Business News

Meredith Board Declares Quarterly Dividend

Friday 10. August 2012 - The Meredith Corporation (NYSE: MDP) Board of Directors today declared a regular quarterly dividend of $0.3825 per share, or $1.53 on an annual basis. The dividend will be payable on September 14, 2012, to shareholders of record on August 31, 2012.

The dividend is 50 percent higher than a year ago, reflecting Meredith’s October 25, 2011 announcement and ongoing execution of its Total Shareholder Return (TSR) strategy. Key elements of the TSR strategy include: (1) A current annual dividend of $1.53 per share; (2) A $100 million share repurchase program; and (3) Ongoing strategic investments to expand the business and increase shareholder value over time.
Meredith has a strong history of returning cash to shareholders, paying a dividend for 65 consecutive years and increasing it for 19 straight years. Prior to the 50 percent increase in October, Meredith had grown its dividend at an average annualized rate of 12 percent over the last decade.
Since the announcement of its TSR strategy, Meredith’s share price has increased 35 percent based on Wednesday’s closing price of $34.68. The current dividend yields 4.4 percent