With its shares at $35.47 at Thursday’s close of trading but significantly down from where they were in the first half of 2019, Meredith Corp.’s Board of Directors on Wednesday nevertheless moved forward with a regular quarterly dividend as company executives prepare to present on Friday (11/15) at Stephens’ 2019 Nashville Investment Conference.
A dividend of $0.575 per share was declared, translating to $2.30 on an annual basis.
The dividend will be payable on Dec. 13 to shareholders of record on Nov. 29.
The news comes as Meredith will present bright and early at 7:15am Central at the investor-focused event in Music City.
Since launching its Total Shareholder Return strategy in October 2011, Meredith has increased its annual dividend by $1.28, a 125% increase. Meredith’s dividend currently yields approximately 6%.
That’s perhaps the lone good news for MDP shareholders.
Meredith’s stock has been in a tailspin since late July, when closing prices largely in the mid-$50 range abruptly stopped. Between July 23 and September 3, MDP would slide from $56.23 to $34.90.
MDP hasn’t surpassed $37.75 ever since the summer meltdown. Should the stock do so, it would only need to get to $37.80 in order for Meredith to reach its 1-year target estimate as set by Wall Street financial analysts.