Two-Year $3 Billion Share Repurchase Plan
21% Increase in Quarterly Dividend to $0.34 per Share
MINNEAPOLIS, March 1, 2017 — Best Buy Co., Inc. (NYSE: BBY) today announced that its Board of Directors approved a plan to return excess capital to shareholders as follows:
- A new $3 billion share repurchase plan expected to be completed over the next two years; and
- A 21% increase in the regular quarterly dividend to $0.34 per share, effective immediately.
This updated capital return plan is consistent with the company’s long-term capital allocation strategy to first fund operations and investments in growth, including potential acquisitions, and then to return excess free cash flow over time to shareholders through dividends and share repurchases, while maintaining investment grade credit metrics.