Meredith Corp. (MDP) Sets New 52-Week High at $57.53
Meredith Corp. (NYSE:MDP) hit a new 52-week high during trading on Thursday . The company 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 cut shares of Meredith Corp. from a “buy” rating to a “hold” rating in a research note on Tuesday, March 29th. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $52.67.
The stock has a 50 day moving average of $52.75 and a 200 day moving average of $47.04. The firm has a market cap of $2.52 billion and a P/E ratio of 15.35.
Meredith Corp. (NYSE:MDP) last issued its quarterly earnings data on Thursday, April 28th. The company reported $0.92 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.80 by $0.12. During the same quarter in the prior year, the firm posted $0.71 EPS. The firm earned $422.77 million during the quarter, compared to analysts’ expectations of $414.66 million. Meredith Corp.’s quarterly revenue was up 6.2% compared to the same quarter last year. Equities 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 Meredith Corp. stock in a transaction on Friday, June 10th. The stock was bought at an average price of $51.24 per share, for a total transaction of $800,778.72. Following the completion of the purchase, the insider now owns 243,412 shares in the company, valued at $12,472,430.88. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Frederick B. Henry sold 1,186 shares of the business’s stock in a transaction that occurred on Monday, May 2nd. The shares were sold at an average price of $51.10, for a total value of $60,604.60. Following the completion of the sale, the director now owns 37,015 shares of the company’s stock, valued at approximately $1,891,466.50. The disclosure for this sale can be found here.
Other large investors have recently modified their holdings of the company. S&T Bank PA boosted its stake 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 in the last quarter. Deere & Co. boosted its stake 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 in the last quarter. Aberdeen Asset Management PLC UK boosted its stake 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 in the last quarter. Mutual of America Capital Management LLC boosted its stake 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 in the last quarter. Finally, Liberty Mutual Group Asset Management Inc. boosted its stake 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 in the last quarter.
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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