Best Buy says its board is boosting its quarterly cash dividend by 7 percent.

The consumer electronics retailer says that it will pay 15 cents per share to shareholders on Oct. 26.

That's up from its previous dividend of 14 cents per share.

The money will be available to stockholders who own shares of Best Buy Co. as of Oct. 5.

Best Buy is headquartered in the Minneapolis suburb of Richfield, Minn.

Its shares closed Thursday at $36.63.