Meredith Corp. (MDP) Trading Up 1.3%
Meredith Corp. (NYSE:MDP)’s share price was up 1.3% during mid-day trading on Tuesday . The company traded as high as $57.29 and last traded at $57.15, with a volume of 255,977 shares. The stock had previously closed at $56.44.
Separately, Zacks Investment Research downgraded shares of Meredith Corp. from a “hold” rating to a “sell” rating in a report on Wednesday, April 13th. Six analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $52.67.
The firm has a 50-day moving average price of $52.39 and a 200 day moving average price of $46.87. The company has a market cap of $2.55 billion and a P/E ratio of 15.55.
Meredith Corp. (NYSE:MDP) last announced its earnings results on Thursday, April 28th. The company reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.12. During the same quarter in the prior year, the company earned $0.71 EPS. The business had revenue of $422.77 million for the quarter, compared to the consensus estimate of $414.66 million. Meredith Corp.’s revenue was up 6.2% compared to the same quarter last year. On average, analysts predict that Meredith Corp. will post $3.27 earnings per share for the current fiscal year.
In related news, Director Frederick B. Henry sold 1,186 shares of the company’s stock in a transaction that occurred on Monday, May 2nd. The stock was 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 owns 37,015 shares in the company, valued at $1,891,466.50. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Edwin T. Iv Meredith bought 15,628 shares of the firm’s stock in a transaction that occurred on Friday, June 10th. The shares were acquired at an average price of $51.24 per share, with a total value of $800,778.72. Following the acquisition, the insider now owns 243,412 shares of the company’s stock, valued at $12,472,430.88. The disclosure for this purchase can be found here.
A number of institutional investors have recently bought and sold shares of MDP. Russell Frank Co increased its position in Meredith Corp. by 1,221.3% in the fourth quarter. Russell Frank Co now owns 223,848 shares of the company’s stock worth $9,704,000 after buying an additional 206,906 shares during the period. Aberdeen Asset Management PLC UK increased its position in 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. Comerica Bank increased its position in Meredith Corp. by 35.8% in the fourth quarter. Comerica Bank now owns 124,155 shares of the company’s stock worth $4,883,000 after buying an additional 32,739 shares during the period. Gabelli Funds LLC increased its position in Meredith Corp. by 3.4% in the fourth quarter. Gabelli Funds LLC now owns 297,400 shares of the company’s stock worth $12,863,000 after buying an additional 9,900 shares during the period. Finally, Liberty Mutual Group Asset Management Inc. increased its position in 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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