Meredith Corporation (MDP) Downgraded to Sell at Zacks Investment Research

Meredith Corporation (NYSE:MDP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Friday.

According to Zacks, “Shares of Meredith have underperformed the industry in the past three months. Waning print media trends due to shift from traditional advertising and stiff competition continues to pose concern for investors. Meanwhile, earnings in both first-quarter and fiscal 2018 are expected to decline year over year as the fiscal 2017 benefited from record political advertising revenues. Local Media Group revenues are projected to be flat to down slightly, while revenues from National Media are anticipated to be flat to up marginally. Nevertheless, Meredith’s strategic initiatives particularly in digital space, brand licensing activities, solid portfolio of television stations and robust earnings surprise history reinforce its position as one of the leading media and marketing companies. Of late, estimates have been stable ahead of the company’s first quarter earnings results.”

Several other research firms also recently weighed in on MDP. ValuEngine raised Meredith Corporation from a “hold” rating to a “buy” rating in a report on Friday, October 13th. Jefferies Group LLC reissued a “hold” rating and issued a $60.00 price objective on shares of Meredith Corporation in a report on Monday. Finally, BidaskClub raised Meredith Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, July 25th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. Meredith Corporation currently has a consensus rating of “Hold” and an average price target of $63.33.

Meredith Corporation (MDP) traded up 0.37% during trading on Friday, reaching $53.60. 58,199 shares of the company’s stock were exchanged. Meredith Corporation has a 52 week low of $43.85 and a 52 week high of $66.25. The stock has a 50-day moving average of $54.65 and a 200-day moving average of $57.29. The stock has a market capitalization of $2.39 billion, a PE ratio of 12.88 and a beta of 1.23.

Meredith Corporation (NYSE:MDP) last posted its quarterly earnings data on Thursday, July 27th. The company reported $1.07 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.96 by $0.11. The business had revenue of $445.40 million during the quarter, compared to the consensus estimate of $439.61 million. Meredith Corporation had a return on equity of 18.98% and a net margin of 11.03%. The company’s revenue was up 2.2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.08 earnings per share. On average, equities research analysts anticipate that Meredith Corporation will post $3.38 EPS for the current year.

TRADEMARK VIOLATION NOTICE: This article was originally published by The Ledger Gazette and is owned by of The Ledger Gazette. If you are viewing this article on another domain, it was copied illegally and republished in violation of international trademark & copyright legislation. The original version of this article can be accessed at https://ledgergazette.com/2017/10/20/meredith-corporation-mdp-downgraded-to-sell-at-zacks-investment-research.html.

In other news, insider Thomas H. Harty sold 20,028 shares of the company’s stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $60.46, for a total transaction of $1,210,892.88. Following the completion of the sale, the insider now owns 44,445 shares in the company, valued at $2,687,144.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Stephen M. Lacy sold 10,339 shares of the company’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $60.91, for a total value of $629,748.49. Following the sale, the chairman now owns 9,345 shares of the company’s stock, valued at approximately $569,203.95. The disclosure for this sale can be found here. Insiders have sold 80,659 shares of company stock valued at $4,745,847 in the last 90 days. Company insiders own 4.00% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in MDP. BlackRock Inc. raised its stake in shares of Meredith Corporation by 16,099.9% during the first quarter. BlackRock Inc. now owns 6,925,800 shares of the company’s stock worth $447,406,000 after purchasing an additional 6,883,048 shares during the last quarter. State Street Corp raised its stake in shares of Meredith Corporation by 262.5% during the first quarter. State Street Corp now owns 4,227,619 shares of the company’s stock worth $273,107,000 after purchasing an additional 3,061,421 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Meredith Corporation by 14.5% during the first quarter. Vanguard Group Inc. now owns 3,549,468 shares of the company’s stock worth $229,296,000 after purchasing an additional 450,150 shares during the last quarter. Royce & Associates LP raised its stake in shares of Meredith Corporation by 28.1% during the second quarter. Royce & Associates LP now owns 1,520,641 shares of the company’s stock worth $90,402,000 after purchasing an additional 333,861 shares during the last quarter. Finally, Systematic Financial Management LP raised its stake in shares of Meredith Corporation by 904.1% during the second qu

According to Zacks, “Shares of Meredith have underperformed the industry in the past three months. Waning print media trends due to shift from traditional advertising and stiff competition continues to pose concern for investors. Meanwhile, earnings in both first-quarter and fiscal 2018 are expected to decline year over year as the fiscal 2017 benefited from record political advertising revenues. Local Media Group revenues are projected to be flat to down slightly, while revenues from National Media are anticipated to be flat to up marginally. Nevertheless, Meredith’s strategic initiatives particularly in digital space, brand licensing activities, solid portfolio of television stations and robust earnings surprise history reinforce its position as one of the leading media and marketing companies. Of late, estimates have been stable ahead of the company’s first quarter earnings results.”

