Meredith Corporation (MDP) Now Covered by JMP Securities
MDP has been the subject of a number of other reports. Zacks Investment Research cut shares of Meredith Corporation from a hold rating to a sell rating in a report on Tuesday, September 26th. Jefferies Group LLC reissued a hold rating on shares of Meredith Corporation in a research note on Sunday, October 29th. BidaskClub cut shares of Meredith Corporation from a buy rating to a hold rating in a research note on Tuesday, August 22nd. ValuEngine cut shares of Meredith Corporation from a buy rating to a hold rating in a research note on Friday, September 1st. Finally, Wells Fargo & Company dropped their price objective on shares of Meredith Corporation from $62.00 to $54.00 and set a market perform rating for the company in a research note on Friday, October 27th. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Meredith Corporation presently has an average rating of Buy and an average target price of $60.60.
Shares of Meredith Corporation (MDP) traded up $5.70 during trading hours on Monday, reaching $59.95. 1,269,100 shares of the company were exchanged, compared to its average volume of 513,785. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.04 and a current ratio of 1.08. The firm has a market capitalization of $2,670.00, a P/E ratio of 13.80, a P/E/G ratio of 4.11 and a beta of 1.20. Meredith Corporation has a 1 year low of $50.63 and a 1 year high of $66.25.
Meredith Corporation (NYSE:MDP) last announced its quarterly earnings data on Thursday, October 26th. The company reported $0.69 EPS for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.06. The firm had revenue of $393.00 million during the quarter, compared to the consensus estimate of $397.50 million. Meredith Corporation had a net margin of 11.04% and a return on equity of 18.24%. The firm’s revenue was down 1.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.75 earnings per share. analysts predict that Meredith Corporation will post 3.39 earnings per share for the current fiscal year.
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The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 30th will be paid a $0.52 dividend. The ex-dividend date of this dividend is Wednesday, November 29th. This represents a $2.08 annualized dividend and a yield of 3.47%. Meredith Corporation’s payout ratio is currently 50.24%.
A number of hedge funds have recently added to or reduced their stakes in MDP. Spot Trading L.L.C. purchased a new stake in Meredith Corporation in the 1st quarter worth approximately $301,000. OppenheimerFunds Inc. boosted its holdings in shares of Meredith Corporation by 26.0% in the 1st quarter. OppenheimerFunds Inc. now owns 7,646 shares of the company’s stock valued at $494,000 after purchasing an additional 1,578 shares during the last quarter. Wellington Management Group LLP acquired a new position in shares of Meredith Corporation in the 1st quarter valued at $766,000. Teachers Advisors LLC boosted its holdings in shares of Meredith Corporation by 5.0% in the 1st quarter. Teachers Advisors LLC now owns 65,135 shares of the company’s stock valued at $4,208,000 after purchasing an additional 3,131 shares during the last quarter. Finally, Tudor Investment Corp ET AL acquired a new position in shares of Meredith Corporation in the 1st quarter valued at $224,000. 94.48% 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.
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