Meredith (NYSE:MDP) Announces Earnings Results

Meredith (NYSE:MDP) announced its quarterly earnings data on Thursday. The company reported $0.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.11, Briefing.com reports. The firm had revenue of $725.20 million for the quarter, compared to analysts’ expectations of $734.43 million. Meredith had a net margin of 1.47% and a return on equity of 29.93%. The business’s revenue for the quarter was down 6.4% on a year-over-year basis. During the same period last year, the firm earned $1.24 earnings per share. Meredith updated its Q2 guidance to $1.59-1.72 EPS.

Shares of NYSE:MDP traded up $0.74 during midday trading on Friday, reaching $37.87. 567,200 shares of the company were exchanged, compared to its average volume of 505,939. Meredith has a fifty-two week low of $30.69 and a fifty-two week high of $60.95. The company has a quick ratio of 1.02, a current ratio of 1.07 and a debt-to-equity ratio of 2.39. The stock has a fifty day simple moving average of $36.34 and a two-hundred day simple moving average of $47.60. The firm has a market cap of $1.78 billion, a PE ratio of 7.77, a P/E/G ratio of 0.46 and a beta of 1.15.

Several equities research analysts have weighed in on the stock. Wolfe Research set a $30.00 target price on shares of Meredith and gave the stock a “hold” rating in a report on Friday, September 6th. Benchmark cut their target price on shares of Meredith from $68.00 to $48.00 and set a “buy” rating on the stock in a report on Thursday, September 12th. Guggenheim set a $35.00 target price on shares of Meredith and gave the stock a “hold” rating in a report on Thursday, September 5th. Citigroup cut their target price on shares of Meredith from $66.00 to $44.00 and set a “buy” rating on the stock in a report on Monday, October 7th. Finally, Zacks Investment Research upgraded shares of Meredith from a “strong sell” rating to a “buy” rating and set a $41.00 target price on the stock in a report on Wednesday. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Meredith has a consensus rating of “Buy” and a consensus price target of $42.16.

In related news, Director Elizabeth E. Tallett acquired 1,250 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The shares were acquired at an average cost of $37.45 per share, for a total transaction of $46,812.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Thomas H. Harty acquired 12,000 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The shares were bought at an average price of $35.02 per share, for a total transaction of $420,240.00. Following the completion of the acquisition, the chief executive officer now owns 46,455 shares of the company’s stock, valued at $1,626,854.10. The disclosure for this purchase can be found here. Company insiders own 5.30% of the company’s stock.

About Meredith

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.

Featured Article: What are some reasons analysts would give stocks a buy rating?

Earnings History 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 MarketBeat.com's FREE daily email newsletter.