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

Best Buy Co., Inc. (NYSE:BBY) announced a quarterly dividend on Thursday, August 29th, RTT News reports. Shareholders of record on Thursday, September 19th will be given a dividend of 0.94 per share by the technology retailer on Thursday, October 10th. This represents a $3.76 dividend on an annualized basis and a yield of 3.81%. The ex-dividend date of this dividend is Thursday, September 19th.

Best Buy has raised its dividend payment by an average of 18.7% annually over the last three years and has raised its dividend every year for the last 21 years. Best Buy has a dividend payout ratio of 54.9% meaning its dividend is sufficiently covered by earnings. 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 Performance

BBY stock opened at $98.79 on Tuesday. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The business’s fifty day simple moving average is $89.14 and its two-hundred day simple moving average is $82.95. Best Buy has a twelve month low of $62.30 and a twelve month high of $103.71. The firm has a market cap of $21.31 billion, a price-to-earnings ratio of 17.30, a PEG ratio of 2.56 and a beta of 1.46.

Best Buy (NYSE:BBY) last released its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The business had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. During the same quarter last year, the firm posted $1.22 earnings per share. The business’s revenue was down 3.1% compared to the same quarter last year. Analysts predict that Best Buy will post 6.26 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have recently issued reports on BBY. BNP Paribas raised Best Buy to a “strong-buy” rating in a research report on Thursday, August 29th. Bank of America increased their price target on Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a research report on Friday, August 30th. The Goldman Sachs Group increased their price target on Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. Evercore ISI increased their price target on Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a research report on Friday, August 30th. Finally, Loop Capital increased their price target on Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Best Buy currently has a consensus rating of “Moderate Buy” and a consensus target price of $102.56.

Insider Buying and Selling

In other Best Buy news, Chairman Richard M. Schulze sold 88,542 shares of the stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the completion of the sale, the chairman now directly owns 13,602,853 shares of the company’s stock, valued at approximately $1,200,451,777.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Chairman Richard M. Schulze sold 88,542 shares of Best Buy stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the completion of the transaction, the chairman now directly owns 13,602,853 shares of the company’s stock, valued at $1,200,451,777.25. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Richard M. Schulze sold 600,000 shares of the firm’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $88.29, for a total value of $52,974,000.00. Following the transaction, the chairman now directly owns 14,002,853 shares of the company’s stock, valued at approximately $1,236,311,891.37. The disclosure for this sale can be found here. Insiders have sold 1,383,370 shares of company stock worth $122,233,276 in the last quarter. 0.59% of the stock is owned by insiders.

About Best Buy

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.