Meredith Corporation (NYSE:MDP) issued an update on its FY17 earnings guidance on Wednesday morning. The company provided EPS guidance of $3.50-3.80 for the period, compared to the Thomson Reuters consensus EPS estimate of $3.69. Meredith Corporation also updated its Q3 guidance to $0.75-0.80 EPS.
Meredith Corporation (NYSE:MDP) opened at 55.25 on Wednesday. The stock’s 50 day moving average is $57.86 and its 200-day moving average is $53.45. Meredith Corporation has a 52-week low of $37.51 and a 52-week high of $60.50. The stock has a market capitalization of $2.46 billion, a price-to-earnings ratio of 43.81 and a beta of 1.07.
Meredith Corporation (NYSE:MDP) last issued its earnings results on Wednesday, January 25th. The company reported $1.30 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.20 by $0.10. Meredith Corporation had a net margin of 3.42% and a return on equity of 16.93%. The company had revenue of $442.60 million for the quarter, compared to analysts’ expectations of $435.22 million. During the same quarter last year, the company posted $0.80 earnings per share. The firm’s quarterly revenue was up 8.9% on a year-over-year basis. Equities research analysts anticipate that Meredith Corporation will post $3.70 EPS for the current fiscal year.
Separately, Zacks Investment Research downgraded shares of Meredith Corporation from a buy rating to a hold rating in a research report on Wednesday, December 28th.
In other Meredith Corporation news, Director Frederick B. Henry sold 998 shares of the stock in a transaction that occurred on Monday, November 14th. The shares were sold at an average price of $52.00, for a total value of $51,896.00. Following the transaction, the director now directly owns 2,085 shares in the company, valued at $108,420. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 12.40% of the stock is currently owned by company insiders.
Several hedge funds have recently made changes to their positions in MDP. LPL Financial LLC increased its stake in shares of Meredith Corporation by 0.7% in the third quarter. LPL Financial LLC now owns 5,094 shares of the company’s stock valued at $265,000 after buying an additional 36 shares during the last quarter. Credit Suisse AG increased its stake in shares of Meredith Corporation by 9.0% in the third quarter. Credit Suisse AG now owns 51,348 shares of the company’s stock valued at $2,669,000 after buying an additional 4,255 shares during the last quarter. Ameritas Investment Partners Inc. increased its stake in shares of Meredith Corporation by 62.2% in the third quarter. Ameritas Investment Partners Inc. now owns 14,251 shares of the company’s stock valued at $741,000 after buying an additional 5,467 shares during the last quarter. Pioneer Investment Management Inc. increased its stake in shares of Meredith Corporation by 48.4% in the third quarter. Pioneer Investment Management Inc. now owns 249,396 shares of the company’s stock valued at $12,966,000 after buying an additional 81,364 shares during the last quarter. Finally, Gotham Asset Management LLC increased its stake in shares of Meredith Corporation by 52.9% in the third quarter. Gotham Asset Management LLC now owns 34,311 shares of the company’s stock valued at $1,784,000 after buying an additional 11,869 shares during the last quarter. Hedge funds and other institutional investors own 83.85% of the company’s stock.
Meredith Corporation Company Profile
Meredith Corporation is a media and marketing company. The Company operates two business segments namely local media and national media. Its national media segment includes national consumer media brands delivered via multiple media platforms including print magazines and digital and mobile media, brand licensing activities, database-related activities and business-to-business marketing products and services.