Best Buy Co., Inc. Plans Quarterly Dividend of $0.94 (NYSE:BBY)

Best Buy Co., Inc. (NYSE:BBY) announced a quarterly dividend on Thursday, August 29th, RTT News reports. Investors of record on Thursday, September 19th will be paid a dividend of 0.94 per share by the technology retailer on Thursday, October 10th. This represents a $3.76 annualized dividend and a dividend yield of 3.78%. The ex-dividend date is Thursday, September 19th.

Best Buy has increased its dividend by an average of 18.7% per year over the last three years and has increased its dividend every year for the last 21 years. Best Buy has a dividend payout ratio of 54.9% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Best Buy to earn $6.86 per share next year, which means the company should continue to be able to cover its $3.76 annual dividend with an expected future payout ratio of 54.8%.

Best Buy Stock Up 0.7 %

Shares of BBY opened at $99.48 on Wednesday. The company has a market capitalization of $21.46 billion, a PE ratio of 17.42, a PEG ratio of 2.56 and a beta of 1.46. The stock’s 50-day moving average price is $89.41 and its two-hundred day moving average price is $83.10. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. Best Buy has a 12 month low of $62.30 and a 12 month high of $103.71.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, beating the consensus estimate of $1.16 by $0.18. The business had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The firm’s revenue was down 3.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.22 earnings per share. On average, analysts anticipate that Best Buy will post 6.26 EPS for the current year.

Insider Activity

In other Best Buy news, EVP Jason J. Bonfig sold 3,500 shares of the stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $83.02, for a total value of $290,570.00. Following the completion of the sale, the executive vice president now owns 50,714 shares in the company, valued at approximately $4,210,276.28. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, EVP Jason J. Bonfig sold 3,500 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $83.02, for a total value of $290,570.00. Following the completion of the transaction, the executive vice president now directly owns 50,714 shares of the company’s stock, valued at $4,210,276.28. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Chairman Richard M. Schulze sold 691,328 shares of Best Buy stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $88.46, for a total value of $61,154,874.88. Following the sale, the chairman now owns 14,911,525 shares in the company, valued at $1,319,073,501.50. The disclosure for this sale can be found here. Insiders sold a total of 1,383,370 shares of company stock worth $122,233,276 over the last quarter. Insiders own 0.59% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on BBY shares. Evercore ISI upped their price target on shares of Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a research report on Friday, August 30th. Loop Capital raised their target price on Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Barclays boosted their price target on Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. Wedbush raised their price objective on shares of Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, August 30th. Finally, Wells Fargo & Company boosted their target price on shares of Best Buy from $80.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $102.56.

Best Buy Company Profile

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.