Meredith (NYSE:MDP) had its price target reduced by Benchmark from $68.00 to $48.00 in a report issued on Thursday, BenzingaRatingsTable reports. They currently have a buy rating on the stock.
MDP has been the subject of several other research reports. TheStreet cut Meredith from a b rating to a c+ rating in a report on Thursday, May 23rd. Wolfe Research set a $30.00 price target on Meredith and gave the company a hold rating in a report on Friday, September 6th. Finally, Guggenheim set a $35.00 price target on Meredith and gave the company a hold rating in a report on Thursday, September 5th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average price target of $48.83.
MDP opened at $37.49 on Thursday. The company has a debt-to-equity ratio of 2.39, a current ratio of 1.07 and a quick ratio of 1.02. The stock has a market capitalization of $1.71 billion, a price-to-earnings ratio of 7.49, a price-to-earnings-growth ratio of 0.44 and a beta of 1.24. The business has a 50-day moving average of $46.02 and a two-hundred day moving average of $53.48. Meredith has a 12 month low of $31.43 and a 12 month high of $62.40.
Meredith (NYSE:MDP) last posted its quarterly earnings results on Thursday, September 5th. The company reported $1.79 EPS for the quarter, beating the consensus estimate of $1.74 by $0.05. The company had revenue of $785.60 million during the quarter, compared to analysts’ expectations of $772.63 million. Meredith had a return on equity of 29.93% and a net margin of 1.47%. The firm’s revenue was down 1.6% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.06) EPS. Equities research analysts anticipate that Meredith will post 3.35 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were paid a $0.575 dividend. This represents a $2.30 annualized dividend and a dividend yield of 6.13%. The ex-dividend date of this dividend was Thursday, August 29th.
In other news, CEO Thomas H. Harty acquired 12,000 shares of Meredith stock in a transaction dated Monday, September 9th. The shares were acquired at an average cost of $35.02 per share, with a total value of $420,240.00. Following the purchase, the chief executive officer now directly owns 46,455 shares of the company’s stock, valued at approximately $1,626,854.10. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 4.70% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. lifted its stake in shares of Meredith by 0.3% in the 2nd quarter. BlackRock Inc. now owns 5,582,552 shares of the company’s stock valued at $307,376,000 after purchasing an additional 14,057 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Meredith by 2.1% in the 2nd quarter. Vanguard Group Inc. now owns 3,952,038 shares of the company’s stock valued at $217,599,000 after purchasing an additional 80,457 shares in the last quarter. Royce & Associates LP lifted its stake in shares of Meredith by 2.3% in the 1st quarter. Royce & Associates LP now owns 2,412,192 shares of the company’s stock valued at $133,298,000 after purchasing an additional 54,277 shares in the last quarter. Northern Trust Corp lifted its stake in shares of Meredith by 1.1% in the 2nd quarter. Northern Trust Corp now owns 1,084,489 shares of the company’s stock valued at $59,712,000 after purchasing an additional 12,139 shares in the last quarter. Finally, Silvercrest Asset Management Group LLC lifted its stake in shares of Meredith by 1.9% in the 2nd quarter. Silvercrest Asset Management Group LLC now owns 1,081,404 shares of the company’s stock valued at $59,542,000 after purchasing an additional 20,184 shares in the last quarter. 97.47% of the stock is currently owned by institutional investors and hedge funds.
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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