Canaccord Genuity Morning Coffee on Best Buy (BBY): A Little More Pocket Change

June 22, 2012 10:40 AM EDT
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Price: $43.63 --0%

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Canaccord Genuity Morning Coffee on Best Buy (NYSE: BBY): A little more pocket change.

Last night, Best Buy lifted its quarterly cash dividend by 6% to $0.17 a share, consistent with the dividend increase in each of the three prior years. The move came ahead of its annual shareholders' meeting on Thursday where Best Buy was expected to provide details on its turnaround plan. See Results of Proposed Shareholder Voting Here

The higher dividend will be payable on October 2 to shareholders of record as of September 11. Best Buy’s increase in dividend is a sign of confidence as the company struggles to disconnect itself from a series of missteps earlier this year. After months of uncertainty about its leadership, declining sales and a falling stock price, investors are eager to hear who's really in charge and if the company has a more distinct vision to move forward. Some analysts suspect that Richard Schulze will dump his shares, but according to public speculation, the former chairman and chief executive may potentially be exploring a bid to take the company private. However, given its high price tag, a private buyout appears to be unlikely.

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