Meredith (NYSE:MDP) Price Target Cut to $48.00 by Analysts at Benchmark

Meredith (NYSE:MDP) had its price target cut by Benchmark from $68.00 to $48.00 in a research report sent to investors on Thursday, BenzingaRatingsTable reports. They currently have a buy rating on the stock.

Other equities research analysts have also issued reports about the company. Guggenheim set a $35.00 target price on Meredith and gave the stock a hold rating in a research report on Thursday, September 5th. Wolfe Research set a $30.00 target price on Meredith and gave the stock a hold rating in a research report on Friday, September 6th. Finally, TheStreet lowered Meredith from a b rating to a c+ rating in a research report on Thursday, May 23rd. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Meredith has an average rating of Hold and an average target price of $48.83.

Shares of Meredith stock traded down $0.43 on Thursday, reaching $37.49. 538,997 shares of the company were exchanged, compared to its average volume of 440,398. The stock has a fifty day moving average price of $46.38 and a 200-day moving average price of $53.58. The firm has a market capitalization of $1.59 billion, a price-to-earnings ratio of 6.96, a price-to-earnings-growth ratio of 0.41 and a beta of 1.24. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 2.39. Meredith has a fifty-two week low of $31.43 and a fifty-two week high of $62.40.

Meredith (NYSE:MDP) last announced its 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. The company had revenue of $785.60 million for the quarter, compared to analyst estimates of $772.63 million. Meredith had a return on equity of 29.93% and a net margin of 1.47%. Meredith’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.06) earnings per share. On average, equities analysts anticipate that Meredith will post 3.35 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Friday, August 30th will be given a dividend of $0.575 per share. This represents a $2.30 annualized dividend and a yield of 6.13%. The ex-dividend date is Thursday, August 29th.

In other Meredith news, CEO Thomas H. Harty purchased 12,000 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The shares were purchased at an average cost of $35.02 per share, with a total value of $420,240.00. Following the completion of the transaction, the chief executive officer now owns 46,455 shares of the company’s stock, valued at $1,626,854.10. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 4.70% of the stock is currently owned by insiders.

Large investors have recently bought and sold shares of the stock. Private Capital Group LLC acquired a new position in Meredith during the second quarter valued at $31,000. Bremer Bank National Association acquired a new position in Meredith in the 1st quarter worth about $47,000. San Francisco Sentry Investment Group CA acquired a new position in Meredith in the 2nd quarter worth about $47,000. Advisory Services Network LLC increased its position in Meredith by 63.1% in the 2nd quarter. Advisory Services Network LLC now owns 1,057 shares of the company’s stock worth $58,000 after purchasing an additional 409 shares during the last quarter. Finally, Krane Funds Advisors LLC acquired a new position in Meredith in the 2nd quarter worth about $62,000. 97.47% of the stock is currently owned by hedge funds and other institutional investors.

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.

Recommended Story: How dollar cost averaging works

Analyst Recommendations for Meredith (NYSE:MDP)

Receive News & Ratings for Meredith Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Meredith and related companies with's FREE daily email newsletter.