Meredith board of directors increases regular dividend 8.2%
The magazine publisher and broadcaster Meredith Corporation announced today that its Board had, this last weekend, approved an increase in its dividend – no doubt the reason the stock has bounced higher recently. It’s a nice boost to shareholders likely to be disappointed that Meredith will not be merging with Media General (instead, Media General will be merging with Nexstar Broadcasting Group).
Stocks were mixed yesterday, but today US markets are set to open lower. Markets are also lower in Europe, with the DAX down 1.2 percent, and the FTSE and CAC 40 down nearly 2 percent.
Meredith last week reported higher revenues overall, boosted by its addition magazine properties, Martha Stewart Living and SHAPE.
“We’re pleased to report strong advertising performance – including growth on an organic basis – in our National Media Group during the second quarter of fiscal 2016,” said Meredith CEO Stephen M. Lacy. “Additionally, our Local Media Group delivered excellent growth in non-political advertising revenues from both our existing stations and our recent strategic acquisitions.”
Here is Meredith’s dividend announcement:
DES MOINES, Iowa – February 2, 2016 — The Meredith Corporation Board of Directors on Saturday increased its regular dividend 8.2 percent to $1.98 on an annualized basis, an increase of $0.15 per share. The next dividend will be $0.4950 per share and is payable on March 15, 2016, to shareholders of record on February 29, 2016.
Meredith continues to focus on its successful Total Shareholder Return program. Key elements include:
- An annual dividend yielding approximately 5 percent based on today’s closing price of $41.80. Meredith has paid dividends for 69 consecutive years, increasing them for 23 years straight.
- An ongoing share repurchase program with $94 million remaining under current authorizations.
Strategic investments to scale the business and increase shareholder value.