Meredith Corporation Increases Quarterly Dividend $MDP

  • Meredith (NYSE:MDP) declares $0.575/share quarterly dividend, 5.5% increase from prior dividend of $0.545.
  • Forward yield 4.3%
  • Payable March 15; for shareholders of record Feb. 28; ex-div Feb. 27.

The Meredith Corporation (NYSE:MDP) Board of Directors on February 2, 2019, approved a 5.5 percent increase in its regular stock dividend to $2.30 per share on an annualized basis, an increase of $0.12 per share. The next quarterly dividend will be $0.575 and is payable on March 15, 2019, to shareholders of record on February 28, 2019.

Meredith has a strong history of returning cash to shareholders, paying a dividend for 72 consecutive years and increasing its dividend for 26 years straight. The new and higher annual dividend yields 4.3 percent, based on February 1st's closing price of $53.43. Since launching its Total Shareholder Return (TSR) strategy in October 2011, Meredith has increased its dividend $1.28, a 127 percent increase. Additionally, Meredith has delivered an average annual return of 15 percent over the same time period.  

Separately, Meredith announced it has repaid $700 million of its debt so far in fiscal 2019 through January 31, 2019, including $573 million of its 7-year Senior Secured Term Loan B and $127 million of its senior unsecured notes. The company continues to expect to achieve its goal to reduce debt by $1 billion in fiscal 2019. Meredith's total outstanding debt stood at $2.5 billion at January 31, 2019.

"We are proud to continue executing on our Total Shareholder Return strategy, which includes a long-term goal of consistent annual dividend growth along with a near-term goal to aggressively pay down debt and further strengthen Meredith's strong balance sheet," said President and Chief Executive Officer Tom Harty.

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According to the list of U.S. Dividend Champions, Meredith Corporation is a Dividend Champions. MDP has a 25-year dividend raising streak.

Dividend Growth Rates

Dividend Yield Chart:

This is the historical trailing annual dividend yield of Meredith Corp. Buying stocks at higher yield relative its historical values is usually more profitable.

Payout Ratio:

This is the historical payout ratio of Meredith Corp. If payout ratio is close to or higher than 100%, dividends might not be sustainable.

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