Meredith Corp. (MDP) Shares Up 1.3%
Meredith Corp. (NYSE:MDP)’s share price shot up 1.3% on Tuesday . The stock traded as high as $57.29 and last traded at $57.15, with a volume of 255,977 shares trading hands. The stock had previously closed at $56.44.
Separately, Zacks Investment Research raised shares of Meredith Corp. from a “sell” rating to a “buy” rating and set a $58.00 price target for the company in a report on Tuesday, May 3rd. Six analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $52.67.
The firm has a market cap of $2.54 billion and a P/E ratio of 15.49. The stock has a 50 day moving average of $52.03 and a 200 day moving average of $46.72.
Meredith Corp. (NYSE:MDP) last announced its earnings results on Thursday, April 28th. The company reported $0.92 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.80 by $0.12. The firm earned $422.77 million during the quarter, compared to analysts’ expectations of $414.66 million. The company’s revenue was up 6.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.71 EPS. Equities analysts forecast that Meredith Corp. will post $3.27 earnings per share for the current year.
In other news, insider John S. Zieser sold 8,783 shares of the stock in a transaction on Monday, May 2nd. The shares were sold at an average price of $51.21, for a total value of $449,777.43. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Frederick B. Henry sold 1,186 shares of the firm’s stock in a transaction dated 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 directly owns 37,015 shares in the company, valued at approximately $1,891,466.50. The disclosure for this sale can be found here.
A number of hedge funds and institutional investors recently bought and sold shares of the company. 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 valued at $9,704,000 after buying an additional 206,906 shares in the last quarter. Retirement Systems of Alabama increased its position in Meredith Corp. by 1.4% in the fourth quarter. Retirement Systems of Alabama now owns 48,432 shares of the company’s stock valued at $2,095,000 after buying an additional 670 shares in the last quarter. Nationwide Fund Advisors increased its position in Meredith Corp. by 0.6% in the fourth quarter. Nationwide Fund Advisors now owns 89,360 shares of the company’s stock valued at $3,865,000 after buying an additional 499 shares in the last quarter. California State Teachers Retirement System increased its position in Meredith Corp. by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 68,051 shares of the company’s stock valued at $2,943,000 after buying an additional 1,041 shares in the last quarter. Finally, Rhumbline Advisers increased its position in Meredith Corp. by 2.7% in the fourth quarter. Rhumbline Advisers now owns 98,164 shares of the company’s stock valued at $4,246,000 after buying an additional 2,570 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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