Meredith Co. (NYSE:MDP) Director Elizabeth E. Tallett acquired 1,250 shares of the company’s stock in a transaction on Friday, September 13th. The stock was acquired at an average price of $37.45 per share, for a total transaction of $46,812.50. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.
Shares of Meredith stock opened at $35.82 on Friday. Meredith Co. has a 52-week low of $31.43 and a 52-week high of $62.40. The company has a quick ratio of 1.02, a current ratio of 1.07 and a debt-to-equity ratio of 2.39. The company’s 50-day simple moving average is $43.76 and its 200-day simple moving average is $52.87. The firm has a market cap of $1.63 billion, a price-to-earnings ratio of 7.15, a price-to-earnings-growth ratio of 0.42 and a beta of 1.24.
Meredith (NYSE:MDP) last issued its quarterly earnings results on Thursday, September 5th. The company reported $1.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.74 by $0.05. Meredith had a net margin of 1.47% and a return on equity of 29.93%. The business had revenue of $785.60 million for the quarter, compared to analyst estimates of $772.63 million. During the same period in the previous year, the business posted ($0.06) earnings per share. The business’s revenue was down 1.6% compared to the same quarter last year. Equities research analysts anticipate that Meredith Co. will post 3.35 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were paid a dividend of $0.575 per share. The ex-dividend date of this dividend was Thursday, August 29th. This represents a $2.30 dividend on an annualized basis and a dividend yield of 6.42%.
Several institutional investors have recently modified their holdings of the company. Rhumbline Advisers boosted its holdings in Meredith by 1.9% during the first quarter. Rhumbline Advisers now owns 125,368 shares of the company’s stock worth $6,928,000 after buying an additional 2,349 shares in the last quarter. Coldstream Capital Management Inc. purchased a new stake in Meredith during the first quarter worth about $849,000. Bahl & Gaynor Inc. boosted its holdings in Meredith by 158.9% during the second quarter. Bahl & Gaynor Inc. now owns 86,504 shares of the company’s stock worth $4,763,000 after buying an additional 53,090 shares in the last quarter. Campbell & CO Investment Adviser LLC purchased a new stake in Meredith during the first quarter worth about $654,000. Finally, Janney Montgomery Scott LLC purchased a new stake in shares of Meredith in the first quarter valued at about $880,000. Institutional investors and hedge funds own 97.12% of the company’s stock.
A number of research analysts have commented on MDP shares. Guggenheim set a $35.00 price objective on shares of Meredith and gave the company a “hold” rating in a research note on Thursday, September 5th. Benchmark dropped their price target on shares of Meredith from $68.00 to $48.00 and set a “buy” rating on the stock in a research note on Thursday, September 12th. Wolfe Research set a $30.00 price target on shares of Meredith and gave the stock a “hold” rating in a research note on Friday, September 6th. Finally, TheStreet lowered shares of Meredith from a “b” rating to a “c+” rating in a research note on Thursday, May 23rd. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Meredith has an average rating of “Hold” and an average target price of $48.83.
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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