Meredith Corp. (MDP) Sets New 1-Year High at $57.53
Meredith Corp. (NYSE:MDP) shares reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $57.53 and last traded at $56.48, with a volume of 213,303 shares traded. The stock had previously closed at $57.20.
Separately, Zacks Investment Research downgraded Meredith Corp. from a “hold” rating to a “sell” rating in a report on Wednesday, April 13th. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $52.67.
The company has a market cap of $2.53 billion and a P/E ratio of 15.42. The firm’s 50-day moving average price is $52.39 and its 200-day moving average price is $46.87.
Meredith Corp. (NYSE:MDP) last released its quarterly earnings results on Thursday, April 28th. The company reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.12. The business earned $422.77 million during the quarter, compared to analyst estimates of $414.66 million. The firm’s quarterly revenue was up 6.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.71 earnings per share. On average, analysts forecast that Meredith Corp. will post $3.27 earnings per share for the current year.
In other news, major shareholder Edwin T. Iv Meredith acquired 15,628 shares of the firm’s stock in a transaction that occurred on Friday, June 10th. The shares were acquired at an average cost of $51.24 per share, with a total value of $800,778.72. Following the completion of the purchase, the insider now directly owns 243,412 shares of the company’s stock, valued at approximately $12,472,430.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Frederick B. Henry sold 1,186 shares of Meredith Corp. stock in a transaction that occurred on Monday, May 2nd. The shares were sold at an average price of $51.10, for a total transaction of $60,604.60. Following the completion of the transaction, the director now directly owns 37,015 shares in the company, valued at $1,891,466.50. The disclosure for this sale can be found here.
A number of hedge funds and institutional investors have recently made changes to their positions in the stock. S&T Bank PA boosted its position in shares of Meredith Corp. by 2.1% in the fourth quarter. S&T Bank PA now owns 56,857 shares of the company’s stock worth $2,459,000 after buying an additional 1,180 shares during the period. Deere & Co. boosted its position in shares of Meredith Corp. by 2.2% in the fourth quarter. Deere & Co. now owns 36,774 shares of the company’s stock worth $1,590,000 after buying an additional 786 shares during the period. Aberdeen Asset Management PLC UK boosted its position in shares of Meredith Corp. by 100.0% in the fourth quarter. Aberdeen Asset Management PLC UK now owns 100,000 shares of the company’s stock worth $4,452,000 after buying an additional 50,000 shares during the period. Mutual of America Capital Management LLC boosted its position in shares of Meredith Corp. by 1.1% in the fourth quarter. Mutual of America Capital Management LLC now owns 25,869 shares of the company’s stock worth $1,119,000 after buying an additional 275 shares during the period. Finally, Liberty Mutual Group Asset Management Inc. boosted its position in shares of Meredith Corp. by 51.4% in the fourth quarter. Liberty Mutual Group Asset Management Inc. now owns 24,276 shares of the company’s stock worth $1,050,000 after buying an additional 8,244 shares during the period.
Meredith Corporation is a media and marketing company. The Company operates two business segments namely local media and national media. Its national media segment includes national consumer media brands delivered via multiple media platforms including print magazines and digital and mobile media, brand licensing activities, database-related activities and business-to-business marketing products and services.
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