Meredith (MDP) Downgraded to Hold at ValuEngine

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ValuEngine cut shares of Meredith (NYSE:MDP) from a buy rating to a hold rating in a report released on Friday, ValuEngine reports.

Several other brokerages have also recently weighed in on MDP. Zacks Investment Research upgraded Meredith from a sell rating to a hold rating in a report on Tuesday, February 26th. Benchmark restated a buy rating and set a $70.00 target price on shares of Meredith in a report on Tuesday, February 12th. Finally, Gabelli started coverage on Meredith in a report on Thursday, February 14th. They set a buy rating and a $54.97 target price on the stock. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company presently has an average rating of Buy and an average price target of $61.39.

Shares of Meredith stock opened at $55.60 on Friday. The company has a market cap of $2.52 billion, a PE ratio of 21.89 and a beta of 1.16. Meredith has a 1-year low of $47.30 and a 1-year high of $62.40. The company has a debt-to-equity ratio of 2.38, a quick ratio of 1.19 and a current ratio of 1.25.

Meredith (NYSE:MDP) last issued its earnings results on Friday, May 10th. The company reported $1.52 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.77 by $0.75. The business had revenue of $743.40 million for the quarter, compared to analysts’ expectations of $726.67 million. Meredith had a positive return on equity of 16.96% and a negative net margin of 1.89%. The business’s revenue for the quarter was up 14.2% compared to the same quarter last year. During the same period in the previous year, the firm posted ($2.74) EPS. As a group, analysts expect that Meredith will post 3.95 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Friday, May 31st will be issued a $0.575 dividend. This represents a $2.30 dividend on an annualized basis and a yield of 4.14%. The ex-dividend date is Thursday, May 30th. Meredith’s dividend payout ratio is presently 90.55%.

In related news, insider John S. Zieser sold 2,550 shares of the company’s stock in a transaction that occurred on Friday, February 22nd. The stock was sold at an average price of $56.96, for a total value of $145,248.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 4.70% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quantamental Technologies LLC acquired a new position in Meredith in the fourth quarter valued at approximately $30,000. Smithfield Trust Co. acquired a new position in Meredith in the fourth quarter valued at approximately $34,000. Bremer Trust National Association acquired a new position in Meredith in the fourth quarter valued at approximately $41,000. Bremer Bank National Association acquired a new position in Meredith in the first quarter valued at approximately $47,000. Finally, Quadrant Capital Group LLC acquired a new position in Meredith in the first quarter valued at approximately $48,000.

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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To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Meredith (NYSE:MDP)

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