Meredith (NYSE:MDP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Monday.
According to Zacks, “Meredith has outperformed the industry in the past three months. The company’s strategic initiatives particularly in digital space, brand licensing activities, solid portfolio of television stations and robust earnings surprise history reinforce its position as one of the leading media and marketing companies. The company remains optimistic to generate solid no-political adverting revenues in Local Media Group attributable to robust demand for automotive and professional services. Moreover, the company’s recent merger agreement with Time Inc. for $2.8 billion cash, bodes well. Nevertheless, waning print media trends due to shift from traditional advertising and stiff competition continues to pose concerns for investors. Meanwhile, earnings in both the second quarter and fiscal 2018 are anticipated to decline year over year as the fiscal 2017 benefited from record political advertising revenues.”
Other analysts have also recently issued research reports about the company. Jefferies Group raised Meredith from a “hold” rating to a “buy” rating and lifted their price objective for the company from $56.00 to $80.00 in a research report on Tuesday, November 28th. ValuEngine raised Meredith from a “hold” rating to a “buy” rating in a research report on Monday, November 27th. Benchmark reissued a “buy” rating and set a $77.00 price objective (up previously from $67.00) on shares of Meredith in a research report on Monday, November 27th. Wells Fargo & Co reduced their price objective on Meredith from $62.00 to $54.00 and set a “market perform” rating for the company in a research report on Friday, October 27th. Finally, JMP Securities initiated coverage on Meredith in a research report on Monday, November 13th. They set a “market perform” rating for the company. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $74.20.
Meredith (NYSE MDP) traded up $0.10 on Monday, reaching $66.80. The company had a trading volume of 367,200 shares, compared to its average volume of 403,446. The firm has a market capitalization of $2,970.00, a PE ratio of 16.14, a price-to-earnings-growth ratio of 2.46 and a beta of 1.30. Meredith has a 52-week low of $50.63 and a 52-week high of $72.25. The company has a current ratio of 1.08, a quick ratio of 1.04 and a debt-to-equity ratio of 0.64.
Meredith (NYSE:MDP) last released its quarterly earnings data on Thursday, October 26th. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.06. The firm had revenue of $393.00 million during the quarter, compared to analysts’ expectations of $397.50 million. Meredith had a return on equity of 18.24% and a net margin of 11.04%. The business’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 earnings per share. research analysts forecast that Meredith will post 3.39 earnings per share for the current year.
In other Meredith news, major shareholder Edwin T. Iv Meredith sold 3,600 shares of the business’s stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $70.10, for a total value of $252,360.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Meredith D. Mell Frazier sold 22,176 shares of the business’s stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $69.85, for a total value of $1,548,993.60. Following the completion of the sale, the director now directly owns 6,000 shares of the company’s stock, valued at approximately $419,100. The disclosure for this sale can be found here. Insiders sold 35,024 shares of company stock valued at $2,443,024 in the last ninety days. Insiders own 4.00% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. Fox Run Management L.L.C. bought a new position in shares of Meredith in the fourth quarter worth about $483,000. Alpha Windward LLC bought a new position in shares of Meredith in the fourth quarter worth about $547,000. Rowland & Co. Investment Counsel ADV increased its stake in shares of Meredith by 17.4% in the fourth quarter. Rowland & Co. Investment Counsel ADV now owns 30,160 shares of the company’s stock worth $1,996,000 after purchasing an additional 4,460 shares during the period. North Star Investment Management Corp. increased its stake in shares of Meredith by 6.9% in the fourth quarter. North Star Investment Management Corp. now owns 31,025 shares of the company’s stock worth $2,049,000 after purchasing an additional 2,000 shares during the period. Finally, California Public Employees Retirement System increased its stake in shares of Meredith by 4.9% in the third quarter. California Public Employees Retirement System now owns 124,134 shares of the company’s stock worth $6,889,000 after purchasing an additional 5,834 shares during the period. Institutional investors and hedge funds own 97.26% of the company’s stock.
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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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