Meredith Co. (NYSE:MDP) – Analysts at Jefferies Group increased their FY2017 earnings per share estimates for Meredith in a report issued on Tuesday, Zacks Investment Research reports. Jefferies Group analyst J. Janedis now forecasts that the company will post earnings of $3.87 per share for the year, up from their previous estimate of $3.79. Jefferies Group has a “Hold” rating and a $57.00 price target on the stock. Jefferies Group also issued estimates for Meredith’s FY2018 earnings at $3.34 EPS and FY2019 earnings at $3.69 EPS.
MDP has been the topic of several other research reports. Wells Fargo & Co reaffirmed a “hold” rating on shares of Meredith in a research note on Wednesday, January 25th. Zacks Investment Research raised Meredith from a “hold” rating to a “buy” rating and set a $66.00 target price on the stock in a research note on Tuesday, December 27th. Finally, Benchmark Co. downgraded Meredith from a “buy” rating to a “hold” rating and set a $64.00 target price on the stock. in a research note on Thursday, January 26th. They noted that the move was a valuation call.
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Shares of Meredith (NYSE:MDP) traded down 0.85% during midday trading on Thursday, reaching $64.20. The company’s stock had a trading volume of 425,082 shares. Meredith has a 1-year low of $43.85 and a 1-year high of $66.25. The company’s 50-day moving average price is $63.39 and its 200 day moving average price is $57.60. The firm has a market capitalization of $2.86 billion, a PE ratio of 30.27 and a beta of 1.13.
Meredith (NYSE:MDP) last issued its quarterly earnings data on Wednesday, January 25th. The company reported $1.30 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.20 by $0.10. Meredith had a return on equity of 19.39% and a net margin of 5.65%. The company earned $442.60 million during the quarter, compared to analysts’ expectations of $435.22 million. During the same quarter in the previous year, the business earned $0.80 earnings per share. The firm’s revenue for the quarter was up 8.9% on a year-over-year basis.
Several hedge funds have recently bought and sold shares of MDP. BlackRock Fund Advisors increased its stake in Meredith by 5.9% in the third quarter. BlackRock Fund Advisors now owns 5,599,423 shares of the company’s stock worth $291,114,000 after buying an additional 312,912 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Meredith by 2.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,132,271 shares of the company’s stock worth $126,124,000 after buying an additional 43,036 shares during the last quarter. Royce & Associates LP boosted its position in shares of Meredith by 4.0% in the fourth quarter. Royce & Associates LP now owns 1,696,280 shares of the company’s stock worth $100,335,000 after buying an additional 65,180 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its position in shares of Meredith by 1.8% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 1,139,654 shares of the company’s stock worth $59,251,000 after buying an additional 19,605 shares during the last quarter. Finally, Fisher Asset Management LLC boosted its position in shares of Meredith by 0.7% in the third quarter. Fisher Asset Management LLC now owns 964,711 shares of the company’s stock worth $50,155,000 after buying an additional 6,931 shares during the last quarter. 84.01% of the stock is currently owned by institutional investors.
Meredith Company Profile
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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