Meredith Co. (NYSE:MDP) declared a quarterly dividend on Wednesday, May 9th, RTT News reports. Investors of record on Thursday, May 31st will be given a dividend of 0.545 per share on Friday, June 15th. This represents a $2.18 annualized dividend and a dividend yield of 4.25%.
Meredith has increased its dividend 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. Analysts expect Meredith to earn $8.49 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 24.5%.
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Shares of Meredith stock traded up $0.05 during midday trading on Wednesday, hitting $51.30. 32,651 shares of the company were exchanged, compared to its average volume of 634,201. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.15 and a quick ratio of 1.10. The company has a market capitalization of $2.34 billion, a PE ratio of 12.86, a price-to-earnings-growth ratio of 1.53 and a beta of 1.42. Meredith has a 52 week low of $51.10 and a 52 week high of $52.15.
MDP has been the subject of several analyst reports. Zacks Investment Research downgraded Meredith from a “buy” rating to a “hold” rating in a research report on Wednesday, January 10th. Benchmark restated a “buy” rating on shares of Meredith in a research report on Tuesday, January 30th. Gabelli upgraded Meredith from a “hold” rating to a “buy” rating in a research report on Wednesday, January 31st. Finally, ValuEngine downgraded Meredith from a “hold” rating to a “sell” rating in a research report on Wednesday, May 2nd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company’s stock. Meredith presently has an average rating of “Hold” and a consensus price target of $75.00.
Meredith Corporation operates as a diversified media company in the United States. It operates in two segments, Local Media and National Media. The Local Media segment operates television stations, such as 7 CBS affiliates, 5 FOX affiliates, 2 MyNetworkTV affiliates, 1 NBC affiliate, 1 ABC affiliate, and 2 independent stations.