Best Buy Co Inc (NYSE:BBY) declared a quarterly dividend on Wednesday, August 29th, RTT News reports. Shareholders of record on Tuesday, September 18th will be paid a dividend of 0.45 per share by the technology retailer on Tuesday, October 9th. This represents a $1.80 annualized dividend and a yield of 2.30%. The ex-dividend date of this dividend is Monday, September 17th.
Best Buy has increased its dividend payment by an average of 23.6% annually over the last three years and has raised its dividend annually for the last 6 consecutive years. Best Buy has a dividend payout ratio of 35.2% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Best Buy to earn $5.56 per share next year, which means the company should continue to be able to cover its $1.80 annual dividend with an expected future payout ratio of 32.4%.
Shares of BBY stock opened at $78.39 on Friday. Best Buy has a 12 month low of $51.61 and a 12 month high of $84.37. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.52 and a current ratio of 1.21. The company has a market cap of $21.48 billion, a price-to-earnings ratio of 15.87, a P/E/G ratio of 1.24 and a beta of 0.98.
Best Buy (NYSE:BBY) last announced its quarterly earnings results on Tuesday, August 28th. The technology retailer reported $0.91 EPS for the quarter, beating the consensus estimate of $0.83 by $0.08. Best Buy had a return on equity of 40.28% and a net margin of 2.44%. The company had revenue of $9.38 billion for the quarter, compared to the consensus estimate of $9.25 billion. During the same quarter last year, the company posted $0.69 earnings per share. The company’s revenue for the quarter was up 4.6% compared to the same quarter last year. sell-side analysts anticipate that Best Buy will post 5.11 earnings per share for the current fiscal year.
Several equities research analysts have recently issued reports on BBY shares. Zacks Investment Research downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, July 20th. Jefferies Financial Group started coverage on shares of Best Buy in a research note on Tuesday, August 21st. They issued a “hold” rating and a $79.00 price objective on the stock. Wells Fargo & Co restated a “hold” rating and issued a $78.00 price objective on shares of Best Buy in a research note on Tuesday, August 28th. Morgan Stanley raised their price objective on shares of Best Buy from $74.00 to $78.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 29th. Finally, Raymond James raised their price objective on shares of Best Buy from $87.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, August 29th. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and five have issued a buy rating to the company’s stock. Best Buy presently has an average rating of “Hold” and a consensus price target of $79.35.
In related news, SVP Mathew Watson sold 2,131 shares of the firm’s stock in a transaction on Wednesday, September 12th. The stock was sold at an average price of $77.88, for a total value of $165,962.28. Following the completion of the transaction, the senior vice president now directly owns 18,131 shares of the company’s stock, valued at $1,412,042.28. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Asheesh Saksena sold 26,309 shares of the firm’s stock in a transaction on Wednesday, September 5th. The stock was sold at an average price of $80.07, for a total value of $2,106,561.63. The disclosure for this sale can be found here. In the last 90 days, insiders sold 66,913 shares of company stock worth $5,351,384. 0.75% of the stock is currently owned by corporate insiders.
About Best Buy
Best Buy Co, Inc operates as a retailer of technology products, services, and solutions in the United States, Canada, and Mexico. The company operates in two segments, Domestic and International. Its stores provide consumer electronics, including digital imaging, health and fitness, home automation, home theater, and portable audio products; computing and mobile phones, such as computing and peripherals, networking products, tablets, smart watches, and e-readers, as well as mobile phones comprising related mobile network carrier commissions; and entertainment products, including drones, movies, music, and technology toys, as well as gaming hardware and software, and virtual reality and other software products.
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