The Meredith Corporation (NYSE:MDP) Board of Directors on Saturday increased its regular quarterly dividend 6 percent to $0.4575 per share, or $1.83 on an annual basis. The new quarterly dividend will be payable on March 13, 2015, to shareholders of record on February 27, 2015.
Meredith has paid dividends for 68 consecutive years, increasing them for 22 years straight. Over the last decade, Meredith has grown its dividend at an average annualized rate of 13 percent. Meredith's dividend currently yields approximately 3.5 percent based on Friday's closing price of $52.06.
On October 25, 2011, Meredith announced a new Total Shareholder Return (TSR) strategy. Key elements include: (1) A dividend that currently pays $1.83 per share annually; (2) A share repurchase program with $98 million remaining under current authorizations; and (3) Ongoing strategic investments to scale the business and increase shareholder value over time. Since its launch approximately three years ago, Meredith's TSR has been approximately 140 percent.
