Meredith Corp. (MDP) Raises Quarterly Dividend 5.5% to $0.575; 4.3% Yield

Meredith Corp. (NYSE: MDP) declared a quarterly dividend of $0.575 per share, or $2.3 annualized. This is a 5.5% increase from the prior dividend of $0.545.

The dividend will be payable on March 15, 2019, to stockholders of record on February 28, 2019, with an ex-dividend date of February 27, 2019.

The annual yield on the dividend is 4.3 percent.

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.

Meredith Corporation has been committed to service journalism for more than 115 years. Today, Meredith uses multiple distribution platforms - including broadcast television, print, digital, mobile and video - to provide consumers with content they desire and to deliver the messages of its advertising and marketing partners.

For a dividend history and other dividend-related data on Meredith Corp. (MDP) click here.

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