Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Best Buy Increases Dividends Even As the Company Faces Leadership Crisis

Best Buy annoBest Buyunced an increase in its dividends by one cent per share marking a 6 percent increase to 17 cents per share. The quarterly dividend would be payable on October 2, 2012 to shareholders of record as of September 11, 2012, the company’s press release said.

The move comes amid the stock price testing its 52-week low, Brian Dunn quitting abruptly as its CEO and its founder and Chairman Richard Schulze also resigning. The Board of Directors have launched a global search to fill in these positions and steer the company through rough waters even as Mike Mikan holds the reins together as an interim CEO.

Best Buy faces intense competition from online retailers when customers come into stores only to get a look and feel of a product and then buy it at a much cheaper price from Amazon and other online retailers. To cut itself to size, Best Buy had announced in April to close 50 stores and cut as much as $800 million in costs.

Among the hedge funds tracked by Insider Monkey, Pacifica Capital Investments managed by Steve Leonard and David Einhorn’s Greenlight Capital have a sizeable portions of their portfolios in Best Buy.

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.