Best Buy (BBY) announced today that it will raise its quarterly dividend to 19 cents a share from 17 cents, an increase worth 12%/$0.76 annualized.
The change will be reflected in the quarterly dividend, payable October 2, 2014 to Best Buy shareholders of record as of September 11, 2014.
“Our decision to increase the amount of cash we are returning to shareholders is indicative of our improved cash position and our confidence in the cash-generating power of our multi-channel business model,” Best Buy president and CEO Hubert Joly said in a press release Tuesday morning.
This is the first dividend hike for Best Buy in two years.
BBY is up around 64 cents today, trading at $29.44 as of 1:49PM EDT.