Equities research analysts forecast that Meredith Co. (NYSE:MDP) will report sales of $788.25 million for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for Meredith’s earnings, with the highest sales estimate coming in at $789.50 million and the lowest estimate coming in at $787.00 million. Meredith reported sales of $445.42 million during the same quarter last year, which would suggest a positive year over year growth rate of 77%. The business is scheduled to report its next quarterly earnings results on Thursday, July 26th.
According to Zacks, analysts expect that Meredith will report full year sales of $3.35 billion for the current financial year, with estimates ranging from $3.31 billion to $3.39 billion. For the next year, analysts forecast that the firm will report sales of $3.30 billion per share, with estimates ranging from $3.14 billion to $3.50 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover Meredith.
Meredith (NYSE:MDP) last issued its quarterly earnings results on Thursday, May 10th. The company reported $0.74 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.33. The firm had revenue of $648.80 million during the quarter, compared to the consensus estimate of $752.28 million. Meredith had a return on equity of 15.46% and a net margin of 6.62%. The company’s revenue for the quarter was up 52.5% on a year-over-year basis. During the same quarter last year, the company posted $0.87 EPS.
A number of brokerages have recently issued reports on MDP. TheStreet downgraded Meredith from a “b” rating to a “c+” rating in a research report on Thursday, May 10th. Benchmark dropped their price target on Meredith from $77.00 to $70.00 and set a “buy” rating for the company in a research report on Tuesday, May 15th. Zacks Investment Research downgraded Meredith from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 3rd. ValuEngine cut Meredith from a “hold” rating to a “sell” rating in a report on Wednesday, May 2nd. Finally, Citigroup raised Meredith from a “neutral” rating to a “buy” rating in a report on Wednesday, May 30th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $73.25.
Shares of MDP traded up $1.20 during trading hours on Friday, reaching $53.75. 319,217 shares of the company’s stock traded hands, compared to its average volume of 403,600. The company has a market cap of $2.36 billion, a PE ratio of 13.44, a price-to-earnings-growth ratio of 0.41 and a beta of 1.49. The company has a current ratio of 1.71, a quick ratio of 1.67 and a debt-to-equity ratio of 2.75. Meredith has a 12 month low of $47.30 and a 12 month high of $72.25.
The company also recently disclosed a quarterly dividend, which was paid on Friday, June 15th. Investors of record on Thursday, May 31st were given a dividend of $0.545 per share. This represents a $2.18 dividend on an annualized basis and a yield of 4.06%. The ex-dividend date of this dividend was Wednesday, May 30th. Meredith’s dividend payout ratio (DPR) is presently 54.50%.
In related news, Director Donald C. Berg purchased 4,000 shares of Meredith stock in a transaction on Tuesday, May 29th. The stock was acquired at an average price of $48.20 per share, for a total transaction of $192,800.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 4.00% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in MDP. Adviser Investments LLC bought a new stake in shares of Meredith in the 1st quarter valued at approximately $133,000. Landscape Capital Management L.L.C. purchased a new position in Meredith during the 4th quarter worth $205,000. Bbva Compass Bancshares Inc. bought a new stake in Meredith during the 4th quarter valued at $208,000. Koch Industries Inc. bought a new stake in Meredith during the 4th quarter valued at $218,000. Finally, Xact Kapitalforvaltning AB bought a new stake in Meredith during the 4th quarter valued at $253,000. 95.24% of the stock is owned by institutional investors.
Meredith Company Profile
Meredith Corporation operates as a diversified media company in the United States. It operates in two segments, Local Media and National Media. The Local Media segment operates television stations, such as 7 CBS affiliates, 5 FOX affiliates, 2 MyNetworkTV affiliates, 1 NBC affiliate, 1 ABC affiliate, and 2 independent stations.
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