Meredith Increases Quarterly Dividend 6.5%

The Meredith Corp. board of directors yesterday increased its regular quarterly dividend 6.5% to $0.4075 per share, or $1.63 on an annual basis. The new quarterly dividend will be payable on March 15 to shareholders of record on Feb. 28.

Meredith has a strong history of paying dividends – 66 consecutive years – and increasing them over time – 20 years straight.  Over the last decade, Meredith has grown its dividend at an average annualized rate of 16%.

At the new rate, Meredith’s dividend would yield 4.5% based on Friday, Feb. 1’s closing price of $36.34.

On Oct. 25, 2011, Meredith announced a new Total Shareholder Return (TSR) strategy.  Key elements include: (1) A dividend that currently pays $1.63 per share annually; (2) A $100 million share repurchase program; and (3) Ongoing strategic investments to scale the business and increase shareholder value over time.