Analysts Set Meredith Corporation (MDP) Target Price at $63.33
Shares of Meredith Corporation (NYSE:MDP) have been given an average rating of “Hold” by the seven ratings firms that are currently covering the firm, MarketBeat Ratings reports. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $63.33.
A number of analysts recently issued reports on the company. Zacks Investment Research cut Meredith Corporation from a “buy” rating to a “hold” rating in a research note on Thursday, May 25th. Benchmark Co. raised shares of Meredith Corporation from a “hold” rating to a “buy” rating and set a $65.00 price target for the company in a research note on Monday, June 5th. ValuEngine cut shares of Meredith Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, June 7th. BidaskClub raised Meredith Corporation from a “hold” rating to a “buy” rating in a report on Thursday, June 15th. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $60.00 price objective on shares of Meredith Corporation in a report on Friday, July 7th.
Shares of Meredith Corporation (MDP) traded up 0.84% during trading on Friday, hitting $53.95. 437,716 shares of the stock traded hands. Meredith Corporation has a 1-year low of $43.85 and a 1-year high of $66.25. The company has a 50 day moving average of $55.56 and a 200-day moving average of $58.54. The company has a market cap of $2.41 billion, a PE ratio of 12.97 and a beta of 1.24.
Meredith Corporation (NYSE:MDP) last released its earnings results on Thursday, July 27th. The company reported $1.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.11. The company had revenue of $445.40 million for 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%. The company’s revenue was up 2.2% compared to the same quarter last year. During the same period in the prior year, the company posted $1.08 EPS. On average, equities analysts anticipate that Meredith Corporation will post $3.38 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Thursday, August 31st were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 3.86%. The ex-dividend date was Tuesday, August 29th. Meredith Corporation’s dividend payout ratio is presently 50.12%.
In other Meredith Corporation news, CEO Stephen M. Lacy sold 10,268 shares of Meredith Corporation stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $60.92, for a total value of $625,526.56. Following the transaction, the chief executive officer now owns 9,345 shares in the company, valued at $569,297.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Paul Karpowicz sold 4,291 shares of Meredith Corporation stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $56.12, for a total value of $240,810.92. Following the completion of the transaction, the insider now owns 66,473 shares in the company, valued at approximately $3,730,464.76. The disclosure for this sale can be found here. In the last quarter, insiders sold 80,659 shares of company stock worth $4,745,847. Company insiders own 12.40% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in MDP. BlackRock Inc. grew its position in Meredith Corporation by 16,099.9% in the first quarter. BlackRock Inc. now owns 6,925,800 shares of the company’s stock valued at $447,406,000 after acquiring an additional 6,883,048 shares during the last quarter. State Street Corp grew its position in Meredith Corporation by 262.5% in the first quarter. State Street Corp now owns 4,227,619 shares of the company’s stock valued at $273,107,000 after acquiring an additional 3,061,421 shares during the last quarter. Vanguard Group Inc. grew its position in Meredith Corporation by 14.5% in the first quarter. Vanguard Group Inc. now owns 3,549,468 shares of the company’s stock valued at $229,296,000 after acquiring an additional 450,150 shares during the last quarter. Royce & Associates LP grew its position in Meredith Corporation by 28.1% in the second quarter. Royce & Associates LP now owns 1,520,641 shares of the company’s stock valued at $90,402,000 after acquiring an additional 333,861 shares during the last quarter. Finally, Systematic Financial Management LP grew its position in Meredith Corporation by 904.1% in the second quarter. Systematic Financial Management LP now owns 297,323 shares of the company’s stock valued at $17,676,000 after acquiring an additional 267,713 shares during the last quarter. Hedge funds and other institutional investors own 96.41% 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.
Receive News & Ratings for Meredith Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Meredith Corporation and related companies with MarketBeat.com's FREE daily email newsletter.