Meredith (MDP) Upgraded to “Buy” at Gabelli

Meredith (NYSE:MDP) was upgraded by stock analysts at Gabelli from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, January 31st, MarketBeat Ratings reports.

Several other research analysts have also recently weighed in on the company. Zacks Investment Research raised Meredith from a “sell” rating to a “buy” rating and set a $59.00 price objective for the company in a research report on Tuesday, October 31st. Wells Fargo & Co reduced their price target on Meredith from $62.00 to $54.00 and set a “market perform” rating for the company in a research report on Friday, October 27th. JMP Securities assumed coverage on Meredith in a research report on Monday, November 13th. They set a “market perform” rating for the company. Finally, Citigroup cut Meredith from a “buy” rating to a “neutral” rating in a research report on Friday, December 1st. Four research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. Meredith presently has a consensus rating of “Buy” and a consensus price target of $73.00.

Meredith (MDP) traded down $2.35 during mid-day trading on Wednesday, hitting $53.65. The stock had a trading volume of 708,244 shares, compared to its average volume of 662,183. The company has a quick ratio of 1.10, a current ratio of 1.15 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $2,504.09, a PE ratio of 8.88, a P/E/G ratio of 1.51 and a beta of 1.24. Meredith has a 52 week low of $50.63 and a 52 week high of $72.25.

Meredith (NYSE:MDP) last posted its quarterly earnings data on Wednesday, January 31st. The company reported $1.14 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.25. The company had revenue of $417.70 million during the quarter, compared to analysts’ expectations of $414.97 million. Meredith had a return on equity of 16.72% and a net margin of 16.41%. Meredith’s revenue for the quarter was down 5.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.30 earnings per share. sell-side analysts anticipate that Meredith will post 4.65 earnings per share for the current fiscal year.

In related news, insider Paul Karpowicz sold 5,000 shares of the stock in a transaction that occurred on Wednesday, November 29th. The stock was sold at an average price of $68.61, for a total transaction of $343,050.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Donald C. Berg purchased 3,500 shares of Meredith stock in a transaction that occurred on Monday, February 5th. The shares were bought at an average cost of $57.50 per share, with a total value of $201,250.00. The disclosure for this purchase can be found here. Insiders have sold 35,024 shares of company stock valued at $2,443,024 over the last three months. Insiders own 4.00% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the business. GWM Advisors LLC raised its stake in Meredith by 15.9% in the fourth quarter. GWM Advisors LLC now owns 6,875 shares of the company’s stock valued at $447,000 after buying an additional 944 shares during the period. Ausdal Financial Partners Inc. bought a new stake in Meredith in the fourth quarter valued at approximately $212,000. The Manufacturers Life Insurance Company raised its stake in Meredith by 9.0% in the fourth quarter. The Manufacturers Life Insurance Company now owns 94,214 shares of the company’s stock valued at $6,223,000 after buying an additional 7,750 shares during the period. Wells Fargo & Company MN raised its stake in Meredith by 11.9% in the fourth quarter. Wells Fargo & Company MN now owns 109,131 shares of the company’s stock valued at $7,208,000 after buying an additional 11,627 shares during the period. Finally, First Trust Advisors LP raised its stake in Meredith by 32.4% in the fourth quarter. First Trust Advisors LP now owns 54,026 shares of the company’s stock valued at $3,568,000 after buying an additional 13,210 shares during the period. Hedge funds and other institutional investors own 97.98% of the company’s stock.

ILLEGAL ACTIVITY WARNING: This article was reported by Sports Perspectives and is the property of of Sports Perspectives. If you are reading this article on another domain, it was copied illegally and republished in violation of United States and international trademark and copyright law. The correct version of this article can be read at https://sportsperspectives.com/2018/01/31/meredith-mdp-raised-to-buy-at-gabelli.html.

About Meredith

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.

Analyst Recommendations 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.

Latest News

Leave a Reply