Equities analysts predict that Meredith Corporation (NYSE:MDP) will announce $0.96 earnings per share for the current quarter, Zacks reports. Two analysts have issued estimates for Meredith Corporation’s earnings. Meredith Corporation posted earnings of $1.08 per share in the same quarter last year, which suggests a negative year over year growth rate of 11.1%. The company is scheduled to issue its next quarterly earnings results before the market opens on Thursday, July 27th.
On average, analysts expect that Meredith Corporation will report full year earnings of $3.89 per share for the current year, with EPS estimates ranging from $3.88 to $3.90. For the next financial year, analysts anticipate that the business will post earnings of $3.43 per share, with EPS estimates ranging from $3.39 to $3.46. Zacks Investment Research’s EPS averages are an average based on a survey of sell-side analysts that that provide coverage for Meredith Corporation.
Meredith Corporation (NYSE:MDP) last announced its earnings results on Thursday, April 27th. The company reported $0.87 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.87. Meredith Corporation had a net margin of 3.23% and a return on equity of 19.44%. The firm had revenue of $425.40 million for the quarter, compared to analyst estimates of $422.61 million. During the same quarter last year, the business earned $0.92 earnings per share. Meredith Corporation’s revenue was up .6% compared to the same quarter last year.
A number of equities research analysts have recently issued reports on MDP shares. Citigroup Inc. upgraded shares of Meredith Corporation from a “neutral” rating to a “buy” rating and boosted their price target for the company from $58.00 to $65.00 in a report on Tuesday, May 2nd. Zacks Investment Research upgraded shares of Meredith Corporation from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a report on Thursday, June 22nd. BidaskClub upgraded shares of Meredith Corporation from a “hold” rating to a “buy” rating in a report on Thursday, June 15th. ValuEngine lowered shares of Meredith Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, June 7th. Finally, Jefferies Group LLC restated a “hold” rating and set a $57.00 price target on shares of Meredith Corporation in a report on Monday, April 24th. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $63.50.
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Shares of Meredith Corporation (NYSE:MDP) traded up 0.08% during mid-day trading on Friday, reaching $60.95. 251,081 shares of the company were exchanged. The firm has a market capitalization of $2.72 billion, a PE ratio of 50.21 and a beta of 1.22. Meredith Corporation has a 12 month low of $43.85 and a 12 month high of $66.25. The company’s 50 day moving average price is $58.25 and its 200 day moving average price is $59.89.
In other Meredith Corporation news, insider Steven M. Cappaert sold 2,195 shares of the company’s stock in a transaction that occurred on Wednesday, May 3rd. The shares were sold at an average price of $56.96, for a total value of $125,027.20. Following the transaction, the insider now owns 6,542 shares in the company, valued at approximately $372,632.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Joseph H. Ceryanec sold 1,247 shares of the company’s stock in a transaction that occurred on Monday, May 1st. The shares were sold at an average price of $57.62, for a total transaction of $71,852.14. Following the completion of the transaction, the chief financial officer now owns 1 shares in the company, valued at approximately $57.62. The disclosure for this sale can be found here. Insiders have sold 9,179 shares of company stock worth $527,227 in the last 90 days. 12.40% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its stake in Meredith Corporation by 16,099.9% in the first quarter. BlackRock Inc. now owns 6,925,800 shares of the company’s stock valued at $447,406,000 after buying an additional 6,883,048 shares during the last quarter. State Street Corp raised its stake in Meredith Corporation by 262.5% in the first quarter. State Street Corp now owns 4,227,619 shares of the company’s stock valued at $273,107,000 after buying an additional 3,061,421 shares during the last quarter. Vanguard Group Inc. raised its stake in Meredith Corporation by 14.5% in the first quarter. Vanguard Group Inc. now owns 3,549,468 shares of the company’s stock valued at $229,296,000 after buying an additional 450,150 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Meredith Corporation by 68.3% in the first quarter. Bank of New York Mellon Corp now owns 1,347,620 shares of the company’s stock valued at $87,057,000 after buying an additional 546,916 shares during the last quarter. Finally, Schroder Investment Management Group raised its stake in Meredith Corporation by 16.1% in the first quarter. Schroder Investment Management Group now owns 1,054,436 shares of the company’s stock valued at $67,906,000 after buying an additional 146,177 shares during the last quarter. Hedge funds and other institutional investors own 96.51% 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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