Meredith Corporation’s (MDP) “Hold” Rating Reiterated at Jefferies Group LLC
Jefferies Group LLC reissued their hold rating on shares of Meredith Corporation (NYSE:MDP) in a research report released on Sunday morning. Jefferies Group also issued estimates for Meredith Corporation’s Q4 2018 earnings at $1.02 EPS.
A number of other equities research analysts have also recently issued reports on MDP. Wells Fargo & Company decreased their target price on Meredith Corporation from $62.00 to $54.00 and set a market perform rating for the company in a research report on Friday, October 27th. ValuEngine raised Meredith Corporation from a hold rating to a buy rating in a research report on Friday, October 13th. BidaskClub cut Meredith Corporation from a buy rating to a hold rating in a research report on Tuesday, August 22nd. Finally, Zacks Investment Research cut Meredith Corporation from a hold rating to a sell rating in a research report on Friday, October 20th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus target price of $60.60.
Shares of Meredith Corporation (NYSE MDP) opened at 53.00 on Friday. Meredith Corporation has a 1-year low of $43.85 and a 1-year high of $66.25. The stock has a market cap of $2.36 billion, a price-to-earnings ratio of 12.74 and a beta of 1.23. The stock’s 50 day moving average is $54.30 and its 200-day moving average is $56.64.
Meredith Corporation (NYSE:MDP) last announced its earnings results on Thursday, October 26th. The company reported $0.69 earnings per share (EPS) for the quarter, topping 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 Corporation had a return on equity of 18.24% and a net margin of 11.04%. The company’s revenue was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.75 earnings per share. On average, analysts anticipate that Meredith Corporation will post $3.35 EPS for the current year.
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In other news, insider Thomas H. Harty sold 10,363 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $57.80, for a total transaction of $598,981.40. Following the completion of the transaction, the insider now directly owns 14,445 shares in the company, valued at $834,921. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Stephen M. Lacy sold 10,816 shares of the company’s stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $56.04, for a total value of $606,128.64. Following the transaction, the chairman now owns 9,274 shares of the company’s stock, valued at $519,714.96. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 40,024 shares of company stock valued at $2,279,679. Corporate insiders own 4.00% of the company’s stock.
Several hedge funds have recently modified their holdings of MDP. Spot Trading L.L.C. acquired a new position in shares of Meredith Corporation during the first quarter worth approximately $301,000. UBS Asset Management Americas Inc. lifted its holdings in shares of Meredith Corporation by 67.9% during the first quarter. UBS Asset Management Americas Inc. now owns 24,235 shares of the company’s stock worth $1,566,000 after buying an additional 9,798 shares during the last quarter. OppenheimerFunds Inc. lifted its holdings in shares of Meredith Corporation by 26.0% during the first quarter. OppenheimerFunds Inc. now owns 7,646 shares of the company’s stock worth $494,000 after buying an additional 1,578 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Meredith Corporation by 2.1% during the first quarter. Principal Financial Group Inc. now owns 165,819 shares of the company’s stock worth $10,712,000 after buying an additional 3,423 shares during the last quarter. Finally, Wellington Management Group LLP acquired a new position in shares of Meredith Corporation during the first quarter worth approximately $766,000. Institutional investors own 94.49% 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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