Meredith Increases Dividend by 50% and Authorizes a $100 Million Stock Repurchase
Board approves $1.02-1.53 per share increase in quarterly dividend to investors.
This story first appears on FOLIO: sister site, minonline.
Meredith Corp. chairman/CEO (since July 2004) Steve Lacy announced that the board of directors approved a $1.02-to-$1.53 per-share increase in the quarterly dividend paid to investors and authorized the repurchase of $100 million of common stock.
Both strategies are being implemented to improve shareholder value and Meredith’s stock price. The company’s $24.89 per-share close on Oct. 25 was -$9.76 from year-end 2010’s $34.65 (-28.12%). "We possess the financial strength to fund this significant increase, and the capacity to invest in both strategic initiatives and our core businesses," said Lacy.
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