Best Buy Co., Inc. (BBY) to Issue Quarterly Dividend of $0.96 on July 9th

Best Buy Co., Inc. (NYSE:BBY) declared a quarterly dividend on Thursday, May 28th. Stockholders of record on Thursday, June 18th will be paid a dividend of 0.96 per share by the technology retailer on Thursday, July 9th. This represents a c) annualized dividend and a dividend yield of 5.0%. The ex-dividend date is Thursday, June 18th.

Best Buy has raised its dividend by an average of 0.1%annually over the last three years and has increased its dividend annually for the last 22 consecutive years. Best Buy has a dividend payout ratio of 57.2% meaning its dividend is sufficiently covered by earnings. Analysts expect Best Buy to earn $7.07 per share next year, which means the company should continue to be able to cover its $3.84 annual dividend with an expected future payout ratio of 54.3%.

Best Buy Stock Performance

BBY opened at $77.44 on Tuesday. The business’s 50-day simple moving average is $64.77 and its 200 day simple moving average is $66.69. Best Buy has a 52-week low of $55.10 and a 52-week high of $84.99. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.40 and a current ratio of 1.12. The firm has a market capitalization of $16.32 billion, a PE ratio of 14.34, a PEG ratio of 2.09 and a beta of 1.30.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.23 by $0.05. The firm had revenue of $8.94 billion during the quarter, compared to the consensus estimate of $8.82 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The business’s revenue was up 1.9% compared to the same quarter last year. During the same period last year, the company earned $1.15 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, sell-side analysts expect that Best Buy will post 6.56 earnings per share for the current fiscal year.

Analysts Set New Price Targets

BBY has been the topic of several analyst reports. BNP Paribas Exane upped their price target on shares of Best Buy from $74.00 to $76.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Telsey Advisory Group set a $90.00 price objective on shares of Best Buy and gave the company an “outperform” rating in a research report on Friday, May 29th. DA Davidson restated a “buy” rating and set a $78.00 price objective on shares of Best Buy in a research note on Friday, May 29th. Citigroup raised their target price on shares of Best Buy from $60.00 to $79.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. Finally, Guggenheim reiterated a “buy” rating and set a $90.00 price target on shares of Best Buy in a report on Friday, May 29th. Six analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $79.05.

Best Buy Company Profile

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.