The Meredith Corp. (MDP) Posts Earnings Results, Beats Expectations By $0.03 EPS

The Meredith Corp. (MDP) Posts  Earnings Results, Beats Expectations By $0.03 EPS

Meredith Corp. (NYSE:MDP) released its earnings results on Thursday. The company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.03. Meredith Corp. had a return on equity of 16.93% and a net margin of 3.42%. The firm had revenue of $399.90 million for the quarter, compared to analysts’ expectations of $400.77 million. During the same period in the prior year, the firm posted $0.52 earnings per share. The company’s quarterly revenue was up 4.0% on a year-over-year basis. Meredith Corp. updated its Q2 guidance to $1.18-1.23 EPS and its FY17 guidance to $3.50-3.80 EPS.

Meredith Corp. (NYSE:MDP) opened at 45.75 on Monday. The firm has a 50-day moving average price of $50.11 and a 200-day moving average price of $51.41. The company has a market cap of $2.04 billion, a P/E ratio of 36.28 and a beta of 1.01. Meredith Corp. has a 12-month low of $35.03 and a 12-month high of $57.53.

In other Meredith Corp. news, insider John S. Zieser sold 1,206 shares of Meredith Corp. stock in a transaction on Thursday, August 18th. The stock was sold at an average price of $55.00, for a total transaction of $66,330.00. Following the completion of the sale, the insider now directly owns 18,000 shares of the company’s stock, valued at approximately $990,000. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Joseph H. Ceryanec sold 4,554 shares of Meredith Corp. stock in a transaction on Wednesday, August 17th. The shares were sold at an average price of $54.13, for a total value of $246,508.02. Following the sale, the chief financial officer now directly owns 31,205 shares of the company’s stock, valued at $1,689,126.65. The disclosure for this sale can be found here. Company insiders own 12.40% of the company’s stock.

A number of large investors have recently modified their holdings of the stock. LS Investment Advisors LLC increased its position in shares of Meredith Corp. by 69.6% in the second quarter. LS Investment Advisors LLC now owns 2,319 shares of the company’s stock worth $120,000 after buying an additional 952 shares in the last quarter. Public Employees Retirement System of Ohio increased its position in shares of Meredith Corp. by 9.1% in the second quarter. Public Employees Retirement System of Ohio now owns 2,734 shares of the company’s stock worth $142,000 after buying an additional 229 shares in the last quarter. Pacad Investment Ltd. bought a new position in shares of Meredith Corp. during the second quarter worth about $197,000. Riverhead Capital Management LLC bought a new position in shares of Meredith Corp. during the first quarter worth about $199,000. Finally, Opus Capital Group LLC bought a new position in shares of Meredith Corp. during the second quarter worth about $205,000. 83.91% of the stock is owned by institutional investors and hedge funds.

A number of equities research analysts have recently commented on the company. Zacks Investment Research raised Meredith Corp. from a “sell” rating to a “hold” rating in a research note on Wednesday, October 12th. Benchmark Co. upped their price target on Meredith Corp. from $57.00 to $62.00 and gave the company a “buy” rating in a report on Friday, July 29th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $54.20.

About Meredith Corp.

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