Meredith (NYSE:MDP) Announces Quarterly Earnings Results

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Meredith (NYSE:MDP) issued its quarterly earnings results on Thursday. The company reported $1.79 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.74 by $0.05, Briefing.com reports. The company had revenue of $785.60 million during the quarter, compared to the consensus estimate of $772.63 million. Meredith had a return on equity of 29.34% and a net margin of 1.47%. Meredith’s revenue was down 1.6% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.06) EPS. Meredith updated its Q1 guidance to $0.88-0.93 EPS and its FY20 guidance to $5.75-6.20 EPS.

Shares of NYSE MDP opened at $34.40 on Friday. Meredith has a 52-week low of $31.43 and a 52-week high of $62.40. The firm has a fifty day moving average of $48.15 and a 200-day moving average of $54.10. The stock has a market capitalization of $1.52 billion, a PE ratio of 6.66, a P/E/G ratio of 0.21 and a beta of 1.24. The company has a quick ratio of 1.15, a current ratio of 1.22 and a debt-to-equity ratio of 2.37.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Friday, August 30th will be paid a dividend of $0.575 per share. The ex-dividend date is Thursday, August 29th. This represents a $2.30 annualized dividend and a dividend yield of 6.69%.

Several brokerages have weighed in on MDP. Benchmark reiterated a “buy” rating and issued a $68.00 price target on shares of Meredith in a report on Monday, June 10th. Guggenheim began coverage on Meredith in a report on Tuesday, May 28th. They issued a “neutral” rating for the company. Finally, TheStreet downgraded Meredith from a “b” rating to a “c+” rating in a report on Thursday, May 23rd. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $61.99.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC boosted its holdings in shares of Meredith by 10.7% in the 4th quarter. Geode Capital Management LLC now owns 427,683 shares of the company’s stock worth $22,213,000 after purchasing an additional 41,172 shares during the period. Oppenheimer Asset Management Inc. purchased a new position in Meredith during the 1st quarter valued at $61,000. BNP Paribas Arbitrage SA boosted its holdings in Meredith by 374.3% during the 1st quarter. BNP Paribas Arbitrage SA now owns 9,610 shares of the company’s stock valued at $531,000 after acquiring an additional 7,584 shares during the period. Bank of Montreal Can boosted its holdings in Meredith by 9.3% during the 1st quarter. Bank of Montreal Can now owns 5,341 shares of the company’s stock valued at $295,000 after acquiring an additional 453 shares during the period. Finally, Quadrant Capital Group LLC purchased a new position in Meredith during the 1st quarter valued at $48,000. 97.58% of the stock is owned by institutional investors.

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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Earnings History for Meredith (NYSE:MDP)

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