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Meredith Corporation (MDP) operates as a diversified media company that focuses primarily on the home and family marketplace in the United States.
It operates in two segments, Local Media and National Media.
The Local Media segment consists of 16 owned television stations, such as 7 CBS affiliates, 5 FOX affiliates, 2 MyNetworkTV affiliates, 1 NBC affiliate, 1 ABC affiliate, and 1 independent station, as well as 1 operated television station. This segment also includes 13 Websites, 13 mobile-optimized Websites, and approximately 40 applications focused on news, sports, and weather-related information.
The National Media segment publishes magazines for women. This segment publishes approximately 20 subscription magazines that include Better Homes and Gardens, Parents, Family Circle, Allrecipes, Rachael Ray Every Day, Martha Stewart Living, Shape, and FamilyFun, as well as approximately 140 special interest publications under approximately 90 titles. Its portfolio also includes approximately 50 Websites, 30 mobile-optimized Websites, and 15 applications. In addition, this segment offers digital and customer relationship marketing services, such as specialized marketing products and services to America's companies.
Further, it is involved in the provision of a consumer database, as well as custom content; and brand licensing activities and other related operations.
Shares are heading higher in an upward trading channel (shown in blue). The lower boundary of the said channel coincides with the stock's 50-day moving average (shown in green). Presently shares are the lower boundary of the channel. Last night after the close, the company guided higher for the year and the current quarter. We believe the new guidance should push shares higher in the channel. The company raised FY17 EPS ex-items view to $3.85-$3.90 from $3.50-$3.80. MDP raised Q3 EPS view to 85c-87c from 75c-80c versus consensus of 78c. Higher share prices are expected.
52-Weeks Trading Range: $43.85 - $66.25
Entry Point: $61.00
Stop Loss: $58.00
Target Price: $67.10
MDP closed at $56.80
