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Dividend Hikes: Best Buy

Stocks in this article: BBY

NEW YORK ( TheStreet) -- Best Buy (BBY) shares fell during Thursday's trading session even after the electronics retailer announced a 7% increase to its dividend.

Best Buy said it has upped its quarterly cash dividend to 14 cents per share from 15 cents, boosting the dividend yield to 1.68% from 1.57%. The dividend announcement comes as Best Buy holds its annual meeting of shareholders in Richfield, Minn. If authorized, the increased dividend will be payable on Oct. 26 to shareholders of record as of Oct. 5.

Despite the announcement, Best Buy shares were down 98 cents, or 2.7%, to $35.65.

Elsewhere, Medtronic (MDT) said it will increase its dividend by 9% for first quarter of fiscal year 2011. The company will pay a cash dividend of 22.5 cents per share, up from 21 cents previously, on July 30 to shareholders of record at the close of business on July 9.

"This dividend further demonstrates the board of directors' and management's confidence in Medtronic's ability to generate cash and return capital to shareholders," Medtronic Chairman and CEO William Hawkins said in a statement.

Medtronic shares were slipping by 26 cents, or 0.7%, to $37.25.

In other dividend-related news, China Mass Media (CMM) declared a special dividend of 71.6 million additional ordinary shares in the form of HK shares. This comes after China Mass Media applied for Hong Kong listing, although it said it will still maintain its listing on the New York Stock Exchange.

Each holder of China Mass Media's ordinary shares as of June 16 will be entitled to receive one ordinary share for every 10 ordinary shares held. Each American Depositary share holder will be entitled to receive three HK Shares for each ADS held as of the record date.

Shares of China Mass Media were down 4 cents, or 2.1%, to $1.82.

Meanwhile, Fortress Investment Group (FIG) said Thursday that it has elected not to pay a dividend in the second quarter, instead retaining the cash for potential future investment opportunities and for working capital purposes.

Fortress Investment shares were down 12 cents, or 3.4%, to $3.37.

-- Written by Robert Holmes in Boston.

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