Meredith (NYSE:MDP) Announces Quarterly Earnings Results, Beats Estimates By $0.11 EPS

Meredith (NYSE:MDP) issued its quarterly earnings results on Thursday. The company reported $0.99 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.88 by $0.11, Briefing.com reports. Meredith had a net margin of 1.47% and a return on equity of 29.93%. The company had revenue of $725.20 million for the quarter, compared to the consensus estimate of $734.43 million. During the same quarter in the prior year, the company earned $1.24 EPS. Meredith’s quarterly revenue was down 6.4% on a year-over-year basis. 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. 565,784 shares of the stock were exchanged, compared to its average volume of 505,939. The firm has a market cap of $1.78 billion, a price-to-earnings ratio of 7.77, a PEG ratio of 0.46 and a beta of 1.15. Meredith has a twelve month low of $30.69 and a twelve month high of $60.95. The firm has a 50-day simple moving average of $36.34 and a two-hundred day simple moving average of $47.60. The company has a quick ratio of 1.02, a current ratio of 1.07 and a debt-to-equity ratio of 2.39.

Several equities analysts recently weighed in on MDP shares. Citigroup cut their price target 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. Zacks Investment Research upgraded shares of Meredith from a “strong sell” rating to a “buy” rating and set a $41.00 price target on the stock in a report on Wednesday. Guggenheim set a $35.00 price objective on shares of Meredith and gave the stock a “hold” rating in a research note on Thursday, September 5th. Benchmark dropped their price objective on shares of Meredith from $68.00 to $48.00 and set a “buy” rating on the stock in a research note on Thursday, September 12th. Finally, Wolfe Research set a $30.00 price objective on shares of Meredith and gave the stock a “hold” rating in a research note on Friday, September 6th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $42.16.

In other news, Director Elizabeth E. Tallett acquired 1,250 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were acquired at an average price of $37.45 per share, with a total value of $46,812.50. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Thomas H. Harty acquired 12,000 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were purchased at an average cost of $35.02 per share, for a total transaction of $420,240.00. Following the purchase, the chief executive officer now directly owns 46,455 shares in the company, valued at $1,626,854.10. The disclosure for this purchase can be found here. 5.30% of the stock is owned by company insiders.

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.

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Earnings History for Meredith (NYSE:MDP)

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