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NEW YORK ( TheStreet) -- The ex-dividend date for Meredith Corporation (NYSE: MDP) is Tuesday, May 29, 2012. Owners of shares as of market close today will be eligible for a dividend of 38 cents per share. At a price of $32.29 as of 9:33 a.m. ET, the dividend yield is 5.1%. The average volume for Meredith has been 346,600 shares per day over the past 30 days. Meredith has a market cap of $1.07 billion and is part of the services sector and media industry. Shares are down 7.9% year to date as of the close of trading on Thursday. Meredith Corporation, a media and marketing company, engages in magazine publishing and related brand licensing, television broadcasting, integrated marketing, interactive media, and video production businesses in the United States. It operates in two segments, National Media and Local Media. The company has a P/E ratio of 12.6, below the average media industry P/E ratio of 12.8 and below the S&P 500 P/E ratio of 17.7.