5 Best Dividend Growth Stocks With 10%+ Yearly Increases

2. Best Buy Co., Inc. (NYSE:BBY)

5-Year Average Annual Dividend Growth Rate: 20.95%
Years of Consistent Dividend Growth: 9

Best Buy Co., Inc. (NYSE:BBY) is a Minnesota-based consumer electronics company that deals in a wide range of tech products. In December, Credit Suisse initiated its coverage of Best Buy Co., Inc. (NYSE:BBY) with a Neutral rating and a $90 price target, highlighting the company’s improving gross margins.

Best Buy Co., Inc. (NYSE:BBY) currently offers a quarterly dividend of $0.88 per share and has a dividend yield of 3.97%, as of February 1. The company maintains a 9-year streak of consistent dividend growth and has increased its payouts at an average rate of 20.95% in the past five years. The company is one of the best dividend growth stocks on our list.

Best Buy Co., Inc. (NYSE:BBY) was a part of 31 hedge fund portfolios in Q3 2022, growing from 26 in the previous quarter, as per Insider Monkey’s data. The stakes owned by these funds have a total value of $296.8 million. With over 1.3 million shares, Citadel Investment Group was the company’s leading stakeholder in Q3.