Consumer Electronics retailer Best Buy optimistically raises quarterly dividend

By Peggy Kataveli, CMA, B2P
Published on Monday June 28, 2010 at 10:29 am ET
Updated 06-28-10, 10:32 am ET

Another sign the economy is slowly beginning to pick up, North America’s largest consumer electronics retailer, Best Buy, has announced the company would increase its dividend by just over 7-percent on an annualized basis.

The company currently pays a $0.56 per share dividend annually, and will now raise that number to $0.60 per share annually.

Best Buy pays dividends quarterly.and lastly paid its $0.14 dividend on April 13.

The company said it would distribute the first updated dividend on October 26.

 Shareholders who own Best Buy stock by October 5 of this year will be entitled to the increased dividend.The increase in dividends will surely make stockholders happy due to the increase in incoming net cash flows.

Additionally, it is a sign the company believes it will have sufficient free cash flows, hence is able to easily redistribute earnings to shareholders.

The Best Buy stock (NYSE:BBY) is trading up by almost 1-percent to $35.50 per share in early morning trading.

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Peggy holds a Bachelor Arts degree with honors in Economics from York University in Toronto, Canada. She is a Certified Management Accountant (CMA). She has also passed Level I of the Chartered Financial Analyst (CFA) Program. She is also a realtor. Write to [email protected]
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