Wall Street brokerages predict that Meredith Co. (NYSE:MDP) will report earnings of $0.87 per share for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for Meredith’s earnings, with estimates ranging from $0.71 to $1.02. Meredith posted earnings per share of $1.07 in the same quarter last year, which would indicate a negative year-over-year growth rate of 18.7%. The company is expected to report its next quarterly earnings results on Thursday, July 26th.
According to Zacks, analysts expect that Meredith will report full year earnings of $3.99 per share for the current fiscal year, with EPS estimates ranging from $3.55 to $4.43. For the next financial year, analysts forecast that the firm will report earnings of $6.68 per share, with EPS estimates ranging from $5.96 to $7.86. Zacks Investment Research’s EPS calculations are an average based on a survey of sell-side analysts that that provide coverage for Meredith.
Meredith (NYSE:MDP) last issued its quarterly earnings results on Thursday, May 10th. The company reported $0.74 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.33. Meredith had a return on equity of 15.46% and a net margin of 6.62%. The firm had revenue of $648.80 million during the quarter, compared to the consensus estimate of $752.28 million. During the same period last year, the business posted $0.87 EPS. The business’s revenue was up 52.5% compared to the same quarter last year.
Several analysts have recently commented on MDP shares. Zacks Investment Research downgraded Meredith from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 3rd. ValuEngine downgraded Meredith from a “hold” rating to a “sell” rating in a research note on Wednesday, May 2nd. TheStreet downgraded Meredith from a “b” rating to a “c+” rating in a research note on Thursday, May 10th. Benchmark reduced their target price on Meredith from $77.00 to $70.00 and set a “buy” rating for the company in a research note on Tuesday, May 15th. Finally, Citigroup upgraded Meredith from a “neutral” rating to a “buy” rating in a research note on Wednesday, May 30th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $73.25.
In related news, Director Donald C. Berg purchased 4,000 shares of the business’s 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 4.00% of the stock is currently owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in the business. OppenheimerFunds Inc. boosted its stake in Meredith by 14.0% during the 1st quarter. OppenheimerFunds Inc. now owns 9,220 shares of the company’s stock valued at $496,000 after purchasing an additional 1,135 shares during the last quarter. Teachers Advisors LLC lifted its position in shares of Meredith by 1.6% during the 4th quarter. Teachers Advisors LLC now owns 71,354 shares of the company’s stock worth $4,713,000 after buying an additional 1,137 shares in the last quarter. Great West Life Assurance Co. Can lifted its position in shares of Meredith by 5.1% during the 1st quarter. Great West Life Assurance Co. Can now owns 23,812 shares of the company’s stock worth $1,281,000 after buying an additional 1,154 shares in the last quarter. New York State Teachers Retirement System lifted its position in shares of Meredith by 2.0% during the 1st quarter. New York State Teachers Retirement System now owns 71,922 shares of the company’s stock worth $3,869,000 after buying an additional 1,400 shares in the last quarter. Finally, Burney Co. lifted its position in shares of Meredith by 5.9% during the 4th quarter. Burney Co. now owns 28,291 shares of the company’s stock worth $1,869,000 after buying an additional 1,586 shares in the last quarter. Institutional investors and hedge funds own 95.24% of the company’s stock.
Shares of MDP traded down $0.10 during trading hours on Wednesday, hitting $52.15. The stock had a trading volume of 5,013 shares, compared to its average volume of 526,799. The company has a debt-to-equity ratio of 2.75, a current ratio of 1.71 and a quick ratio of 1.67. The company has a market cap of $2.33 billion, a PE ratio of 13.06, a P/E/G ratio of 0.68 and a beta of 1.40. Meredith has a 1-year low of $47.30 and a 1-year high of $72.25.
The business also recently declared a quarterly dividend, which was paid on Friday, June 15th. Shareholders of record on Thursday, May 31st were paid a dividend of $0.545 per share. The ex-dividend date was Wednesday, May 30th. This represents a $2.18 dividend on an annualized basis and a yield of 4.18%. Meredith’s dividend payout ratio (DPR) is currently 54.50%.
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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