MINNEAPOLIS -- (BUSINESS WIRE) -- The Board of Directors of Best Buy Co., Inc. (NYSE:BBY) has approved an increase in the company’s quarterly cash dividend from $0.17 to $0.19 per common share, an increase of 12%. The change will be effective with the quarterly dividend which, if authorized, would be payable on October 2, 2014 to shareholders of record as of September 11, 2014.
Hubert Joly, Best Buy president and CEO, remarked, “Our decision to increase the amount of cash we are returning to shareholders is indicative of our improved cash position and our confidence in the cash-generating power of our multi-channel business model.”
Best Buy last announced a dividend increase in June 2012, when the Board raised the dividend from $0.16 to $0.17.
Shareholder Meeting Held Today
Best Buy will hold its regular meeting of shareholders today at the Best Buy corporate campus in Richfield, Minnesota beginning at 9:30 a.m. Central Time. A webcast of the call is expected to be available at www.investors.bestbuy.com both live and after the meeting.