Best Buy Co's (BBY.N) board raised its quarterly dividend by 7 percent to 16 cents a share, and approved a plan to purchase back $5 billion in common shares, sending its stock up more than 4 percent. The increase in dividend would take effect with the Oct. 25 to shareholders of record as of Oct. 4, the world's largest consumer electronics chain said in a statement on Tuesday. Best Buy's new $5 billion share repurchase program replaces the retailer's prior $5.5 billion buyback plan, which had about $800 million of remaining authorization as of the first quarter ended May 28, it said ahead of a meeting with shareholders. Best Buy shares were up 4.3 percent at $32.90 in premarket trading.
Best Buy Co., Inc. is a multinational retailer of consumer electronics, home office products, entertainment software, appliances and related services. Shares of BBY remained unchanged at $31.54. In the past year, the shares have traded as low as $28.09 and as high as $45.63. On average, 8596160 shares of BBY exchange hands on a given day and today's volume is recorded at 395298.
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