Best Buy Co., Inc. (NYSE:BBY) Announces $0.88 Quarterly Dividend

Best Buy Co., Inc. (NYSE:BBYGet Rating) announced a quarterly dividend on Tuesday, November 22nd, RTT News reports. Stockholders of record on Tuesday, December 13th will be paid a dividend of 0.88 per share by the technology retailer on Tuesday, January 3rd. This represents a $3.52 annualized dividend and a dividend yield of 4.41%. The ex-dividend date is Monday, December 12th.

Best Buy has increased its dividend payment by an average of 15.9% annually over the last three years and has increased its dividend every year for the last 18 years. Best Buy has a dividend payout ratio of 57.1% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Best Buy to earn $7.02 per share next year, which means the company should continue to be able to cover its $3.52 annual dividend with an expected future payout ratio of 50.1%.

Best Buy Stock Performance

Shares of BBY opened at $79.88 on Wednesday. Best Buy has a 12 month low of $60.78 and a 12 month high of $121.87. The stock has a fifty day moving average price of $68.00 and a 200-day moving average price of $73.04. The company has a current ratio of 0.96, a quick ratio of 0.27 and a debt-to-equity ratio of 0.41. The firm has a market cap of $17.98 billion, a PE ratio of 10.71, a P/E/G ratio of 0.65 and a beta of 1.46.

Best Buy (NYSE:BBYGet Rating) last issued its quarterly earnings data on Tuesday, November 22nd. The technology retailer reported $1.38 EPS for the quarter, beating the consensus estimate of $1.03 by $0.35. Best Buy had a return on equity of 57.98% and a net margin of 3.60%. The firm had revenue of $10.59 billion during the quarter, compared to analyst estimates of $10.30 billion. During the same quarter in the prior year, the business posted $2.08 EPS. The business’s revenue for the quarter was down 11.1% compared to the same quarter last year. Equities research analysts predict that Best Buy will post 6.17 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Kathleen Scarlett sold 25,071 shares of the firm’s stock in a transaction dated Monday, September 19th. The stock was sold at an average price of $72.37, for a total transaction of $1,814,388.27. Following the sale, the executive vice president now directly owns 50,101 shares in the company, valued at approximately $3,625,809.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Kathleen Scarlett sold 25,071 shares of the firm’s stock in a transaction dated Monday, September 19th. The stock was sold at an average price of $72.37, for a total transaction of $1,814,388.27. Following the sale, the executive vice president now directly owns 50,101 shares in the company, valued at approximately $3,625,809.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Damien Harmon sold 1,308 shares of the firm’s stock in a transaction dated Friday, September 9th. The shares were sold at an average price of $76.58, for a total value of $100,166.64. Following the sale, the executive vice president now owns 44,910 shares in the company, valued at $3,439,207.80. The disclosure for this sale can be found here. Insiders have sold 26,533 shares of company stock worth $1,925,382 in the last ninety days. Company insiders own 0.44% of the company’s stock.

Institutional Investors Weigh In On Best Buy

Institutional investors have recently bought and sold shares of the company. Clearstead Advisors LLC boosted its holdings in Best Buy by 30.5% in the 3rd quarter. Clearstead Advisors LLC now owns 724 shares of the technology retailer’s stock worth $46,000 after buying an additional 169 shares during the last quarter. Covestor Ltd boosted its holdings in Best Buy by 61.8% in the 1st quarter. Covestor Ltd now owns 1,317 shares of the technology retailer’s stock worth $120,000 after buying an additional 503 shares during the last quarter. Brown Brothers Harriman & Co. boosted its holdings in Best Buy by 176.9% in the 1st quarter. Brown Brothers Harriman & Co. now owns 1,736 shares of the technology retailer’s stock worth $158,000 after buying an additional 1,109 shares during the last quarter. Industrial Alliance Investment Management Inc. acquired a new stake in Best Buy in the 1st quarter worth about $279,000. Finally, Lido Advisors LLC boosted its holdings in Best Buy by 20.1% in the 1st quarter. Lido Advisors LLC now owns 3,750 shares of the technology retailer’s stock worth $340,000 after buying an additional 627 shares during the last quarter. 79.86% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently issued reports on BBY shares. Telsey Advisory Group reduced their target price on Best Buy from $88.00 to $82.00 and set an “outperform” rating for the company in a research note on Thursday, July 28th. Wedbush raised their target price on Best Buy from $80.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday. Morgan Stanley reduced their target price on Best Buy from $82.00 to $80.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 31st. Piper Sandler reduced their target price on Best Buy from $91.00 to $84.00 and set an “overweight” rating for the company in a research note on Monday, August 8th. Finally, DA Davidson reduced their target price on Best Buy from $110.00 to $99.00 and set a “buy” rating for the company in a research note on Wednesday, August 31st. Ten equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Best Buy currently has a consensus rating of “Hold” and a consensus target price of $83.88.

About Best Buy

(Get Rating)

Best Buy Co, Inc retails technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.

Featured Articles

Dividend History for Best Buy (NYSE:BBY)

Receive News & Ratings for Best Buy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Best Buy and related companies with MarketBeat.com's FREE daily email newsletter.