Meredith Co. (NYSE:MDP) has been given an average rating of “Buy” by the eight brokerages that are currently covering the company, Marketbeat reports. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $61.74.
Several research firms have recently weighed in on MDP. Benchmark reissued a “buy” rating and issued a $68.00 price objective on shares of Meredith in a research report on Friday. ValuEngine cut Meredith from a “buy” rating to a “hold” rating in a research report on Friday, May 10th. Zacks Investment Research raised Meredith from a “sell” rating to a “hold” rating in a research report on Tuesday, February 26th. Finally, Gabelli began coverage on Meredith in a research report on Thursday, February 14th. They issued a “buy” rating and a $54.97 price objective for the company.
Shares of MDP traded down $0.46 during mid-day trading on Friday, hitting $57.39. The company’s stock had a trading volume of 358,781 shares, compared to its average volume of 383,719. Meredith has a one year low of $47.30 and a one year high of $62.40. The company has a current ratio of 1.22, a quick ratio of 1.19 and a debt-to-equity ratio of 2.37. The stock has a market capitalization of $2.57 billion, a price-to-earnings ratio of 22.59 and a beta of 1.16.
Meredith (NYSE:MDP) last posted its quarterly earnings data on Friday, May 10th. The company reported $1.52 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.75. Meredith had a return on equity of 22.53% and a net margin of 2.42%. The company had revenue of $743.40 million during the quarter, compared to analysts’ expectations of $726.67 million. During the same period in the prior year, the business earned ($2.74) earnings per share. Meredith’s revenue for the quarter was up 14.2% compared to the same quarter last year. Equities analysts predict that Meredith will post 7 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Friday, May 31st will be paid a $0.575 dividend. The ex-dividend date of this dividend is Thursday, May 30th. This represents a $2.30 dividend on an annualized basis and a dividend yield of 4.01%. Meredith’s payout ratio is 90.55%.
In related news, insider John S. Zieser sold 2,550 shares of the company’s stock in a transaction on Friday, February 22nd. The stock was sold at an average price of $56.96, for a total value of $145,248.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 4.70% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Kore Private Wealth LLC acquired a new position in shares of Meredith in the first quarter valued at $66,000. Jane Street Group LLC acquired a new position in shares of Meredith in the first quarter valued at $227,000. Macquarie Group Ltd. raised its stake in shares of Meredith by 1.1% in the first quarter. Macquarie Group Ltd. now owns 671,583 shares of the company’s stock valued at $37,112,000 after purchasing an additional 7,177 shares in the last quarter. Coastal Investment Advisors Inc. acquired a new position in shares of Meredith in the first quarter valued at $100,000. Finally, SEI Investments Co acquired a new position in shares of Meredith in the first quarter valued at $1,519,000.
Meredith Company Profile
Meredith Corporation operates as a diversified media company in the United States, Europe, and Asia. It operates in two segments, National Media and Local Media. The National Media segment offers national consumer media brands through various media platforms, including print magazines, digital and mobile media, brand licensing activities, database-related activities, affinity marketing, and business-to-business marketing products and services.
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