Shares of Best Buy were gaining 1.8% to $29.32.
The new dividend is an 11.8% increase from the retailer's previous, and is Best Buy's first dividend increase since 2012. The dividend is payable on Oct. 2 to all shareholders of record as of the close of business on Sept. 11. The ex-dividend date is Sept. 9.
"Best Buy Co., Inc. is a multinational, multichannel retailer of technology products, including tablets and computers, televisions, mobile phones, large and small appliances, entertainment products, digital imaging and related accessories. The Company also offers technology services including technical support, repair and installation under the Geek Squad brand. The Company operates e-commerce operations, retail stores and call centers and conduct operations under a variety of names, such as Best Buy (BestBuy.com, BestBuy.ca), Best Buy Mobile, Five Star, Future Shop (FutureShop.ca), Geek Squad, Magnolia Audio Video and Pacific Sales. The Company operates in two segments: Domestic and International. The Domestic segment is comprised of all operations within the U.S. and its territories. The International segment is comprised of all operations outside the U.S. and its territories. On February 1, 2014, the Company sold mindSHIFT Technologies, Inc. (mindSHIFT)."