BidaskClub Lowers Meredith Corporation (MDP) to Hold
BidaskClub lowered shares of Meredith Corporation (NYSE:MDP) from a buy rating to a hold rating in a research note issued to investors on Wednesday.
Several other research firms also recently weighed in on MDP. Citigroup Inc. raised Meredith Corporation from a neutral rating to a buy rating and increased their price objective for the company from $58.00 to $65.00 in a report on Tuesday, May 2nd. Zacks Investment Research raised Meredith Corporation from a hold rating to a buy rating and set a $64.00 price objective for the company in a report on Thursday, June 22nd. ValuEngine downgraded Meredith Corporation from a buy rating to a hold rating in a report on Wednesday, June 7th. Jefferies Group LLC reissued a hold rating and issued a $57.00 price objective on shares of Meredith Corporation in a report on Monday, April 24th. Finally, Benchmark Co. raised Meredith Corporation from a hold rating to a buy rating and set a $65.00 price objective for the company in a report on Monday, June 5th. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of Hold and a consensus target price of $63.50.
Shares of Meredith Corporation (NYSE MDP) opened at 58.85 on Wednesday. The company has a 50-day moving average of $55.88 and a 200-day moving average of $59.80. Meredith Corporation has a 1-year low of $43.85 and a 1-year high of $66.25. The firm has a market capitalization of $2.62 billion, a PE ratio of 48.48 and a beta of 1.22.
Meredith Corporation (NYSE:MDP) last announced its quarterly earnings results on Thursday, April 27th. The company reported $0.87 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.87. The firm had revenue of $425.40 million during the quarter, compared to the consensus estimate of $422.61 million. Meredith Corporation had a return on equity of 19.44% and a net margin of 3.23%. The firm’s quarterly revenue was up .6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.92 earnings per share. Equities research analysts predict that Meredith Corporation will post $3.89 EPS for the current fiscal year.
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In other news, insider Steven M. Cappaert sold 2,195 shares of the company’s stock in a transaction that occurred on Wednesday, May 3rd. The stock was sold at an average price of $56.96, for a total transaction of $125,027.20. Following the completion of the sale, the insider now owns 6,542 shares in the company, valued at $372,632.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Joseph H. Ceryanec sold 1,247 shares of the company’s stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $57.62, for a total value of $71,852.14. Following the sale, the chief financial officer now owns 1 shares of the company’s stock, valued at approximately $57.62. The disclosure for this sale can be found here. Insiders have sold 9,179 shares of company stock valued at $527,227 in the last 90 days. Company insiders own 12.40% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. Credit Agricole S A bought a new stake in Meredith Corporation during the fourth quarter valued at approximately $155,000. Envestnet Asset Management Inc. boosted its stake in Meredith Corporation by 16.2% in the fourth quarter. Envestnet Asset Management Inc. now owns 3,362 shares of the company’s stock valued at $199,000 after buying an additional 469 shares during the period. Norges Bank bought a new stake in Meredith Corporation during the fourth quarter valued at approximately $37,784,000. Teachers Advisors LLC boosted its stake in Meredith Corporation by 2.2% in the fourth quarter. Teachers Advisors LLC now owns 62,004 shares of the company’s stock valued at $3,668,000 after buying an additional 1,353 shares during the period. Finally, Macquarie Group Ltd. boosted its stake in Meredith Corporation by 30.1% in the fourth quarter. Macquarie Group Ltd. now owns 823,531 shares of the company’s stock valued at $48,712,000 after buying an additional 190,595 shares during the period. Institutional investors and hedge funds own 96.73% of the company’s stock.
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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