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Meredith Corporation (MDP - Analyst Report) is the leading media and marketing company in the U.S. with interests in publishing, broadcasting, integrated marketing and interactive media. Recently, the company announced a new share buyback authorization and a regular quarterly dividend, reflecting its strong cash flow generation capability.

Des Moines, IA-based Meredith Corporation’s board of directors approved a $100 million share repurchase program. Further, the company announced a regular quarterly dividend of 43.25 cents per share. The dividend, which is due on Jun 13, 2014, will be paid to shareholders of record as of May 30, 2014.

In Feb 2014, Meredith Corporation had announced a 6.1% hike in its regular quarterly dividend to 43.25 cents or $1.73 annually.

Meredith Corp., through its total shareholder return (TSR) strategy, intends to increase shareholders’ value through dividend payouts, share repurchases and strategic investments in business to drive growth. Since the implementation of this strategy two years back, the company has hiked its dividend by over 70%.

Meredith, which competes with Martha Stewart Living Omnimedia Inc. (MSO - Snapshot Report) and Reed Elsevier plc (RUK - Snapshot Report), has a history of paying dividends regularly for 67 years. Over the last decade, it has increased its dividend consistently, at an average annualized rate of 14%. Moreover, the company has $16 million worth of share left under its earlier share repurchase authorization as of Mar 31, 2014. The company now has $116 million worth of shares left to be repurchased including the new share buyback authorization.

Moreover, under the TSR strategy, this Zacks Rank #2 (Buy) stock constantly seeks to venture into new arenas and add alternative revenue generating channels through strategic acquisitions and collaborations. Meredith’s contract with Wal-Mart Stores Inc. (WMT - Analyst Report) includes an expansion of the Better Homes and Gardens branded home decor and garden program at Wal-Mart stores across the United States and Canada.

These factors make Meredith Corp. an ideal pick for yield-seeking investors.

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