Meredith (NYSE:MDP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Thursday. The firm currently has a $76.00 price target on the stock. Zacks Investment Research‘s target price would indicate a potential upside of 11.60% from the company’s previous close.
According to Zacks, “Meredith has outperformed the industry in the past three months. 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. Moreover, the company’s recent merger agreement with Time Inc. for $2.8 billion cash, bodes well. Nevertheless, 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 research analysts have also issued reports about the stock. Jefferies Group upgraded shares of Meredith from a “hold” rating to a “buy” rating and raised their target price for the company from $56.00 to $80.00 in a research note on Tuesday, November 28th. Citigroup lowered shares of Meredith from a “buy” rating to a “neutral” rating in a research note on Friday, December 1st. ValuEngine upgraded shares of Meredith from a “hold” rating to a “buy” rating in a research note on Monday, November 27th. Wells Fargo & Co lowered their target price on shares of Meredith from $62.00 to $54.00 and set a “market perform” rating on the stock in a research note on Friday, October 27th. Finally, Benchmark reiterated a “buy” rating and issued a $77.00 target price (up from $67.00) on shares of Meredith in a research note on Monday, November 27th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $74.80.
Meredith (NYSE:MDP) last announced its quarterly earnings results on Thursday, October 26th. The company reported $0.69 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.63 by $0.06. Meredith had a net margin of 11.04% and a return on equity of 18.24%. The company had revenue of $393.00 million for the quarter, compared to analyst estimates of $397.50 million. During the same quarter in the prior year, the business posted $0.75 EPS. Meredith’s quarterly revenue was down 1.7% on a year-over-year basis. equities analysts expect that Meredith will post 3.39 earnings per share for the current year.
In other Meredith news, insider Paul Karpowicz sold 5,000 shares of the stock in a transaction on Wednesday, November 29th. The shares were sold at an average price of $68.61, for a total value of $343,050.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Edwin T. Iv Meredith sold 3,600 shares of the stock in a transaction on Friday, December 15th. The shares were sold at an average price of $70.10, for a total transaction of $252,360.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 35,024 shares of company stock valued at $2,443,024. Insiders own 4.00% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. Advisor Group Inc. lifted its holdings in shares of Meredith by 0.9% during the 2nd quarter. Advisor Group Inc. now owns 5,398 shares of the company’s stock worth $321,000 after acquiring an additional 49 shares during the period. Mutual of America Capital Management LLC lifted its holdings in shares of Meredith by 0.5% during the 2nd quarter. Mutual of America Capital Management LLC now owns 30,059 shares of the company’s stock worth $1,787,000 after acquiring an additional 163 shares during the period. Northwestern Mutual Investment Management Company LLC lifted its holdings in shares of Meredith by 3.0% during the 2nd quarter. Northwestern Mutual Investment Management Company LLC now owns 6,495 shares of the company’s stock worth $337,000 after acquiring an additional 191 shares during the period. Arizona State Retirement System lifted its holdings in shares of Meredith by 2.0% during the 2nd quarter. Arizona State Retirement System now owns 15,500 shares of the company’s stock worth $921,000 after acquiring an additional 300 shares during the period. Finally, Amalgamated Bank lifted its holdings in shares of Meredith by 6.1% during the 2nd quarter. Amalgamated Bank now owns 5,575 shares of the company’s stock worth $331,000 after acquiring an additional 319 shares during the period. 97.25% of the stock is owned by institutional investors.
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Meredith Company Profile
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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