Meredith Co. (MDP) to Issue Dividend Increase – $0.55 Per Share

Meredith Co. (NYSE:MDP) declared a quarterly dividend on Monday, January 29th, RTT News reports. Shareholders of record on Wednesday, February 28th will be paid a dividend of 0.545 per share on Thursday, March 15th. This represents a $2.18 dividend on an annualized basis and a yield of 3.28%. This is an increase from Meredith’s previous quarterly dividend of $0.52.

Meredith has raised its dividend payment by an average of 6.3% per year over the last three years and has increased its dividend every year for the last 5 years. Meredith has a dividend payout ratio of 61.4% meaning its dividend is sufficiently covered by earnings. Research analysts expect Meredith to earn $3.94 per share next year, which means the company should continue to be able to cover its $2.08 annual dividend with an expected future payout ratio of 52.8%.

Shares of Meredith (NYSE:MDP) traded up $0.40 during trading on Monday, reaching $66.55. 21,581 shares of the company’s stock were exchanged, compared to its average volume of 396,397. The company has a current ratio of 1.08, a quick ratio of 1.04 and a debt-to-equity ratio of 0.64. The stock has a market cap of $2,955.32, a P/E ratio of 16.83, a P/E/G ratio of 2.44 and a beta of 1.30. Meredith has a fifty-two week low of $50.63 and a fifty-two week high of $72.25.

In other news, insider Paul Karpowicz sold 5,000 shares of the company’s stock in a transaction dated Wednesday, November 29th. The shares were sold at an average price of $68.61, for a total value of $343,050.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Meredith D. Mell Frazier sold 22,176 shares of the company’s stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $69.85, for a total transaction of $1,548,993.60. Following the completion of the sale, the director now directly owns 6,000 shares in the company, valued at $419,100. The disclosure for this sale can be found here. Insiders sold a total of 35,024 shares of company stock worth $2,443,024 over the last ninety days. Insiders own 4.00% of the company’s stock.

A number of research analysts have issued reports on the stock. Zacks Investment Research raised shares of Meredith from a “hold” rating to a “buy” rating and set a $74.00 price objective on the stock in a research report on Tuesday, January 23rd. ValuEngine downgraded shares of Meredith from a “buy” rating to a “hold” rating in a research report on Thursday, January 4th. Citigroup downgraded shares of Meredith from a “buy” rating to a “neutral” rating in a research report on Friday, December 1st. Finally, Jefferies Group raised shares of Meredith from a “hold” rating to a “buy” rating and boosted their price objective for the company from $56.00 to $80.00 in a research report on Tuesday, November 28th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $74.40.

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Meredith Company Profile

Meredith Corporation is a diversified media company. The Company is focused primarily on the home and family marketplace. The Company operates through two segments: Local Media and National Media. As of June 30, 2016, the Company’s Local Media segment includes 16 owned television stations, one managed television station and related digital and mobile media operations.

Dividend History for Meredith (NYSE:MDP)

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