The Meredith Corp.’s Board of Directors has declared a regular quarterly dividend of significant stature.
The owner of local TV stations is awarding shareholders with a dividend of $0.545 per share, or $2.18 on an annual basis.
The dividend will be payable on December 14, to shareholders of record on November 30.
Meredith has a strong history of returning cash to shareholders, paying a dividend for 71 consecutive years and increasing its dividend for 25 years straight, including a 4.8% increase in January 2018.
Meredith’s dividend yields 3.7%, based on Wednesday’s closing price of $58.69. Meredith has delivered an average annual return of 17% since the launch of its Total Shareholder Return (TSR) strategy more than five years ago.
At the Closing Bell on Thursday, MDP was down 10 cents to $58.59.
The decision came during Meredith’s annual shareholders meeting, where stock holders elected PBS President/CEO Paula A. Kerger to the board for a three-year term expiring in 2021.
Shareholders also re-elected Frederick B. Henry for a one-year term expiring in 2019, and Thomas H. Harty and Donald C. Berg each for three-year terms expiring in 2021.
Additionally, Joel Johnson officially retired from the Board after 25 years of distinguished service to Meredith Corporation and its shareholders.