Best Buy Co., Inc. (NYSE:BBY) Plans $0.94 Quarterly Dividend

Best Buy Co., Inc. (NYSE:BBY) announced a quarterly dividend on Thursday, August 29th, RTT News reports. Shareholders of record on Thursday, September 19th will be paid a dividend of 0.94 per share by the technology retailer on Thursday, October 10th. This represents a $3.76 annualized dividend and a dividend yield of 3.78%. The ex-dividend date of this dividend is Thursday, September 19th.

Best Buy has increased its dividend payment by an average of 18.7% annually over the last three years and has increased its dividend every year for the last 21 years. Best Buy has a payout ratio of 54.9% meaning its dividend is sufficiently covered by earnings. Research analysts expect Best Buy to earn $6.86 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 54.8%.

Best Buy Trading Up 0.7 %

Shares of BBY opened at $99.48 on Wednesday. Best Buy has a fifty-two week low of $62.30 and a fifty-two week high of $103.71. The business has a 50-day moving average of $89.41 and a 200 day moving average of $83.10. The firm has a market cap of $21.46 billion, a P/E ratio of 17.42, a price-to-earnings-growth ratio of 2.56 and a beta of 1.46. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.18. The firm had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The company’s revenue was down 3.1% on a year-over-year basis. During the same quarter last year, the company earned $1.22 earnings per share. As a group, research analysts forecast that Best Buy will post 6.26 EPS for the current year.

Insider Activity at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 691,328 shares of the business’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $88.46, for a total value of $61,154,874.88. Following the transaction, the chairman now owns 14,911,525 shares in the company, valued at $1,319,073,501.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Best Buy news, Chairman Richard M. Schulze sold 691,328 shares of the stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $88.46, for a total value of $61,154,874.88. Following the completion of the sale, the chairman now owns 14,911,525 shares in the company, valued at approximately $1,319,073,501.50. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Chairman Richard M. Schulze sold 600,000 shares of Best Buy stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $88.29, for a total value of $52,974,000.00. Following the completion of the sale, the chairman now owns 14,002,853 shares in the company, valued at $1,236,311,891.37. The disclosure for this sale can be found here. Insiders sold 1,383,370 shares of company stock worth $122,233,276 in the last three months. 0.59% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

BBY has been the subject of a number of analyst reports. Telsey Advisory Group raised their price target on Best Buy from $95.00 to $115.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. JPMorgan Chase & Co. raised their price objective on shares of Best Buy from $101.00 to $111.00 and gave the company an “overweight” rating in a research report on Friday, August 30th. BNP Paribas upgraded Best Buy to a “strong-buy” rating in a research report on Thursday, August 29th. Barclays lifted their target price on shares of Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, August 30th. Finally, Wedbush increased their price target on shares of Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, August 30th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Best Buy presently has a consensus rating of “Moderate Buy” and a consensus price target of $102.56.

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.