Meredith Corporation (NYSE:MDP) Upgraded to Buy at ValuEngine
ValuEngine upgraded shares of Meredith Corporation (NYSE:MDP) from a hold rating to a buy rating in a research report released on Friday.
Several other analysts also recently commented on the stock. BidaskClub raised shares of Meredith Corporation from a hold rating to a buy rating in a report on Tuesday, July 25th. Jefferies Group LLC reaffirmed a hold rating and set a $60.00 target price on shares of Meredith Corporation in a report on Friday, July 7th. Zacks Investment Research downgraded shares of Meredith Corporation from a buy rating to a hold rating in a report on Wednesday, June 28th. Finally, Benchmark Co. raised shares of Meredith Corporation from a hold rating to a buy rating and set a $65.00 target price for the company in a report on Monday, June 5th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average price target of $63.50.
Shares of Meredith Corporation (NYSE:MDP) traded up 0.70% on Friday, hitting $57.85. 137,465 shares of the stock were exchanged. Meredith Corporation has a one year low of $43.85 and a one year high of $66.25. The firm has a market capitalization of $2.59 billion, a PE ratio of 13.91 and a beta of 1.22. The company has a 50-day moving average price of $59.07 and a 200-day moving average price of $60.00.
Meredith Corporation (NYSE:MDP) last announced its earnings results on Thursday, July 27th. The company reported $1.07 EPS for the quarter, topping the consensus estimate of $0.96 by $0.11. The business had revenue of $445.40 million during the quarter, compared to the consensus estimate of $439.61 million. Meredith Corporation had a net margin of 11.03% and a return on equity of 18.98%. Meredith Corporation’s revenue was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.08 EPS. Equities research analysts expect that Meredith Corporation will post $3.38 earnings per share for the current year.
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In other Meredith Corporation news, insider Thomas H. Harty sold 20,028 shares of the business’s stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $60.46, for a total value of $1,210,892.88. Following the completion of the sale, the insider now owns 44,445 shares of the company’s stock, valued at approximately $2,687,144.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Stephen M. Lacy sold 10,339 shares of the business’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $60.91, for a total transaction of $629,748.49. Following the completion of the sale, the chairman now directly owns 9,345 shares of the company’s stock, valued at approximately $569,203.95. The disclosure for this sale can be found here. Insiders sold a total of 40,635 shares of company stock valued at $2,466,168 in the last three months. Insiders own 12.40% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the stock. Teachers Advisors LLC increased 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 worth $3,668,000 after buying an additional 1,353 shares in the last quarter. Park National Corp OH acquired a new stake in Meredith Corporation during the first quarter worth about $216,000. CHURCHILL MANAGEMENT Corp increased its stake in Meredith Corporation by 9.3% in the first quarter. CHURCHILL MANAGEMENT Corp now owns 43,526 shares of the company’s stock worth $2,812,000 after buying an additional 3,712 shares in the last quarter. Weaver C. Barksdale & Associates Inc. increased its stake in Meredith Corporation by 22.0% in the first quarter. Weaver C. Barksdale & Associates Inc. now owns 22,582 shares of the company’s stock worth $1,459,000 after buying an additional 4,066 shares in the last quarter. Finally, Copper Rock Capital Partners LLC increased its stake in Meredith Corporation by 1.7% in the first quarter. Copper Rock Capital Partners LLC now owns 708,119 shares of the company’s stock worth $45,603,000 after buying an additional 11,956 shares in the last quarter. 96.47% of the stock is owned by hedge funds and other institutional investors.
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.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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