Best Buy Co., Inc. (NYSE:BBY) to Issue Quarterly Dividend of $0.95

Best Buy Co., Inc. (NYSE:BBY) declared a quarterly dividend on Tuesday, March 4th, RTT News reports. Stockholders of record on Tuesday, March 25th will be given a dividend of 0.95 per share by the technology retailer on Tuesday, April 15th. This represents a $3.80 annualized dividend and a dividend yield of 5.16%. The ex-dividend date of this dividend is Tuesday, March 25th. This is a 1.1% increase from Best Buy’s previous quarterly dividend of $0.94.

Best Buy has raised its dividend payment by an average of 10.3% per year over the last three years and has raised its dividend annually for the last 22 consecutive years. Best Buy has a dividend payout ratio of 54.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Best Buy to earn $6.63 per share next year, which means the company should continue to be able to cover its $3.80 annual dividend with an expected future payout ratio of 57.3%.

Best Buy Stock Up 0.2 %

BBY stock opened at $73.63 on Friday. Best Buy has a 1-year low of $69.29 and a 1-year high of $103.71. The business has a fifty day moving average price of $83.34 and a 200-day moving average price of $89.09. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. The stock has a market capitalization of $15.74 billion, a P/E ratio of 12.59, a P/E/G ratio of 2.10 and a beta of 1.43.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm had revenue of $13.95 billion during the quarter, compared to analysts’ expectations of $13.69 billion. During the same quarter in the previous year, the business earned $2.72 earnings per share. Equities analysts forecast that Best Buy will post 6.18 earnings per share for the current fiscal year.

Insider Transactions at Best Buy

In other Best Buy news, CEO Corie S. Barry acquired 13,500 shares of the company’s stock in a transaction dated Wednesday, March 12th. The stock was purchased at an average price of $72.92 per share, with a total value of $984,420.00. Following the completion of the purchase, the chief executive officer now directly owns 378,780 shares in the company, valued at approximately $27,620,637.60. The trade was a 3.70 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Mathew Watson sold 3,182 shares of the company’s stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $71.29, for a total value of $226,844.78. Following the completion of the transaction, the chief accounting officer now directly owns 19,218 shares of the company’s stock, valued at approximately $1,370,051.22. This trade represents a 14.21 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.59% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on BBY shares. Truist Financial reduced their price objective on Best Buy from $95.00 to $81.00 and set a “hold” rating for the company in a research report on Wednesday, March 5th. DA Davidson reduced their price objective on Best Buy from $117.00 to $110.00 and set a “buy” rating for the company in a research report on Wednesday, March 5th. Wedbush reiterated a “neutral” rating and set a $90.00 price objective on shares of Best Buy in a research report on Monday, March 3rd. Barclays reduced their price objective on Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research report on Thursday, January 9th. Finally, Telsey Advisory Group reduced their price objective on Best Buy from $110.00 to $100.00 and set an “outperform” rating for the company in a research report on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Best Buy presently has a consensus rating of “Hold” and a consensus price target of $93.50.

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.