Wolfe Research assumed coverage on shares of Meredith (NYSE:MDP) in a research note released on Friday morning, The Fly reports. The firm issued a market perform rating on the stock.
A number of other brokerages have also recently issued reports on MDP. Citigroup increased their target price on Meredith from $61.00 to $67.00 and gave the stock a buy rating in a report on Thursday, November 29th. TheStreet upgraded Meredith from a c+ rating to a b- rating in a report on Tuesday, November 27th. ValuEngine upgraded Meredith from a hold rating to a buy rating in a report on Tuesday, October 9th. Zacks Investment Research upgraded Meredith from a strong sell rating to a hold rating in a report on Friday, October 12th. Finally, Jefferies Financial Group reiterated a buy rating and issued a $57.00 target price on shares of Meredith in a report on Monday, August 13th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company presently has an average rating of Buy and a consensus target price of $65.25.
Shares of Meredith stock traded down $3.00 on Friday, reaching $55.29. 320,509 shares of the company’s stock were exchanged, compared to its average volume of 288,083. The stock has a market capitalization of $2.62 billion, a price-to-earnings ratio of 21.77 and a beta of 1.28. Meredith has a 52 week low of $47.30 and a 52 week high of $72.25. 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 (NYSE:MDP) last issued its earnings results on Friday, November 9th. The company reported $0.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.32) by $0.54. Meredith had a return on equity of 13.08% and a net margin of 3.18%. The company had revenue of $756.70 million for the quarter, compared to analysts’ expectations of $751.33 million. During the same period last year, the business earned $0.73 EPS. Meredith’s quarterly revenue was up 92.6% compared to the same quarter last year. On average, equities research analysts forecast that Meredith will post 3.05 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Friday, November 30th will be issued a $0.545 dividend. This represents a $2.18 dividend on an annualized basis and a dividend yield of 3.94%. The ex-dividend date of this dividend is Thursday, November 29th. Meredith’s dividend payout ratio is currently 85.83%.
In other Meredith news, Director Frederick B. Henry sold 1,057 shares of the firm’s stock in a transaction on Thursday, November 15th. The stock was sold at an average price of $57.45, for a total transaction of $60,724.65. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Joseph H. Ceryanec sold 4,658 shares of the firm’s stock in a transaction on Monday, November 12th. The shares were sold at an average price of $58.10, for a total value of $270,629.80. Following the transaction, the chief financial officer now owns 2,226 shares in the company, valued at $129,330.60. The disclosure for this sale can be found here. Over the last quarter, insiders sold 18,610 shares of company stock worth $1,081,858. 4.70% of the stock is owned by company insiders.
A number of large investors have recently modified their holdings of MDP. Commonwealth Bank of Australia bought a new position in Meredith during the 3rd quarter valued at $214,000. Crossmark Global Holdings Inc. bought a new position in Meredith during the 2nd quarter valued at $229,000. Tower Research Capital LLC TRC lifted its stake in Meredith by 183.8% during the 3rd quarter. Tower Research Capital LLC TRC now owns 4,892 shares of the company’s stock valued at $249,000 after acquiring an additional 3,168 shares in the last quarter. State of Alaska Department of Revenue bought a new position in Meredith during the 3rd quarter valued at $257,000. Finally, Janney Montgomery Scott LLC bought a new position in Meredith during the 2nd quarter valued at $276,000.
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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