Best Buy (BBY) Raises Quarterly Dividend 21.4% to $0.34; $3B Buyback
Best Buy (NYSE: BBY) declared a quarterly dividend of $0.34 per share, or $1.36 annualized. This is a 21.4% increase from the prior dividend of $0.28. The dividend will be payable on April 12, 2017, to stockholders of record on March 22, 2017, with an ex-dividend date of March 20, 2017. The annual yield on the dividend is 3.1 percent.
Best Buy also announced a new $3 billion share repurchase plan expected to be completed over the next two years.
Hubert Joly, Best Buy chairman and CEO, commented, “Today we are pleased to announce our fiscal 2018 return of capital plan which includes a 21% increase in the regular quarterly dividend to $0.34 per share and a share repurchase plan that accelerates from $1 billion over two years to $3 billion over two years. This is in addition to the nearly $2.7 billion in cash we returned to shareholders in fiscal 2016 and 2017 combined. The increase in the dividend and acceleration of our share repurchase program are aligned with our long-term capital allocation strategy and display continued confidence in our ongoing business performance and future cash-flow generation.”
For a dividend history and other dividend-related data on Best Buy (BBY) click here.