Best Buy Co., Inc. to Issue Quarterly Dividend of $0.88 (NYSE:BBY)

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

Best Buy has raised its dividend payment by an average of 15.9% annually over the last three years and has raised its dividend every year for the last 18 years. Best Buy has a dividend payout ratio of 57.1% meaning its dividend is sufficiently covered by earnings. Equities research 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 Price Performance

BBY stock opened at $79.88 on Wednesday. The company’s fifty day moving average price is $68.00 and its 200-day moving average price is $73.04. Best Buy has a one year low of $60.78 and a one year high of $121.87. The company has a market capitalization of $17.98 billion, a PE ratio of 10.71, a price-to-earnings-growth ratio of 0.65 and a beta of 1.46. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.27 and a current ratio of 0.96.

Best Buy (NYSE:BBYGet Rating) last announced its earnings results on Tuesday, November 22nd. The technology retailer reported $1.38 earnings per share (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 business had revenue of $10.59 billion during the quarter, compared to analyst estimates of $10.30 billion. During the same quarter in the previous year, the business earned $2.08 earnings per share. The company’s revenue for the quarter was down 11.1% compared to the same quarter last year. On average, equities analysts anticipate that Best Buy will post 6.17 EPS for the current fiscal year.

Insider Activity

In related news, 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 transaction of $100,166.64. Following the completion of the sale, the executive vice president now directly owns 44,910 shares in the company, valued at $3,439,207.80. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, EVP Damien Harmon sold 1,308 shares of the company’s stock in a transaction on Friday, September 9th. The stock was sold at an average price of $76.58, for a total value of $100,166.64. Following the transaction, the executive vice president now owns 44,910 shares of the company’s stock, valued at approximately $3,439,207.80. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, 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 value of $1,814,388.27. Following the sale, the executive vice president now directly owns 50,101 shares of the company’s stock, valued at $3,625,809.37. The disclosure for this sale can be found here. In the last quarter, insiders have sold 26,533 shares of company stock valued at $1,925,382. 0.44% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Prudential PLC acquired a new position in Best Buy in the 1st quarter valued at about $499,000. Atria Wealth Solutions Inc. lifted its position in shares of Best Buy by 29.0% during the 2nd quarter. Atria Wealth Solutions Inc. now owns 7,168 shares of the technology retailer’s stock valued at $472,000 after acquiring an additional 1,610 shares during the period. Cetera Investment Advisers boosted its stake in shares of Best Buy by 6.3% during the 1st quarter. Cetera Investment Advisers now owns 5,144 shares of the technology retailer’s stock worth $468,000 after acquiring an additional 305 shares in the last quarter. Kentucky Retirement Systems Insurance Trust Fund grew its holdings in shares of Best Buy by 3.8% in the 3rd quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 7,182 shares of the technology retailer’s stock worth $455,000 after acquiring an additional 265 shares during the period. Finally, Pathstone Family Office LLC increased its stake in Best Buy by 5.1% in the 3rd quarter. Pathstone Family Office LLC now owns 7,164 shares of the technology retailer’s stock valued at $454,000 after purchasing an additional 350 shares in the last quarter. 79.86% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Wedbush boosted their price target on Best Buy from $80.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday. Telsey Advisory Group decreased their target price on Best Buy from $88.00 to $82.00 and set an “outperform” rating for the company in a report on Thursday, July 28th. StockNews.com began coverage on shares of Best Buy in a research note on Wednesday, October 12th. They issued a “hold” rating on the stock. Morgan Stanley lowered their target price on Best Buy from $82.00 to $80.00 and set an “equal weight” rating on the stock in a research note on Wednesday, August 31st. Finally, DA Davidson reduced their price target on Best Buy from $110.00 to $99.00 and set a “buy” rating for the company in a research report on Wednesday, August 31st. Nine equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $84.56.

Best Buy Company Profile

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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.

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Dividend History for Best Buy (NYSE:BBY)

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