Friday, March 3rd the Board of Directors of Best Buy Co., Inc. (BBY) announced a quarterly dividend increase of from $0.88 to $0.92 per share that’s payable April 13, 2023 to holders of record March 23, 2023. This represents a 4.55% increase over the last quarter dividend.
With current price $76.77 (today's open), this raise brings their dividend yield to 4.79%.
Best Buy is a Dividend Contenders with a 20 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 26.0, 19.6, 19.7 and 17.8 (Dividend Champions.xls)
Since I own 40 shares of BBY, this will increase my portfolio's projected annual net dividend income by $4.77.
The increase was considerably lower than previous increases, but in the current circumstances this is to be appreciated.
This is the first dividend increase I've received from Best Buy since initiating a position in April 2022.
This increase raises my YOC to 4.50%.
Summary of 2023 Dividend Increases / Cuts
Click here to see my portfolio holdings.
You can follow the development of my dividends here.
Full Disclosure: Long BBY
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