Several other research firms also recently weighed in on MDP. ValuEngine raised Meredith Corporation from a “hold” rating to a “buy” rating in a report on Friday, October 13th. Jefferies Group LLC reissued a “hold” rating and issued a $60.00 price objective on shares of Meredith Corporation in a report on Monday. Finally, BidaskClub raised Meredith Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, July 25th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. Meredith Corporation currently has a consensus rating of “Hold” and an average price target of $63.33.

Meredith Corporation (MDP) traded up 0.37% during trading on Friday, reaching $53.60. 58,199 shares of the company’s stock were exchanged. Meredith Corporation has a 52 week low of $43.85 and a 52 week high of $66.25. The stock has a 50-day moving average of $54.65 and a 200-day moving average of $57.29. The stock has a market capitalization of $2.39 billion, a PE ratio of 12.88 and a beta of 1.23.

Meredith Corporation (NYSE:MDP) last posted its quarterly earnings data on Thursday, July 27th. The company reported $1.07 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.96 by $0.11. The business had revenue of $445.40 million during the quarter, compared to the consensus estimate of $439.61 million. Meredith Corporation had a return on equity of 18.98% and a net margin of 11.03%. The company’s revenue was up 2.2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.08 earnings per share. On average, equities research analysts anticipate that Meredith Corporation will post $3.38 EPS for the current year.

TRADEMARK VIOLATION NOTICE: This article was originally published by The Ledger Gazette and is owned by of The Ledger Gazette. If you are viewing this article on another domain, it was copied illegally and republished in violation of international trademark & copyright legislation. The original version of this article can be accessed at https://ledgergazette.com/2017/10/20/meredith-corporation-mdp-downgraded-to-sell-at-zacks-investment-research.html.

In other news, insider Thomas H. Harty sold 20,028 shares of the company’s stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $60.46, for a total transaction of $1,210,892.88. Following the completion of the sale, the insider now owns 44,445 shares in the company, valued at $2,687,144.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Stephen M. Lacy sold 10,339 shares of the company’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $60.91, for a total value of $629,748.49. Following the sale, the chairman now owns 9,345 shares of the company’s stock, valued at approximately $569,203.95. The disclosure for this sale can be found here. Insiders have sold 80,659 shares of company stock valued at $4,745,847 in the last 90 days. Company insiders own 4.00% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in MDP. BlackRock Inc. raised its stake in shares of Meredith Corporation by 16,099.9% during the first quarter. BlackRock Inc. now owns 6,925,800 shares of the company’s stock worth $447,406,000 after purchasing an additional 6,883,048 shares during the last quarter. State Street Corp raised its stake in shares of Meredith Corporation by 262.5% during the first quarter. State Street Corp now owns 4,227,619 shares of the company’s stock worth $273,107,000 after purchasing an additional 3,061,421 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Meredith Corporation by 14.5% during the first quarter. Vanguard Group Inc. now owns 3,549,468 shares of the company’s stock worth $229,296,000 after purchasing an additional 450,150 shares during the last quarter. Royce & Associates LP raised its stake in shares of Meredith Corporation by 28.1% during the second quarter. Royce & Associates LP now owns 1,520,641 shares of the company’s stock worth $90,402,000 after purchasing an additional 333,861 shares during the last quarter. Finally, Systematic Financial Management LP raised its stake in shares of Meredith Corporation by 904.1% during the second quarter. Systematic Financial Management LP now owns 297,323 shares of the company’s stock worth $17,676,000 after purchasing an additional 267,713 shares during the last quarter. Institutional investors and hedge funds own 96.40% of the company’s stock.

About Meredith Corporation

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.

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