Meredith Corporation (MDP) Expected to Announce Quarterly Sales of $397.05 Million
Equities analysts expect Meredith Corporation (NYSE:MDP) to announce sales of $397.05 million for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for Meredith Corporation’s earnings. The highest sales estimate is $398.00 million and the lowest is $396.10 million. Meredith Corporation reported sales of $399.88 million during the same quarter last year, which would suggest a negative year-over-year growth rate of 0.7%. The company is scheduled to issue its next earnings results on Thursday, October 26th.
According to Zacks, analysts expect that Meredith Corporation will report full year sales of $397.05 million for the current fiscal year, with estimates ranging from $1.69 billion to $1.71 billion. For the next fiscal 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 Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that follow Meredith Corporation.
Meredith Corporation (NYSE:MDP) last announced its quarterly earnings results on Thursday, July 27th. The company reported $1.07 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.96 by $0.11. Meredith Corporation had a return on equity of 18.98% and a net margin of 11.03%. The firm had revenue of $445.40 million during the quarter, compared to analyst estimates of $439.61 million. During the same quarter in the previous year, the business earned $1.08 EPS. Meredith Corporation’s revenue for the quarter was up 2.2% compared to the same quarter last year.
A number of research firms have issued reports on MDP. BidaskClub lowered shares of Meredith Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, August 22nd. Jefferies Group LLC reissued a “hold” rating and set a $60.00 target price on shares of Meredith Corporation in a research note on Wednesday, August 9th. ValuEngine raised shares of Meredith Corporation from a “hold” rating to a “buy” rating in a research note on Friday, August 4th. Finally, Zacks Investment Research lowered shares of Meredith Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, June 28th. Four equities research 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 an average target price of $63.50.
Meredith Corporation (MDP) opened at 54.05 on Wednesday. The company has a 50 day moving average price of $57.96 and a 200 day moving average price of $59.60. The stock has a market cap of $2.42 billion, a price-to-earnings ratio of 12.99 and a beta of 1.22. Meredith Corporation has a 52 week low of $43.85 and a 52 week high of $66.25.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Thursday, August 31st will be given a dividend of $0.52 per share. The ex-dividend date is Tuesday, August 29th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.85%. Meredith Corporation’s dividend payout ratio (DPR) is 50.12%.
In other Meredith Corporation news, insider Thomas H. Harty sold 20,028 shares of the business’s stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $60.46, for a total transaction of $1,210,892.88. Following the sale, the insider now directly owns 44,445 shares in the company, valued at approximately $2,687,144.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Stephen M. Lacy sold 10,816 shares of the business’s stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $56.04, for a total transaction of $606,128.64. Following the sale, the chairman now owns 9,274 shares in the company, valued at $519,714.96. The disclosure for this sale can be found here. Insiders have sold a total of 80,659 shares of company stock worth $4,745,847 over the last 90 days. 12.40% of the stock is owned by insiders.
Several hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. increased 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 worth $447,406,000 after buying an additional 6,883,048 shares during the period. State Street Corp increased 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 worth $273,107,000 after buying an additional 3,061,421 shares during the period. Bank of New York Mellon Corp increased 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 worth $87,057,000 after buying an additional 546,916 shares during the period. Vanguard Group Inc. increased 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 worth $229,296,000 after buying an additional 450,150 shares during the period. Finally, Royce & Associates LP increased its stake in Meredith Corporation by 28.1% in the second quarter. Royce & Associates LP now owns 1,520,641 shares of the company’s stock worth $90,402,000 after buying an additional 333,861 shares during the period. 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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