Meredith (MDP) Announces Earnings Results, Beats Estimates By $0.24 EPS

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Meredith (NYSE:MDP) released its earnings results on Monday. The company reported $1.53 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.29 by $0.24, Bloomberg Earnings reports. The firm had revenue of $853.50 million during the quarter, compared to analyst estimates of $859.28 million. Meredith had a return on equity of 13.08% and a net margin of 3.18%. Meredith’s revenue was up 104.3% compared to the same quarter last year. During the same period last year, the business posted $1.14 earnings per share.

MDP opened at $53.34 on Tuesday. The company has a debt-to-equity ratio of 2.72, a quick ratio of 1.52 and a current ratio of 1.57. Meredith has a one year low of $47.30 and a one year high of $62.40. The stock has a market cap of $2.36 billion, a PE ratio of 21.00 and a beta of 1.14.

The company also recently announced a quarterly dividend, which will be paid on Friday, March 15th. Stockholders of record on Thursday, February 28th will be given a dividend of $0.575 per share. The ex-dividend date of this dividend is Wednesday, February 27th. This represents a $2.30 dividend on an annualized basis and a dividend yield of 4.31%. This is a boost from Meredith’s previous quarterly dividend of $0.55. Meredith’s payout ratio is 85.83%.

A number of research firms recently issued reports on MDP. Zacks Investment Research lowered Meredith from a “hold” rating to a “sell” rating in a report on Wednesday, February 6th. Benchmark reaffirmed a “buy” rating and set a $70.00 price target on shares of Meredith in a report on Monday, December 17th. Wolfe Research began coverage on Meredith in a report on Friday, December 7th. They set a “market perform” rating for the company. Citigroup lifted their price target on Meredith from $61.00 to $67.00 and gave the stock a “buy” rating in a report on Thursday, November 29th. Finally, TheStreet raised Meredith from a “c+” rating to a “b-” rating in a report on Tuesday, November 27th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $63.00.

In other news, insider John S. Zieser sold 6,011 shares of Meredith stock in a transaction dated Thursday, November 15th. The stock was sold at an average price of $58.42, for a total transaction of $351,162.62. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Frederick B. Henry sold 1,057 shares of Meredith stock in a transaction dated Thursday, November 15th. The stock was sold at an average price of $57.45, for a total value of $60,724.65. The disclosure for this sale can be found here. Insiders have sold 13,952 shares of company stock worth $811,228 in the last quarter. Insiders own 4.70% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Legal & General Group Plc increased its position in shares of Meredith by 0.4% during the third quarter. Legal & General Group Plc now owns 51,542 shares of the company’s stock worth $2,631,000 after purchasing an additional 225 shares in the last quarter. State Board of Administration of Florida Retirement System increased its position in Meredith by 1.7% in the 4th quarter. State Board of Administration of Florida Retirement System now owns 14,437 shares of the company’s stock valued at $750,000 after acquiring an additional 242 shares during the period. Marshwinds Advisory Co. increased its position in Meredith by 2.2% in the 4th quarter. Marshwinds Advisory Co. now owns 11,825 shares of the company’s stock valued at $614,000 after acquiring an additional 250 shares during the period. State of Alaska Department of Revenue increased its position in Meredith by 5.6% in the 4th quarter. State of Alaska Department of Revenue now owns 5,321 shares of the company’s stock valued at $276,000 after acquiring an additional 283 shares during the period. Finally, Retirement Systems of Alabama increased its position in Meredith by 0.6% in the 4th quarter. Retirement Systems of Alabama now owns 51,704 shares of the company’s stock valued at $2,686,000 after acquiring an additional 286 shares during the period.

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About Meredith

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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Earnings History for Meredith (NYSE:MDP)

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