Amid a flurry of quarterly earnings reports from broadcast media company, The Meredith Corporation on Wednesday revealed something its shareholders will likely be happy to hear: The company’s Board of Directors has declared a pretty big regular quarterly dividend.
The value of this dividend is 52 cents per share, or $2.08 on an annual basis.
The dividend will be payable on June 15 to shareholders of record on May 31, 2017.
Meredith has a strong history of returning cash to shareholders, paying a dividend for 70 consecutive years and increasing its dividend for 24 years straight, including a 5.1% increase earlier this year.
As an acknowledgment of its consistent track record of annual dividend increases, Meredith was recently added to the S&P High Yield Dividend Aristocrat Index.
Meredith also took the opportunity to reiterate its fiscal 2017 guidance. The owner of broadcast TV stations and a host of brands targeting women continues to expect record earnings per share of $4.13 to $4.18 —on a GAAP basis— and record earnings per share of $3.85 to $3.90 excluding special items recorded in fiscal 2017.
Meredith in March raised its earnings per share expectations, due primarily to stronger than expected advertising performance, particularly from digital operations in both its National and Local Media Groups.
Meredith shares closed down 5 cents, to $55.55, in Thursday’s trading.
