Meredith Corporation (NYSE:MDP) Downgraded by BidaskClub to Hold

Meredith Corporation (NYSE:MDP) was downgraded by BidaskClub from a “buy” rating to a “hold” rating in a research note issued on Wednesday, July 12th.

Other analysts have also issued research reports about the company. Citigroup Inc. raised Meredith Corporation from a “neutral” rating to a “buy” rating and boosted their price target for the company from $58.00 to $65.00 in a research note on Tuesday, May 2nd. Benchmark Co. upgraded Meredith Corporation from a “hold” rating to a “buy” rating and set a $65.00 price objective for the company in a research report on Monday, June 5th. Zacks Investment Research upgraded Meredith Corporation from a “hold” rating to a “buy” rating and set a $59.00 price objective for the company in a research report on Friday, May 26th. Jefferies Group LLC reiterated a “hold” rating and issued a $60.00 price objective on shares of Meredith Corporation in a research report on Friday, July 7th. Finally, ValuEngine downgraded Meredith Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, June 7th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Meredith Corporation has an average rating of “Buy” and a consensus target price of $63.50.

Meredith Corporation (MDP) opened at 56.80 on Wednesday. The stock has a market cap of $2.54 billion, a price-to-earnings ratio of 13.65 and a beta of 1.22. Meredith Corporation has a 1-year low of $43.85 and a 1-year high of $66.25. The stock has a 50 day moving average of $59.03 and a 200 day moving average of $60.00.

Meredith Corporation (NYSE:MDP) last announced its quarterly earnings results on Thursday, July 27th. The company reported $1.07 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.96 by $0.11. The business had revenue of $445.40 million for the quarter, compared to analyst estimates of $439.61 million. Meredith Corporation had a return on equity of 18.98% and a net margin of 11.03%. Meredith Corporation’s quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.08 EPS. Equities analysts expect that Meredith Corporation will post $3.38 earnings per share for the current year.

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In other news, insider Thomas H. Harty sold 10,363 shares of the business’s stock in a transaction 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 sale, the insider now owns 14,445 shares in the company, valued at $834,921. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Thomas H. Harty sold 20,028 shares of the business’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $60.46, for a total value of $1,210,892.88. Following the sale, the insider now owns 44,445 shares of the company’s stock, valued at approximately $2,687,144.70. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 50,998 shares of company stock valued at $3,065,149. 12.40% of the stock is currently owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in the stock. Iowa State Bank increased its stake in Meredith Corporation by 41.9% in the first quarter. Iowa State Bank now owns 16,225 shares of the company’s stock worth $1,048,000 after buying an additional 4,789 shares in the last quarter. North Star Investment Management Corp. increased its stake in Meredith Corporation by 14.8% in the second quarter. North Star Investment Management Corp. now owns 31,025 shares of the company’s stock worth $1,844,000 after buying an additional 4,000 shares in the last quarter. Norges Bank bought a new stake in Meredith Corporation during the fourth quarter worth approximately $37,784,000. Mason Street Advisors LLC increased its stake in Meredith Corporation by 1.4% in the first quarter. Mason Street Advisors LLC now owns 17,282 shares of the company’s stock worth $1,116,000 after buying an additional 234 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new stake in Meredith Corporation during the first quarter worth approximately $15,791,000. Institutional investors and hedge funds own 96.59% of the company’s stock.

Meredith Corporation 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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