Meredith Corporation (NYSE:MDP) had its price objective decreased by research analysts at Wells Fargo & Company from $62.00 to $54.00 in a research report issued to clients and investors on Friday. The firm presently has a “market perform” rating on the stock. Wells Fargo & Company’s price target would indicate a potential upside of 2.76% from the company’s previous close.
A number of other brokerages also recently weighed in on MDP. BidaskClub upgraded Meredith Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, July 25th. Jefferies Group LLC restated a “hold” rating and issued a $60.00 target price on shares of Meredith Corporation in a research note on Friday, July 7th. ValuEngine upgraded Meredith Corporation from a “hold” rating to a “buy” rating in a research note on Friday, August 4th. Finally, Zacks Investment Research downgraded Meredith Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, September 26th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $61.00.
Meredith Corporation (NYSE:MDP) traded down 1.78% during mid-day trading on Friday, reaching $52.55. The company’s stock had a trading volume of 802,908 shares. The firm has a 50 day moving average price of $54.42 and a 200 day moving average price of $56.84. The company has a market cap of $2.34 billion, a price-to-earnings ratio of 12.63 and a beta of 1.23. Meredith Corporation has a 52-week low of $43.85 and a 52-week high of $66.25.
Meredith Corporation (NYSE:MDP) last announced its 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. Meredith Corporation had a return on equity of 18.24% and a net margin of 11.04%. The firm had revenue of $393.00 million for the quarter, compared to the consensus estimate of $397.50 million. During the same quarter in the previous year, the business earned $0.75 EPS. The company’s revenue was down 1.7% compared to the same quarter last year. Equities research analysts anticipate that Meredith Corporation will post $3.37 earnings per share for the current year.
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In related news, 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 in the company, valued at $519,714.96. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Thomas H. Harty sold 20,028 shares of the company’s stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $60.46, for a total value of $1,210,892.88. Following the completion of the transaction, the insider now owns 44,445 shares in the company, valued at approximately $2,687,144.70. The disclosure for this sale can be found here. In the last quarter, insiders sold 80,659 shares of company stock worth $4,745,847. 4.00% of the stock is owned by company insiders.
A number of institutional investors have recently bought and sold shares of MDP. LS Investment Advisors LLC lifted its stake in Meredith Corporation by 20.8% in the second quarter. LS Investment Advisors LLC now owns 2,951 shares of the company’s stock valued at $175,000 after purchasing an additional 508 shares during the last quarter. State of Alaska Department of Revenue lifted its stake in Meredith Corporation by 3.4% in the second quarter. State of Alaska Department of Revenue now owns 3,050 shares of the company’s stock valued at $181,000 after purchasing an additional 100 shares during the last quarter. Teacher Retirement System of Texas purchased a new position in Meredith Corporation in the first quarter valued at approximately $201,000. Crossmark Global Holdings Inc. purchased a new position in Meredith Corporation in the third quarter valued at approximately $207,000. Finally, Tudor Investment Corp ET AL purchased a new position in Meredith Corporation in the first quarter valued at approximately $224,000. Institutional investors and hedge funds own 94.77% 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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