Benchmark Co. cut shares of Meredith Co. (NYSE:MDP) from a buy rating to a hold rating in a research note issued to investors on Thursday. They currently have $64.00 price target on the stock. The analysts noted that the move was a valuation call.
Other research analysts have also issued research reports about the stock. Zacks Investment Research lowered shares of Meredith from a buy rating to a hold rating in a research report on Wednesday, December 28th. Wells Fargo & Company reissued a hold rating on shares of Meredith in a research report on Wednesday.
Shares of Meredith (NYSE:MDP) traded up 2.15% during trading on Thursday, reaching $61.80. The company’s stock had a trading volume of 984,191 shares. The stock has a market capitalization of $2.75 billion, a price-to-earnings ratio of 29.14 and a beta of 1.07. The company’s 50-day moving average price is $58.11 and its 200 day moving average price is $53.55. Meredith has a 1-year low of $37.91 and a 1-year high of $62.20.
Meredith (NYSE:MDP) last released its earnings results on Wednesday, January 25th. The company reported $1.30 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.20 by $0.10. The firm earned $442.60 million during the quarter, compared to analyst estimates of $435.22 million. Meredith had a net margin of 5.65% and a return on equity of 19.39%. The business’s revenue was up 8.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.80 EPS. Analysts anticipate that Meredith will post $3.70 EPS for the current year.
In other news, Director Frederick B. Henry sold 998 shares of the company’s stock in a transaction dated Monday, November 14th. The shares were sold at an average price of $52.00, for a total transaction of $51,896.00. Following the completion of the transaction, the director now owns 2,085 shares of the company’s stock, valued at $108,420. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 12.40% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Barrow Hanley Mewhinney & Strauss LLC raised its position in shares of Meredith by 245.2% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,157,605 shares of the company’s stock worth $112,002,000 after buying an additional 1,532,611 shares in the last quarter. Schroder Investment Management Group raised its position in shares of Meredith by 551.4% in the third quarter. Schroder Investment Management Group now owns 930,139 shares of the company’s stock worth $48,358,000 after buying an additional 787,358 shares in the last quarter. Copper Rock Capital Partners LLC bought a new position in shares of Meredith during the third quarter worth approximately $36,045,000. BlackRock Fund Advisors raised its position in shares of Meredith by 5.9% in the third quarter. BlackRock Fund Advisors now owns 5,599,423 shares of the company’s stock worth $291,114,000 after buying an additional 312,912 shares in the last quarter. Finally, Marshall Wace LLP bought a new position in shares of Meredith during the second quarter worth approximately $9,645,000. 83.85% of the stock is owned by institutional investors and hedge funds.
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.