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

Best Buy Co., Inc. (NYSE:BBY) declared a quarterly dividend on Tuesday, November 26th,Wall Street Journal reports. Shareholders of record on Tuesday, December 17th will be paid a dividend of 0.94 per share by the technology retailer on Tuesday, January 7th. This represents a $3.76 dividend on an annualized basis and a yield of 4.27%. The ex-dividend date of this dividend is Tuesday, December 17th.

Best Buy has increased its dividend payment by an average of 18.7% per year over the last three years and has raised its dividend every year for the last 21 years. Best Buy has a payout ratio of 55.1% meaning its dividend is sufficiently covered by earnings. Research analysts expect Best Buy to earn $6.88 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 54.7%.

Best Buy Stock Performance

Shares of NYSE BBY traded down $0.33 during mid-day trading on Wednesday, reaching $88.15. 4,011,815 shares of the company’s stock were exchanged, compared to its average volume of 3,065,271. The firm has a market capitalization of $18.93 billion, a price-to-earnings ratio of 15.31, a price-to-earnings-growth ratio of 2.44 and a beta of 1.47. The firm has a 50-day moving average price of $94.38 and a two-hundred day moving average price of $89.07. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34. Best Buy has a 52 week low of $68.67 and a 52 week high of $103.71.

Best Buy (NYSE:BBY) last released its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The firm had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.23 billion. During the same period in the previous year, the company earned $1.22 earnings per share. The company’s quarterly revenue was down 3.1% on a year-over-year basis. Analysts predict that Best Buy will post 6.28 EPS for the current year.

Analysts Set New Price Targets

BBY has been the topic of a number of recent research reports. Truist Financial dropped their price target on Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a research report on Wednesday. Wedbush increased their price objective on Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, August 30th. Citigroup reduced their target price on Best Buy from $109.00 to $101.00 and set a “buy” rating for the company in a report on Wednesday. Piper Sandler reissued an “overweight” rating and issued a $114.00 price target (up from $100.00) on shares of Best Buy in a report on Friday, August 30th. Finally, Evercore ISI boosted their price objective on shares of Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $100.82.

Best Buy Company Profile

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.