Meredith Corp. shareholders of record as of August 31 are in for a meaty dividend.
The company’s board of directors on Wednesday declared a regular quarterly dividend of 52 cents per share payable on Sept. 15 to shareholders of record as of Aug. 31.
Meredith, whose Local Media Group is comprised of 17 broadcast TV stations, has paid a shareholder dividend for 70 consecutive years and has increased its dividend for 24 consecutive years—including a 5.1% increase earlier this calendar year.
As an acknowledgment of its consistent track record of annual dividend increases, Meredith was added to the S&P High Yield Dividend Aristocrat Index in early 2017, the company notes.
The strong dividend payment is tied the launch of Meredith’s Total Shareholder Return (TSR) strategy, launched more than five years ago.
Key elements of Meredith’s TSR strategy include:
- An annual dividend yielding 3.6% based on the Aug. 9 closing price of $57.70.
- An ongoing share repurchase program with $68 million remaining under current authorizations.
- Strategic investments to scale the business and increase shareholder value.
Meredith has seven stations in the nation’s Top 25 markets — including Atlanta; Phoenix; St. Louis; and Portland, Ore. — and 13 in Top 50 markets.
Concurrently, Meredith’s board of directors elected company President/COO Tom Harty to the board. Harty was elected to his current role in August 2016. He was previously the President of Meredith’s National Media Group, a position he assumed in 2010.
Meredith shares were unchanged, at $57.70, as of 1:35pm Eastern on Thursday.