Meredith (MDP) Releases Earnings Results, Beats Expectations By $0.24 EPS

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Meredith (NYSE:MDP) posted its quarterly earnings data on Monday. The company reported $1.53 EPS for the quarter, topping the Zacks’ consensus estimate of $1.29 by $0.24, Bloomberg Earnings reports. Meredith had a return on equity of 13.08% and a net margin of 3.18%. The company had revenue of $853.50 million for the quarter, compared to the consensus estimate of $859.28 million. During the same quarter in the previous year, the business earned $1.14 EPS. The company’s quarterly revenue was up 104.3% compared to the same quarter last year.

Shares of Meredith stock traded down $0.83 on Monday, reaching $51.69. 10,469 shares of the company were exchanged, compared to its average volume of 372,206. The firm has a market capitalization of $2.36 billion, a PE ratio of 20.22 and a beta of 1.14. The company has a quick ratio of 1.52, a current ratio of 1.57 and a debt-to-equity ratio of 2.72. Meredith has a fifty-two week low of $47.30 and a fifty-two week high of $62.40.

The business also recently announced a quarterly dividend, which will be paid on Friday, March 15th. Stockholders of record on Thursday, February 28th will be given a dividend of $0.575 per share. The ex-dividend date is Wednesday, February 27th. This is a positive change from Meredith’s previous quarterly dividend of $0.55. This represents a $2.30 dividend on an annualized basis and a dividend yield of 4.45%. Meredith’s payout ratio is 85.83%.

In other news, CFO Joseph H. Ceryanec sold 6,884 shares of the business’s stock in a transaction on Wednesday, November 14th. The stock was sold at an average price of $58.01, for a total transaction of $399,340.84. Following the sale, the chief financial officer now directly owns 2,226 shares of the company’s stock, valued at $129,130.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John S. Zieser sold 6,011 shares of the business’s stock in a transaction on Thursday, November 15th. The stock was sold at an average price of $58.42, for a total value of $351,162.62. The disclosure for this sale can be found here. Insiders have sold 13,952 shares of company stock worth $811,228 over the last ninety days. 4.70% of the stock is owned by insiders.

Several institutional investors have recently made changes to their positions in the company. Quantamental Technologies LLC purchased a new position in shares of Meredith during the fourth quarter valued at $30,000. Smithfield Trust Co. purchased a new position in shares of Meredith during the fourth quarter valued at $34,000. Strs Ohio grew its holdings in shares of Meredith by 1,000.0% during the fourth quarter. Strs Ohio now owns 1,100 shares of the company’s stock valued at $57,000 after buying an additional 1,000 shares in the last quarter. Sandy Spring Bank purchased a new position in Meredith in the fourth quarter valued at about $130,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Meredith by 31.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,633 shares of the company’s stock valued at $137,000 after purchasing an additional 631 shares in the last quarter.

A number of analysts have recently commented on the company. Zacks Investment Research downgraded Meredith from a “hold” rating to a “sell” rating in a research note on Wednesday, February 6th. Benchmark reaffirmed a “buy” rating and set a $70.00 target price on shares of Meredith in a research report on Monday, December 17th. Citigroup boosted their target price on Meredith from $61.00 to $67.00 and gave the stock a “buy” rating in a research report on Thursday, November 29th. TheStreet raised Meredith from a “c+” rating to a “b-” rating in a research report on Tuesday, November 27th. Finally, Wolfe Research started coverage on Meredith in a research report on Friday, December 7th. They set a “market perform” rating on the stock. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. Meredith presently has an average rating of “Buy” and a consensus target price of $63.00.

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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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Earnings History for Meredith (NYSE:MDP)

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