Meredith (MDP) Releases Earnings Results, Beats Estimates By $0.33 EPS

Meredith (NYSE:MDP) posted its quarterly earnings results on Thursday, May 10th. The company reported $0.74 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.33, Bloomberg Earnings reports. Meredith had a net margin of 6.62% and a return on equity of 15.46%. The firm had revenue of $648.80 million for the quarter, compared to analyst estimates of $752.28 million. During the same quarter last year, the firm posted $0.87 earnings per share. Meredith’s revenue for the quarter was up 52.5% compared to the same quarter last year.

Shares of Meredith traded up $1.65, hitting $50.80, during trading hours on Friday, according to MarketBeat. The stock had a trading volume of 1,060,170 shares, compared to its average volume of 662,821. The stock has a market cap of $2.20 billion, a price-to-earnings ratio of 12.70, a PEG ratio of 0.86 and a beta of 1.42. Meredith has a 52 week low of $48.45 and a 52 week high of $72.25. The company has a debt-to-equity ratio of 2.75, a quick ratio of 1.67 and a current ratio of 1.71.

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 15th. Shareholders of record on Thursday, May 31st will be paid a dividend of $0.545 per share. The ex-dividend date of this dividend is Wednesday, May 30th. This represents a $2.18 annualized dividend and a yield of 4.29%. Meredith’s dividend payout ratio (DPR) is presently 54.50%.

A number of research firms have commented on MDP. Zacks Investment Research downgraded shares of Meredith from a “buy” rating to a “hold” rating in a report on Monday, January 22nd. Gabelli raised shares of Meredith from a “hold” rating to a “buy” rating in a report on Wednesday, January 31st. Benchmark restated a “buy” rating on shares of Meredith in a research note on Tuesday, January 30th. TheStreet cut shares of Meredith from a “b” rating to a “c+” rating in a research note on Thursday, May 10th. Finally, ValuEngine cut shares of Meredith from a “hold” rating to a “sell” rating in a research note on Wednesday, May 2nd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $73.25.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Barrow Hanley Mewhinney & Strauss LLC lifted its holdings in Meredith by 8.3% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,117,498 shares of the company’s stock worth $139,861,000 after purchasing an additional 162,700 shares during the last quarter. Ceredex Value Advisors LLC acquired a new stake in Meredith in the 1st quarter worth approximately $107,457,000. Royce & Associates LP lifted its holdings in Meredith by 4.9% in the 4th quarter. Royce & Associates LP now owns 1,681,116 shares of the company’s stock worth $111,038,000 after purchasing an additional 78,738 shares during the last quarter. HG Vora Capital Management LLC acquired a new stake in Meredith in the 1st quarter worth approximately $59,180,000. Finally, Standard Life Aberdeen plc lifted its holdings in Meredith by 11.9% in the 4th quarter. Standard Life Aberdeen plc now owns 948,554 shares of the company’s stock worth $62,676,000 after purchasing an additional 101,220 shares during the last quarter. 97.98% of the stock is owned by institutional investors and hedge funds.

Meredith Company Profile

Meredith Corporation operates as a diversified media company in the United States. It operates in two segments, Local Media and National Media. The Local Media segment operates television stations, such as 7 CBS affiliates, 5 FOX affiliates, 2 MyNetworkTV affiliates, 1 NBC affiliate, 1 ABC affiliate, and 2 independent stations.

Earnings History for Meredith (NYSE:MDP)

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