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

Best Buy Co., Inc. (NYSE:BBYGet Free Report) declared a quarterly dividend on Thursday, May 30th, RTT News reports. Investors of record on Thursday, June 20th will be paid a dividend of 0.94 per share by the technology retailer on Thursday, July 11th. This represents a $3.76 annualized dividend and a dividend yield of 4.80%.

Best Buy has raised its dividend by an average of 18.7% per year over the last three years and has increased its dividend annually for the last 21 consecutive years. Best Buy has a payout ratio of 56.4% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Best Buy to earn $6.75 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 55.7%.

Best Buy Stock Up 8.9 %

Shares of NYSE:BBY traded up $6.41 during midday trading on Thursday, hitting $78.31. 4,994,827 shares of the company’s stock traded hands, compared to its average volume of 2,887,403. Best Buy has a twelve month low of $62.30 and a twelve month high of $86.11. The company has a market cap of $16.94 billion, a PE ratio of 14.19, a P/E/G ratio of 2.17 and a beta of 1.50. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.37 and a current ratio of 1.00. The firm’s fifty day moving average price is $76.08 and its two-hundred day moving average price is $75.06.

Best Buy (NYSE:BBYGet Free Report) last issued its quarterly earnings data on Thursday, May 30th. The technology retailer reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.12. Best Buy had a net margin of 2.86% and a return on equity of 48.45%. The firm had revenue of $8.85 billion for the quarter, compared to analyst estimates of $8.96 billion. During the same quarter in the previous year, the business posted $1.15 EPS. The firm’s revenue was down 6.5% compared to the same quarter last year. On average, equities research analysts anticipate that Best Buy will post 6.03 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on BBY shares. Truist Financial increased their target price on shares of Best Buy from $68.00 to $87.00 and gave the stock a “hold” rating in a report on Friday, March 1st. UBS Group boosted their target price on shares of Best Buy from $82.00 to $85.00 and gave the company a “neutral” rating in a research note on Friday, March 1st. TheStreet raised shares of Best Buy from a “c” rating to a “b-” rating in a report on Thursday, February 29th. The Goldman Sachs Group raised their target price on shares of Best Buy from $81.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, March 1st. Finally, Citigroup cut their target price on shares of Best Buy from $76.00 to $67.00 and set a “sell” rating for the company in a research report on Tuesday, May 7th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $84.64.

View Our Latest Report on BBY

Insider Transactions at Best Buy

In related news, CEO Corie S. Barry sold 366 shares of Best Buy stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $75.76, for a total value of $27,728.16. Following the completion of the sale, the chief executive officer now directly owns 431,231 shares in the company, valued at $32,670,060.56. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Best Buy news, CEO Corie S. Barry sold 28,042 shares of Best Buy stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $81.80, for a total transaction of $2,293,835.60. Following the transaction, the chief executive officer now directly owns 429,159 shares in the company, valued at $35,105,206.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Corie S. Barry sold 366 shares of the firm’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $75.76, for a total transaction of $27,728.16. Following the sale, the chief executive officer now owns 431,231 shares in the company, valued at $32,670,060.56. The disclosure for this sale can be found here. Insiders sold a total of 52,023 shares of company stock worth $4,253,900 over the last 90 days. 0.59% of the stock is owned by insiders.

Best Buy Company Profile

(Get Free Report)

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.

Recommended Stories

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.