Meredith Corporation (MDP) Expected to Announce Quarterly Sales of $397.05 Million
Equities analysts expect Meredith Corporation (NYSE:MDP) to post sales of $397.05 million for the current fiscal quarter, Zacks reports. Two analysts have made estimates for Meredith Corporation’s earnings, with estimates ranging from $396.10 million to $398.00 million. Meredith Corporation posted sales of $399.88 million in the same quarter last year, which would indicate a negative year-over-year growth rate of 0.7%. The firm is expected to announce its next quarterly earnings report on Thursday, October 26th.
On average, analysts expect that Meredith Corporation will report full year sales of $397.05 million for the current year, with estimates ranging from $1.69 billion to $1.71 billion. For the next financial year, analysts anticipate that the company will report sales of $1.77 billion per share, with estimates ranging from $1.76 billion to $1.78 billion. Zacks’ sales calculations are an average based on a survey of sell-side research firms that that provide coverage for Meredith Corporation.
Meredith Corporation (NYSE:MDP) last posted its quarterly earnings results on Thursday, July 27th. The company reported $1.07 EPS for the quarter, topping the consensus estimate of $0.96 by $0.11. The firm had revenue of $445.40 million for the quarter, compared to the consensus estimate of $439.61 million. Meredith Corporation had a net margin of 11.03% and a return on equity of 18.98%. The business’s revenue was up 2.2% compared to the same quarter last year. During the same period last year, the firm posted $1.08 earnings per share.
A number of research firms have recently commented on MDP. ValuEngine downgraded Meredith Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, June 7th. Benchmark Co. upgraded Meredith Corporation from a “hold” rating to a “buy” rating and set a $65.00 target price for the company in a research report on Monday, June 5th. BidaskClub downgraded Meredith Corporation from a “buy” rating to a “hold” rating in a research report on Friday, June 23rd. Zacks Investment Research downgraded Meredith Corporation from a “buy” rating to a “hold” rating in a research report on Friday, June 16th. Finally, Jefferies Group LLC reiterated a “hold” rating and set a $60.00 target price on shares of Meredith Corporation in a research report on Friday, July 7th. Five analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $63.50.
Meredith Corporation (MDP) traded up 2.02% on Friday, hitting $55.45. 188,439 shares of the company’s stock traded hands. The stock has a market cap of $2.48 billion, a P/E ratio of 13.33 and a beta of 1.25. Meredith Corporation has a 12 month low of $43.85 and a 12 month high of $66.25. The stock has a 50 day moving average price of $57.52 and a 200-day moving average price of $59.34.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Thursday, August 31st will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.75%. Meredith Corporation’s dividend payout ratio is currently 50.12%.
In other news, Chairman Stephen M. Lacy sold 10,816 shares of the stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $56.04, for a total transaction of $606,128.64. Following the completion of the transaction, the chairman now directly owns 9,274 shares in the company, valued at approximately $519,714.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Stephen M. Lacy sold 10,268 shares of the stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $60.92, for a total value of $625,526.56. Following the transaction, the chief executive officer now owns 9,345 shares of the company’s stock, valued at $569,297.40. The disclosure for this sale can be found here. Insiders have sold a total of 80,659 shares of company stock valued at $4,745,847 over the last quarter. Corporate insiders own 12.40% of the company’s stock.
Hedge funds have recently modified their holdings of the company. North Star Investment Management Corp. increased its stake in shares of Meredith Corporation by 14.8% in the second quarter. North Star Investment Management Corp. now owns 31,025 shares of the company’s stock worth $1,844,000 after buying an additional 4,000 shares in the last quarter. Gotham Asset Management LLC bought a new stake in shares of Meredith Corporation during the first quarter worth about $2,350,000. Mason Street Advisors LLC increased its stake in shares of Meredith Corporation by 1.4% in the first quarter. Mason Street Advisors LLC now owns 17,282 shares of the company’s stock worth $1,116,000 after buying an additional 234 shares in the last quarter. Renaissance Technologies LLC bought a new stake in shares of Meredith Corporation during the first quarter worth about $15,791,000. Finally, Bank of Montreal Can increased 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 in the last quarter. Institutional investors own 96.44% 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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