Zacks: Analysts Expect Meredith Corporation (MDP) Will Announce Quarterly Sales of $397.05 Million
Equities analysts expect that Meredith Corporation (NYSE:MDP) will post $397.05 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for Meredith Corporation’s earnings. The lowest sales estimate is $396.10 million and the highest is $398.00 million. Meredith Corporation reported sales of $399.88 million in the same quarter last year, which indicates a negative year over year growth rate of 0.7%. The company is scheduled to report its next quarterly earnings report on Thursday, October 26th.
On average, analysts expect that Meredith Corporation will report full-year sales of $397.05 million for the current year, with estimates ranging from $1.69 billion to $1.71 billion. For the next year, analysts forecast that the firm will post sales of $1.77 billion per share, with estimates ranging from $1.76 billion to $1.78 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that follow Meredith Corporation.
Meredith Corporation (NYSE:MDP) last posted its quarterly earnings results on Thursday, July 27th. The company reported $1.07 EPS for the quarter, beating the consensus estimate of $0.96 by $0.11. Meredith Corporation had a return on equity of 18.98% and a net margin of 11.03%. The firm had revenue of $445.40 million during the quarter, compared to analysts’ expectations of $439.61 million. During the same quarter last year, the firm earned $1.08 earnings per share. The business’s revenue for the quarter was up 2.2% on a year-over-year basis.
A number of analysts recently weighed in on MDP shares. BidaskClub raised shares of Meredith Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, June 15th. Zacks Investment Research cut shares of Meredith Corporation from a “buy” rating to a “hold” rating in a research report on Thursday, May 25th. Citigroup Inc. raised shares of Meredith Corporation from a “neutral” rating to a “buy” rating and upped their price target for the stock from $58.00 to $65.00 in a research report on Tuesday, May 2nd. Jefferies Group LLC reaffirmed a “hold” rating and set a $60.00 price target on shares of Meredith Corporation in a research report on Friday, July 7th. Finally, ValuEngine raised shares of Meredith Corporation from a “hold” rating to a “buy” rating in a research report on Friday, August 4th. Three 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 an average rating of “Buy” and a consensus price target of $63.50.
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Shares of Meredith Corporation (NYSE MDP) opened at 56.80 on Friday. Meredith Corporation has a 12-month low of $43.85 and a 12-month high of $66.25. The company has a 50 day moving average price of $59.03 and a 200 day moving average price of $60.00. The firm has a market cap of $2.54 billion, a PE ratio of 13.65 and a beta of 1.22.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Thursday, August 31st will be given a $0.52 dividend. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $2.08 dividend on an annualized basis and a yield of 3.66%. Meredith Corporation’s payout ratio is currently 50.12%.
In other news, insider Thomas H. Harty sold 10,363 shares of the company’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $57.80, for a total value of $598,981.40. Following the sale, the insider now owns 14,445 shares in the company, valued at approximately $834,921. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Thomas H. Harty sold 20,028 shares of the company’s stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $60.46, for a total transaction of $1,210,892.88. Following the completion of the sale, the insider now owns 44,445 shares in the company, valued at approximately $2,687,144.70. The disclosure for this sale can be found here. Over the last three months, insiders sold 50,998 shares of company stock valued at $3,065,149. 12.40% of the stock is currently owned by corporate insiders.
Several large investors have recently modified their holdings of the stock. Citadel Advisors LLC raised its stake in shares of Meredith Corporation by 3,610.1% in the second quarter. Citadel Advisors LLC now owns 45,374 shares of the company’s stock worth $2,697,000 after buying an additional 44,151 shares during the period. Parametric Portfolio Associates LLC raised its stake in Meredith Corporation by 1.5% in the second quarter. Parametric Portfolio Associates LLC now owns 87,727 shares of the company’s stock valued at $5,215,000 after buying an additional 1,262 shares during the period. Advisor Group Inc. raised its stake in Meredith Corporation by 0.9% in the second quarter. Advisor Group Inc. now owns 5,398 shares of the company’s stock valued at $321,000 after buying an additional 49 shares during the period. Nordea Investment Management AB acquired a new stake in Meredith Corporation during the second quarter valued at $9,354,000. Finally, California Public Employees Retirement System raised its stake in Meredith Corporation by 1.3% in the second quarter. California Public Employees Retirement System now owns 118,300 shares of the company’s stock valued at $7,033,000 after buying an additional 1,500 shares during the period. Institutional investors and hedge funds own 96.59% of the company’s stock.
Meredith Corporation Company Profile
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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