Meredith (MDP) Stock Rating Upgraded by Zacks Investment Research
Zacks Investment Research upgraded shares of Meredith (NYSE:MDP) from a hold rating to a buy rating in a report issued on Thursday morning. The brokerage currently has $73.00 price target on the stock.
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.”
A number of other analysts have also weighed in on MDP. ValuEngine raised shares of Meredith from a hold rating to a buy rating in a research note on Friday, October 13th. Jefferies Group reissued a hold rating and set a $60.00 target price on shares of Meredith in a research note on Monday, October 16th. Wells Fargo & Co cut their target price on shares of Meredith from $62.00 to $54.00 and set a market perform rating for the company in a research note on Friday, October 27th. JMP Securities began coverage on shares of Meredith in a research note on Monday, November 13th. They set a market perform rating for the company. Finally, Benchmark reissued a buy rating and set a $77.00 target price (up from $67.00) on shares of Meredith in a research note on Monday, November 27th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus price target of $74.20.
Shares of Meredith (MDP) traded down $0.10 during trading hours on Thursday, hitting $67.20. 203,100 shares of the stock were exchanged, compared to its average volume of 396,789. The firm has a market cap of $3,000.00, a price-to-earnings ratio of 16.23, a P/E/G ratio of 2.48 and a beta of 1.30. Meredith has a 12 month low of $50.63 and a 12 month 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 issued its quarterly earnings results on Thursday, October 26th. The company reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.06. The company had revenue of $393.00 million during the quarter, compared to analyst estimates of $397.50 million. Meredith had a net margin of 11.04% and a return on equity of 18.24%. The business’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.75 EPS. equities analysts forecast that Meredith will post 3.39 earnings per share for the current fiscal year.
In related news, Director Meredith D. Mell Frazier sold 22,176 shares of the company’s stock in a transaction that occurred on Friday, December 15th. The shares were 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 owns 6,000 shares in the company, valued at approximately $419,100. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Frederick B. Henry sold 1,048 shares of the company’s stock in a transaction that occurred on Wednesday, November 29th. The shares were sold at an average price of $66.50, for a total transaction of $69,692.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 35,024 shares of company stock valued at $2,443,024. Company insiders own 4.00% of the company’s stock.
Several large investors have recently modified their holdings of MDP. Russell Investments Group Ltd. lifted its position in shares of Meredith by 38.9% in the 2nd quarter. Russell Investments Group Ltd. now owns 10,703 shares of the company’s stock valued at $636,000 after acquiring an additional 2,999 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its position in shares of Meredith by 3.3% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 352,658 shares of the company’s stock valued at $20,966,000 after acquiring an additional 11,185 shares in the last quarter. Legal & General Group Plc lifted its position in shares of Meredith by 10.9% in the 2nd quarter. Legal & General Group Plc now owns 45,175 shares of the company’s stock valued at $2,682,000 after acquiring an additional 4,440 shares in the last quarter. Federated Investors Inc. PA lifted its position in shares of Meredith by 3.9% in the 2nd quarter. Federated Investors Inc. PA now owns 18,748 shares of the company’s stock valued at $1,115,000 after acquiring an additional 710 shares in the last quarter. Finally, Neuberger Berman Group LLC lifted its position in shares of Meredith by 42.1% in the 2nd quarter. Neuberger Berman Group LLC now owns 10,886 shares of the company’s stock valued at $647,000 after acquiring an additional 3,224 shares in the last quarter. Institutional investors and hedge funds own 97.26% of the company’s stock.
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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