This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Meredith Corporation Board Of Directors Declares Quarterly Dividend; Authorizes Additional $100 Million Stock Repurchase Program

DES MOINES, Iowa, May 8, 2014 /PRNewswire/ -- The Meredith Corporation (NYSE: MDP; www.meredith.com) Board of Directors yesterday approved the following actions:

  • Payment of a regular quarterly dividend of $0.4325 per share, or $1.73 on an annual basis. The new dividend will be payable on June 13, 2014, to shareholders of record on May 30, 2014.
  • Authorization to repurchase $100 million of Meredith stock.
Meredith introduces an updated market positioning and logo that reflect the strength of Meredith's national and local consumer media brands as well as its expanded portfolio of marketing solutions.

The dividend and new share repurchase authorization build on Meredith's strong commitment to returning cash to shareholders. 

Meredith has paid dividends for 67 consecutive years, and has increased its dividend for 21 years straight.  Most recently, Meredith raised its annualized dividend by 6.1 percent on Feb. 1, 2014.  Over the last decade, Meredith has grown its dividend at an average annualized rate of 14 percent.  Meredith's dividend currently yields approximately 4 percent based on Wednesday's closing price of $44.86.

Meredith had $16 million remaining on a prior repurchase authorization at March 31, 2014.  When added to the new authorization, Meredith will have $116 million to repurchase shares.  Meredith will repurchase shares when it provides strong value for shareholders. There are no specific price targets associated with its authorizations.

On October 25, 2011, Meredith announced a new Total Shareholder Return (TSR) strategy.  Key elements include: (1) A dividend that currently pays $1.73 per share annually; (2) A share repurchase program currently authorized at $116 million; and (3) Ongoing strategic investments to scale the business and increase shareholder value over time.

Meredith Corporation (NYSE: MDP; www.meredith.com ) is the leading media and marketing company serving American women.  Meredith reaches 100 million American women every month through well-known national brands including Better Homes and Gardens, Parents, Family Circle, Allrecipes, Every Day with Rachael Ray and FamilyFun.  Meredith is the industry leader in creating content in key consumer interest areas such as home, family, food, health and wellness and self-development.  Meredith uses media platforms including print, television, digital, mobile, tablets and video to give consumers content they desire and to deliver the messages of its advertising and marketing partners.  Meredith owns or operates 14 television stations that reach more than 10 percent of U.S. television households.  Additionally, Meredith Xcelerated Marketing serves the nation's top brands and companies with deep expertise in digital, mobile, social, healthcare, analytics and international marketing.

A hallmark of Meredith's business model and financial profile is its ability to consistently generate substantial free cash flow by leveraging the strength of its multi-platform portfolio.  Meredith is committed to increasing Total Shareholder Return through dividend payments, share repurchases and strategic business investments.  

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,131.97 +100.83 0.59%
S&P 500 1,998.98 +14.85 0.75%
NASDAQ 4,552.7590 +33.8570 0.75%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs