Best Buy (BBY) Authorizes New $5B Buyback; Raises Qtr. Dividend to $0.16/Share; Yielding 2.03%

Best Buy Co., Inc. (NYSE: BBY) Tuesday authorized a new $5 billion buyback program which will terminate and replace the current $5.5 billion repurchase plan. Best Buy had about $800 million remaining under the prior authorization.

The electronics-retailer also announced a raised quarterly dividend of $0.16 per share, or $0.64 annualized. This is a 6.7% increase from the prior dividend of $0.15.

The dividend, if declared, will be payable on October 25, 2011, to stockholders of record on October 4, 2011, with an ex-dividend date of September 30, 2011.

The annual yield on the dividend is 2.03 percent.

CEP Brian Dunn said "Best Buy's business generates significant cash flow and we are committed to using that cash in a disciplined manner. We are very pleased to announce this new share repurchase program that underscores our commitment to enhancing returns for shareholders."

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