Best Buy hikes shareholder dividend by 21 percent, adds one-time payout from legal settlements

StocksAssociated Press

Best Buy is hiking its regular quarterly dividend by 21 percent. The nation's largest consumer electronics chain also will give stockholders a one-time payment from proceeds of legal settlements.

The Minneapolis chain says it will raise its cash dividend to 23 cents per share from 19 cents, and it will pay shareholders a dividend of 51 cents per share culled from the proceeds of some legal settlements over the price of liquid crystal displays, or LCDs, sold in the United States.

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LCD technology is used in consumer electronics like flat-panel TVs, computers, and phones.

Best Buy Co. Inc. will pay the special cash dividend and the regular quarterly payout on April 14 to shareholders of record at the close of business on March 24.

Company shares are up more than 4 percent in premarket trading.