Ariel Investments LLC recently announced the acquisition of new stake in Meredith Corporation (NYSE:MDP). The institutional investor has increased its shareholding in the Communication Services company by 94.48% to 2.81 million shares with purchase of 1.37 million shares. This fresh investment now brings its stake to 6.97% valued currently at $41.98 million. In addition, Healthcare of Ontario Pension Pla. raised its holdings by 1.6 million to 1.6 million shares. And Goldman Sachs & Co. LLC (Private. has lifted its position by 472.47% or 1.18 million shares – to 1.44 million shares.
With over 1.31 million Meredith Corporation (MDP) shares trading Friday and a closing price of $13.58 on the day, the dollar volume was approximately $17.85 million. The shares have shown a negative weekly performance of -7.43% and its price on 07/10/20 gained nearly 4.46%. Currently, there are 45.70M common shares owned by the public and among those 42.13M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 4 analysts who have offered their price forecasts for MDP have a consensus price objective of $14.88. The analysts have set the share’s price value over the next 12 months at a high of $18.00 and a low of $11.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Meredith Corporation stock is 2.70 for the next 12 months. The average price target is 25.59% above its last price level and an upside to the estimated low will see the stock lose -23.45% over that period. But an upside of 24.56% will see the stock hit the forecast high price target while mean target price for the stock is $15.25.
Insiders at the company have transacted a total of 37 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 30 of these insider trades were purchases, accounting for 210,174 shares. Insider sales of the common stock occurred on 7 occasions, with total insider shares sold totaling 53,142 shares.
The top 3 mutual fund holders in Meredith Corporation are iShares Core S&P Small Cap ETF, Ariel Fund, and Royce Special Equity Fund. iShares Core S&P Small Cap ETF owns 2.4 million shares of the company’s stock, all valued at over $35.8 million. The company bought an additional 1060.0 shares recently to bring their total holdings to about 5.95% of the shares outstanding. Ariel Fund bought 1.12 million shares to see its total holdings expand to 2.22 million shares valued at over $33.17 million and representing 5.51% of the shares outstanding. Royce Special Equity Fund bought 14000.0 shares to bring its total holdings to over 1.46 million shares at a value of $21.8 million. Royce Special Equity Fund now owns shares totaling to 3.62% of the shares outstanding.
Shares of Meredith Corporation (NYSE: MDP) opened at $12.93, down -$0.07 from a prior closing price of $13.00. However, the script later closed the day at $13.58, up 4.46%. The company’s stock has a 5-day price change of -7.43% and -21.32% over the past three months. MDP shares are trading -58.18% year to date (YTD), with the 12-month market performance down to -75.40% lower. It has a 12-month low price of $10.01 and touched a high of $56.86 over the same period. Currently, 1.31 million shares have been traded, compared to an average intraday trading volume of 1.47 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -9.65%, -10.17%, and -46.84% respectively.
Institutional ownership of Meredith Corporation (NYSE: MDP) shares accounts for 93.73% of the company’s 45.70M shares outstanding. Mutual fund holders own 57.93%, while other institutional holders and individual stakeholders account for 6.38% and 45.86% respectively.
It has a market capitalization of $735.63M and a beta (3y monthly) value of 1.72. The earnings-per-share (ttm) stands at -$6.52. Price movements for the stock have been influenced by the stock’s volatility, which stands at 6.14% over the week and 7.22% over the month.
Analysts forecast that Meredith Corporation (MDP) will achieve an EPS of $0.29 for the current quarter, $0.34 for the next quarter and $4.65 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.07 while analysts give the company a high EPS estimate of $0.61. Comparatively, EPS for the current quarter was $0.85 a year ago. Earnings per share for the fiscal year are expected to increase by 196.80%, and 7.83% over the next financial year. EPS should grow at an annualized rate of 25.70% over the next five years, compared to -14.80% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 4 brokerage firm advisors rate Meredith Corporation (MDP) as a “Moderate Buy” at a consensus score of 2.70. Specifically, 2 Wall Street analysts polled rate the stock as a buy, while 2 of the 4 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the MDP, a number of firms have released research notes about the stock. Guggenheim stated their Neutral rating for the stock in a research note on May 28, 2019, with the firm’s price target at. Citigroup coverage for the Meredith Corporation (MDP) stock in a research note released on May 30, 2018 offered a Buy rating with a price target of. The Benchmark Company was of a view on May 15, 2018 that the stock is Buy, while Gabelli & Co gave the stock Buy rating on January 31, 2018, issuing a price target of $103. Citigroup on their part issued Neutral rating on December 01, 2017.