Meredith Corp. (NYSE:MDP) – Equities researchers at Jefferies Group increased their Q1 2017 earnings per share (EPS) estimates for shares of Meredith Corp. in a note issued to investors on Monday. Jefferies Group analyst J. Janedis now anticipates that the brokerage will earn $0.72 per share for the quarter, up from their previous estimate of $0.71. Jefferies Group also issued estimates for Meredith Corp.’s Q2 2017 earnings at $1.22 EPS, Q3 2017 earnings at $0.76 EPS and FY2018 earnings at $3.29 EPS.
Several other equities research analysts also recently weighed in on the stock. Benchmark Co. increased their target price on shares of Meredith Corp. from $57.00 to $62.00 and gave the company a “buy” rating in a research note on Friday, July 29th. Zacks Investment Research downgraded shares of Meredith Corp. from a “hold” rating to a “sell” rating in a research note on Wednesday, September 28th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $54.20.
Shares of Meredith Corp. (NYSE:MDP) traded down 1.10% on Tuesday, reaching $49.36. 255,574 shares of the company were exchanged. The company’s 50-day moving average is $51.80 and its 200-day moving average is $51.32. Meredith Corp. has a 52 week low of $35.03 and a 52 week high of $57.53. The company has a market capitalization of $2.20 billion, a price-to-earnings ratio of 65.81 and a beta of 1.01.
Meredith Corp. (NYSE:MDP) last issued its quarterly earnings results on Thursday, July 28th. The company reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.05. Meredith Corp. had a net margin of 2.06% and a return on equity of 15.66%. The company earned $435.78 million during the quarter, compared to analysts’ expectations of $437.78 million. During the same period last year, the company posted $0.94 EPS. Meredith Corp.’s revenue was up 2.3% on a year-over-year basis.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st were issued a $0.495 dividend. This represents a $1.98 dividend on an annualized basis and a dividend yield of 3.97%. The ex-dividend date was Monday, August 29th. Meredith Corp.’s payout ratio is presently 275.00%.
In other Meredith Corp. news, insider John S. Zieser sold 1,206 shares of the stock in a transaction dated Thursday, August 18th. The shares were sold at an average price of $55.00, for a total transaction of $66,330.00. Following the transaction, the insider now directly owns 18,000 shares in the company, valued at approximately $990,000. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Stephen M. Lacy sold 14,110 shares of the stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $54.10, for a total transaction of $763,351.00. Following the transaction, the chairman now owns 15,415 shares in the company, valued at $833,951.50. The disclosure for this sale can be found here. 11.24% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. CIBC World Markets Inc. acquired a new position in shares of Meredith Corp. during the first quarter valued at about $239,000. TIAA CREF Investment Management LLC boosted its position in shares of Meredith Corp. by 10.2% in the first quarter. TIAA CREF Investment Management LLC now owns 145,588 shares of the company’s stock valued at $6,915,000 after buying an additional 13,449 shares during the last quarter. BlackRock Inc. boosted its position in shares of Meredith Corp. by 15.5% in the first quarter. BlackRock Inc. now owns 27,667 shares of the company’s stock valued at $1,314,000 after buying an additional 3,715 shares during the last quarter. BlackRock Group LTD boosted its position in shares of Meredith Corp. by 41.5% in the first quarter. BlackRock Group LTD now owns 102,995 shares of the company’s stock valued at $4,893,000 after buying an additional 30,203 shares during the last quarter. Finally, BlackRock Fund Advisors boosted its position in shares of Meredith Corp. by 15.5% in the first quarter. BlackRock Fund Advisors now owns 5,215,985 shares of the company’s stock valued at $247,759,000 after buying an additional 701,153 shares during the last quarter. Institutional investors own 82.32% of the company’s stock.
About Meredith Corp.
Meredith Corporation is a media and marketing company. The Company operates two business segments namely local media and national media. Its national media segment includes national consumer media brands delivered via multiple media platforms including print magazines and digital and mobile media, brand licensing activities, database-related activities and business-to-business marketing products and services.
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