith from a “buy” rating to a “hold” rating in a research note on Wednesday, August 4th. Benchmark increased their target price on shares of Meredith from $43.00 to $58.00 and gave the company a “buy” rating in a report on Friday, August 13th. raised their price target on shares of Meredith from $41.00 to $51.00 and gave the stock a “buy” rating in a report on Tuesday, June 29th. Finally, Citigroup raised their price target on shares of Meredith from $51.00 to $54.00 and gave the stock a “buy” rating in a report on Tuesday, August 17th. One investment analyst has rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, Meredith currently has a consensus rating of “Buy” and a consensus target price of $51.75.

The business’s 50 day moving average price is $43.02 and its 200 day moving average price is $38.33. The company has a debt-to-equity ratio of 4.20, a current ratio of 1.29 and a quick ratio of 1.26. The stock has a market capitalization of $2.58 billion, a P/E ratio of 8.98 and a beta of 2.37.

Meredith (NYSE:MDP) last posted its quarterly earnings results on Thursday, August 12th. The company reported $1.11 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.63. Meredith had a net margin of 10.30% and a return on equity of 47.20%. The business had revenue of $717.90 million during the quarter. As a group, analysts forecast that Meredith Co. will post 5.61 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently made changes to their positions in the company. Advisory Services Network LLC purchased a new stake in shares of Meredith in the second quarter valued at $57,000. Carolina Wealth Advisors LLC raised its position in shares of Meredith by 18.1% in the 2nd quarter. Carolina Wealth Advisors LLC now owns 2,331 shares of the company’s stock valued at $101,000 after purchasing an additional 358 shares during the last quarter. Pinz Capital Management LP purchased a new position in shares of Meredith in the 1st quarter valued at approximately $116,000. PNC Financial Services Group Inc. raised its position in Meredith by 14.5% during the 2nd quarter. PNC Financial Services Group Inc. now owns 3,391 shares of the company’s stock worth $148,000 after buying an additional 429 shares during the last quarter. Finally, Mutual of America Capital Management LLC raised its position in Meredith by 7.1% during the 1st quarter. Mutual of America Capital Management LLC now owns 5,418 shares of the company’s stock worth $161,000 after buying an additional 360 shares during the last quarter. 76.71% of the stock is currently owned by institutional investors and hedge funds.

About Meredith (NYSE:MDP)

Meredith Corp. engages in television broadcasting and magazine advertising business. It operates through the Local Media and National Media business segments. The Local Media segment includes television stations and offers websites, mobile-optimized websites, and mobile applications. The National Media segment consists of 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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