Meredith Co. (NYSE:MDP) Short Interest Update

Meredith Co. (NYSE:MDP) saw a large drop in short interest in the month of October. As of October 31st, there was short interest totalling 5,630,000 shares, a drop of 9.0% from the September 30th total of 6,190,000 shares. Based on an average daily volume of 814,200 shares, the days-to-cover ratio is presently 6.9 days. Currently, 14.4% of the company’s shares are sold short.

A number of equities research analysts have issued reports on the stock. 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. Wolfe Research set a $30.00 target price on shares of Meredith and gave the company a “hold” rating in a research note on Friday, September 6th. Zacks Investment Research raised shares of Meredith from a “strong sell” rating to a “buy” rating and set a $41.00 target price on the stock in a research note on Wednesday, November 6th. Benchmark cut their target price 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, Guggenheim set a $35.00 target price on shares of Meredith and gave the company a “hold” rating in a research note on Thursday, September 5th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $42.16.

Shares of MDP traded up $0.35 during trading hours on Friday, reaching $35.81. 321,921 shares of the company traded hands, compared to its average volume of 880,028. The company’s fifty day moving average price is $36.32 and its two-hundred day moving average price is $46.94. The company has a market capitalization of $1.60 billion, a price-to-earnings ratio of 7.28, a price-to-earnings-growth ratio of 0.51 and a beta of 1.15. The company has a quick ratio of 1.08, a current ratio of 1.13 and a debt-to-equity ratio of 3.11. Meredith has a 12 month low of $30.69 and a 12 month high of $60.95.

Meredith (NYSE:MDP) last announced its earnings results on Thursday, November 7th. The company reported $0.99 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.11. The firm had revenue of $725.20 million for the quarter, compared to analyst estimates of $734.43 million. Meredith had a net margin of 1.14% and a return on equity of 30.23%. The company’s revenue for the quarter was down 6.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.24 EPS. On average, analysts expect that Meredith will post 2.73 EPS for the current year.

In other news, Director Elizabeth E. Tallett purchased 1,250 shares of the business’s stock in a transaction on 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Thomas H. Harty purchased 12,000 shares of the business’s stock in a transaction on Monday, September 9th. The stock was purchased at an average cost of $35.02 per share, for a total transaction of $420,240.00. Following the acquisition, the chief executive officer now 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.

Large investors have recently bought and sold shares of the stock. Private Capital Group LLC bought a new stake in Meredith during the second quarter worth about $31,000. Quadrant Capital Group LLC bought a new stake in Meredith during the third quarter worth about $28,000. Bartlett & Co. LLC bought a new stake in Meredith during the third quarter worth about $29,000. San Francisco Sentry Investment Group CA bought a new stake in Meredith during the second quarter worth about $47,000. Finally, Advisory Services Network LLC boosted its stake in Meredith by 63.1% during the second quarter. Advisory Services Network LLC now owns 1,057 shares of the company’s stock worth $58,000 after acquiring an additional 409 shares in the last quarter. 96.90% of the stock is currently owned by institutional investors and hedge funds.

Meredith Company Profile

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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