Meredith Corporation (MDP) Upgraded to Buy by Zacks Investment Research
Zacks Investment Research upgraded shares of Meredith Corporation (NYSE:MDP) from a sell rating to a buy rating in a report released on Tuesday. The brokerage currently has $59.00 price target on the stock.
According to Zacks, “Though shares of Meredith have underperformed the industry in the past six months, it is likely to turnaround in the near term due to earnings beat in first-quarter fiscal 2018. The company’s strategic initiatives particularly in digital space, brand licensing activities, solid portfolio of television stations and robust earnings surprise history reinforce its position as one of the leading media and marketing companies. The company remains optimistic to generate solid no-political adverting revenues in Local Media Group attributable to robust demand for automotive and professional services. However, waning print media trends due to shift from traditional advertising and stiff competition continues to pose concerns for investors. Meanwhile, earnings in both the second quarter and fiscal 2018 are anticipated to decline year over year as the fiscal 2017 benefited from record political advertising revenues.”
Other equities analysts also recently issued reports about the company. BidaskClub raised Meredith Corporation from a hold rating to a buy rating in a research report on Tuesday, July 25th. Jefferies Group LLC reaffirmed a hold rating on shares of Meredith Corporation in a research report on Sunday. ValuEngine raised Meredith Corporation from a hold rating to a buy rating in a research report on Friday, August 4th. Finally, Wells Fargo & Company dropped their target price on Meredith Corporation from $62.00 to $54.00 and set a market perform rating for the company in a research report on Friday, October 27th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company currently has an average rating of Buy and an average target price of $60.60.
Meredith Corporation (NYSE:MDP) traded down 2.17% during mid-day trading on Tuesday, reaching $51.85. 346,768 shares of the company were exchanged. Meredith Corporation has a 1-year low of $43.85 and a 1-year high of $66.25. The stock has a market capitalization of $2.31 billion, a price-to-earnings ratio of 12.46 and a beta of 1.23. The stock’s 50-day moving average price is $54.30 and its 200-day moving average price is $56.64.
Meredith Corporation (NYSE:MDP) last released its earnings results on Thursday, October 26th. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.06. The company had revenue of $393.00 million during the quarter, compared to the consensus estimate of $397.50 million. Meredith Corporation had a return on equity of 18.24% and a net margin of 11.04%. Meredith Corporation’s revenue was down 1.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.75 EPS. On average, equities research analysts anticipate that Meredith Corporation will post $3.35 EPS for the current fiscal year.
In other news, Chairman Stephen M. Lacy sold 6,736 shares of the business’s stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $57.17, for a total transaction of $385,097.12. Following the completion of the transaction, the chairman now directly owns 30,274 shares of the company’s stock, valued at $1,730,764.58. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman Stephen M. Lacy sold 10,816 shares of the business’s stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $56.04, for a total value of $606,128.64. Following the transaction, the chairman now directly owns 9,274 shares of the company’s stock, valued at $519,714.96. The disclosure for this sale can be found here. Over the last three months, insiders have sold 40,024 shares of company stock valued at $2,279,679. Corporate insiders own 4.00% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. LS Investment Advisors LLC grew its position in shares of Meredith Corporation by 20.8% during the second quarter. LS Investment Advisors LLC now owns 2,951 shares of the company’s stock worth $175,000 after buying an additional 508 shares in the last quarter. State of Alaska Department of Revenue grew its position in shares of Meredith Corporation by 3.4% during the second quarter. State of Alaska Department of Revenue now owns 3,050 shares of the company’s stock worth $181,000 after buying an additional 100 shares in the last quarter. Crossmark Global Holdings Inc. acquired a new position in shares of Meredith Corporation during the third quarter worth about $207,000. Tudor Investment Corp ET AL acquired a new position in shares of Meredith Corporation during the first quarter worth about $224,000. Finally, Flinton Capital Management LLC grew its position in shares of Meredith Corporation by 53.4% during the second quarter. Flinton Capital Management LLC now owns 3,808 shares of the company’s stock worth $226,000 after buying an additional 1,326 shares in the last quarter. 94.49% of the stock is owned by institutional investors and hedge funds.
About Meredith Corporation
Meredith Corporation is a diversified media company. The Company is focused primarily on the home and family marketplace. The Company operates through two segments: Local Media and National Media. As of June 30, 2016, the Company’s Local Media segment includes 16 owned television stations, one managed television station and related digital and mobile media operations.
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