MeadWestvaco Corp. (NYSE: MWV)‘s stock had its “neutral” rating reiterated by Zacks in a note issued to investors on Thursday. They currently have a $34.00 target price on the stock.
Zacks’ analyst wrote, “We are reiterating our Neutral recommendation on MeadWestvaco with a target price of $34. The company’s adjusted earnings declined 26.5% to $0.34 per share, beating the Zacks Consensus Estimate of $0.24. Total revenues increased 4% year over year to $1.42 billion surpassing the Zacks Consensus Estimate of $1.38 billion. The company is spinning-off its Consumer and Office business and plans to focus on the packaging solutions business. However, consumer demand trends remain uncertain due to the global economic crisis including the weak housing and labor market in U.S. and the financial crisis in Europe. “
Shares of MeadWestvaco Corp. traded up 0.13% during mid-day trading on Thursday, hitting $31.80. MeadWestvaco Corp. has a one year low of $22.75 and a one year high of $34.51. The company has a market cap of $5.575 billion and a P/E ratio of 23.95.
The company last announced its quarterly results on Wednesday, April 25th. It reported $0.34 earnings per share (EPS) for the previous quarter, beating the Thomson Reuters consensus estimate of $0.24 EPS by $0.10. The company’s quarterly revenue was up 4.0% on a year-over-year basis. On average, analysts predict that MeadWestvaco Corp. will post $0.52 earnings per share next quarter.
Separately, analysts at RBC Capital (NYSE: RY) downgraded shares of MeadWestvaco Corp. from an “outperform” rating to a “sector perform” rating in a research note to investors on Thursday. They now have a $30.00 price target on the stock, down previously from $33.00.
MeadWestvaco Corporation (MWV) is a global packaging company, which provides packaging solutions to the healthcare, personal care and beauty, food, beverage, media and entertainment, home and garden, tobacco, and commercial print industries.