Meredith Co. (NYSE:MDP) has been given an average recommendation of “Buy” by the nine ratings firms that are presently covering the stock, Marketbeat.com reports. Four research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $74.33.
A number of equities analysts recently weighed in on MDP shares. Jefferies Group raised shares of Meredith from a “hold” rating to a “buy” rating and boosted their price target for the stock from $56.00 to $80.00 in a report on Tuesday, November 28th. ValuEngine raised shares of Meredith from a “hold” rating to a “buy” rating in a report on Monday, November 27th. Benchmark reissued a “buy” rating and issued a $77.00 price target (up from $67.00) on shares of Meredith in a report on Monday, November 27th. Zacks Investment Research raised shares of Meredith from a “hold” rating to a “buy” rating and set a $76.00 price target on the stock in a report on Thursday, December 28th. Finally, Gabelli raised shares of Meredith from a “hold” rating to a “buy” rating in a report on Wednesday, January 31st.
In related news, 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 sale, the director now directly owns 6,000 shares in the company, valued at approximately $419,100. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Donald C. Berg acquired 3,500 shares of the stock in a transaction that occurred on Monday, February 5th. The stock was purchased at an average price of $57.50 per share, for a total transaction of $201,250.00. The disclosure for this purchase can be found here. Insiders own 4.00% of the company’s stock.
A number of institutional investors have recently made changes to their positions in MDP. Public Employees Retirement System of Ohio raised its stake in Meredith by 291.2% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 10,605 shares of the company’s stock valued at $630,000 after acquiring an additional 7,894 shares during the period. Nationwide Fund Advisors raised its stake in Meredith by 7.0% in the 3rd quarter. Nationwide Fund Advisors now owns 96,940 shares of the company’s stock valued at $5,380,000 after acquiring an additional 6,336 shares during the period. Crossmark Global Holdings Inc. bought a new stake in shares of Meredith during the third quarter valued at about $207,000. Victory Capital Management Inc. bought a new stake in shares of Meredith during the third quarter valued at about $707,000. Finally, State Board of Administration of Florida Retirement System increased its position in shares of Meredith by 41.1% during the third quarter. State Board of Administration of Florida Retirement System now owns 19,035 shares of the company’s stock valued at $1,056,000 after buying an additional 5,542 shares during the period. Institutional investors and hedge funds own 94.62% of the company’s stock.
Meredith (NYSE MDP) opened at $57.20 on Friday. The company has a quick ratio of 1.10, a current ratio of 1.15 and a debt-to-equity ratio of 0.55. The firm has a market cap of $2,578.92, a PE ratio of 9.47, a P/E/G ratio of 1.55 and a beta of 1.32. Meredith has a fifty-two week low of $50.62 and a fifty-two week high of $72.25.
Meredith (NYSE:MDP) last issued its quarterly earnings results on Wednesday, January 31st. The company reported $1.14 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.89 by $0.25. The company had revenue of $417.70 million for the quarter, compared to the consensus estimate of $414.97 million. Meredith had a net margin of 16.41% and a return on equity of 16.72%. The firm’s quarterly revenue was down 5.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.30 EPS. analysts predict that Meredith will post 4.65 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Wednesday, February 28th will be paid a $0.545 dividend. This is a boost from Meredith’s previous quarterly dividend of $0.52. This represents a $2.18 dividend on an annualized basis and a yield of 3.81%. The ex-dividend date of this dividend is Tuesday, February 27th. Meredith’s payout ratio is currently 36.09%.
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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