Zacks Investment Research upgraded shares of Meredith Corporation (NYSE:MDP) from a sell rating to a buy rating in a research note published on Tuesday. Zacks Investment Research currently has $59.00 target price on the stock.
According to Zacks, “Though shares of Meredith have underperformed the industry in the past six months, it is likely to turnaround in the near term due to earnings beat in first-quarter fiscal 2018. 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. However, 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.”
Several other research firms also recently weighed in on MDP. ValuEngine raised Meredith Corporation from a hold rating to a buy rating in a report on Friday, October 13th. Jefferies Group LLC reaffirmed a hold rating and set a $60.00 target price on shares of Meredith Corporation in a report on Monday, October 16th. Wells Fargo & Company cut their target price on Meredith Corporation from $62.00 to $54.00 and set a market perform rating on the stock in a report on Friday, October 27th. Finally, BidaskClub raised Meredith Corporation from a hold rating to a buy rating in a report on Tuesday, July 25th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Meredith Corporation presently has a consensus rating of Buy and an average price target of $60.60.
Shares of Meredith Corporation (NYSE MDP) traded down $1.05 on Tuesday, reaching $51.15. The company had a trading volume of 550,380 shares, compared to its average volume of 432,652. The stock has a market capitalization of $2.30 billion, a P/E ratio of 13.14, a PEG ratio of 3.91 and a beta of 1.20. The company has a quick ratio of 1.04, a current ratio of 1.08 and a debt-to-equity ratio of 0.64.
Meredith Corporation (NYSE:MDP) last released its quarterly earnings data on Thursday, October 26th. The company reported $0.69 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.06. Meredith Corporation had a return on equity of 18.24% and a net margin of 11.04%. The company had revenue of $393.00 million for the quarter, compared to the consensus estimate of $397.50 million. During the same quarter last year, the business posted $0.75 EPS. Meredith Corporation’s revenue for the quarter was down 1.7% on a year-over-year basis. equities analysts forecast that Meredith Corporation will post 3.39 EPS for the current fiscal year.
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In other news, Chairman Stephen M. Lacy sold 10,816 shares of the business’s stock in a transaction dated 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 directly owns 9,274 shares of the company’s stock, valued at approximately $519,714.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul Karpowicz sold 4,291 shares of the business’s stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $56.12, for a total value of $240,810.92. Following the completion of the transaction, the insider now directly owns 66,473 shares in the company, valued at $3,730,464.76. The disclosure for this sale can be found here. Insiders have sold a total of 29,661 shares of company stock worth $1,680,697 over the last ninety days. Company insiders own 4.00% of the company’s stock.
Several large investors have recently made changes to their positions in MDP. State Street Corp lifted its stake in shares of Meredith Corporation by 16.8% in the 2nd quarter. State Street Corp now owns 4,938,340 shares of the company’s stock valued at $293,589,000 after purchasing an additional 710,721 shares during the period. BlackRock Inc. lifted its stake in shares of Meredith Corporation by 9.1% in the 2nd quarter. BlackRock Inc. now owns 7,553,017 shares of the company’s stock valued at $449,025,000 after purchasing an additional 627,217 shares during the period. Vanguard Group Inc. lifted its stake in shares of Meredith Corporation by 14.5% in the 1st quarter. Vanguard Group Inc. now owns 3,549,468 shares of the company’s stock valued at $229,296,000 after purchasing an additional 450,150 shares during the period. Royce & Associates LP lifted its stake in shares of Meredith Corporation by 28.1% in the 2nd quarter. Royce & Associates LP now owns 1,520,641 shares of the company’s stock valued at $90,402,000 after purchasing an additional 333,861 shares during the period. Finally, Systematic Financial Management LP lifted its stake in shares of Meredith Corporation by 904.1% in the 2nd quarter. Systematic Financial Management LP now owns 297,323 shares of the company’s stock valued at $17,676,000 after purchasing an additional 267,713 shares during the period. 94.49% of the stock is currently owned by institutional investors.
About Meredith Corporation
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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