Meredith (MDP) Raised to “Outperform” at Wells Fargo & Company
Wells Fargo & Company upgraded shares of Meredith (NYSE:MDP) from a market perform rating to an outperform rating in a research note published on Monday morning, MarketBeat reports. They currently have $76.00 target price on the stock, up from their previous target price of $54.00.
MDP has been the subject of a number of other reports. Zacks Investment Research upgraded shares of Meredith from a sell rating to a buy rating and set a $59.00 price objective for the company in a research report on Tuesday, October 31st. ValuEngine upgraded shares of Meredith from a hold rating to a buy rating in a research report on Friday, August 4th. Jefferies Group reiterated a hold rating and set a $60.00 price objective on shares of Meredith in a research report on Wednesday, August 9th. BidaskClub cut shares of Meredith from a buy rating to a hold rating in a research report on Tuesday, August 22nd. Finally, JMP Securities began coverage on shares of Meredith in a research report on Monday, November 13th. They set a market perform rating for the company. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has an average rating of Buy and an average target price of $71.40.
Meredith (NYSE MDP) traded down $0.30 during midday trading on Monday, reaching $68.15. 492,500 shares of the company’s stock were exchanged, compared to its average volume of 530,691. Meredith has a 52-week low of $50.63 and a 52-week high of $70.85. The company has a quick ratio of 1.04, a current ratio of 1.08 and a debt-to-equity ratio of 0.64. The company has a market cap of $3,006.70, a P/E ratio of 17.13, a P/E/G ratio of 5.09 and a beta of 1.20.
Meredith (NYSE:MDP) last issued its quarterly earnings results on Thursday, October 26th. The company reported $0.69 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.06. Meredith had a net margin of 11.04% and a return on equity of 18.24%. The company had revenue of $393.00 million during the quarter, compared to the consensus estimate of $397.50 million. During the same quarter in the prior year, the firm posted $0.75 EPS. The firm’s quarterly revenue was down 1.7% on a year-over-year basis. research analysts forecast that Meredith will post 3.39 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 30th will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 3.05%. The ex-dividend date of this dividend is Wednesday, November 29th. Meredith’s dividend payout ratio (DPR) is currently 50.36%.
A number of hedge funds and other institutional investors have recently made changes to their positions in MDP. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Meredith during the third quarter worth $167,000. LS Investment Advisors LLC increased its position in shares of Meredith by 20.8% during the second quarter. LS Investment Advisors LLC now owns 2,951 shares of the company’s stock worth $175,000 after buying an additional 508 shares during the period. State of Alaska Department of Revenue increased its position in shares of Meredith by 3.4% during the second quarter. State of Alaska Department of Revenue now owns 3,050 shares of the company’s stock worth $181,000 after buying an additional 100 shares during the period. Janney Montgomery Scott LLC acquired a new stake in shares of Meredith during the third quarter worth $204,000. Finally, Crossmark Global Holdings Inc. acquired a new stake in shares of Meredith during the third quarter worth $207,000. Hedge funds and other institutional investors own 98.06% of the company’s stock.
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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