Best Buy Co., Inc. (NYSE:BBY) Announces $0.95 Quarterly Dividend

Best Buy Co., Inc. (NYSE:BBY) declared a quarterly dividend on Friday, May 30th, RTT News reports. Stockholders of record on Thursday, June 19th will be paid a dividend of 0.95 per share by the technology retailer on Thursday, July 10th. This represents a $3.80 annualized dividend and a dividend yield of 5.72%.

Best Buy has raised its dividend payment by an average of 10.3% per year over the last three years and has raised its dividend annually for the last 22 consecutive years. Best Buy has a dividend payout ratio of 56.6% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Best Buy to earn $6.63 per share next year, which means the company should continue to be able to cover its $3.80 annual dividend with an expected future payout ratio of 57.3%.

Best Buy Stock Performance

Shares of NYSE BBY opened at $66.48 on Friday. The firm has a fifty day moving average price of $67.42 and a 200-day moving average price of $79.09. Best Buy has a 1 year low of $54.99 and a 1 year high of $103.71. The stock has a market cap of $14.07 billion, a PE ratio of 11.36, a price-to-earnings-growth ratio of 2.10 and a beta of 1.27. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, May 29th. The technology retailer reported $1.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.06. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business had revenue of $8.77 billion for the quarter, compared to the consensus estimate of $8.77 billion. During the same period in the prior year, the business posted $1.20 earnings per share. The company’s quarterly revenue was down .9% compared to the same quarter last year. Equities analysts anticipate that Best Buy will post 6.18 earnings per share for the current fiscal year.

Insider Transactions at Best Buy

In other Best Buy news, CEO Corie S. Barry acquired 13,500 shares of the business’s stock in a transaction on Wednesday, March 12th. The stock was purchased at an average price of $72.92 per share, for a total transaction of $984,420.00. Following the transaction, the chief executive officer now owns 378,780 shares in the company, valued at $27,620,637.60. This trade represents a 3.70% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Todd G. Hartman sold 4,893 shares of the business’s stock in a transaction on Friday, March 21st. The stock was sold at an average price of $72.65, for a total value of $355,476.45. Following the sale, the insider now owns 32,320 shares of the company’s stock, valued at approximately $2,348,048. The trade was a 13.15% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 78,355 shares of company stock worth $5,767,213 over the last three months. 0.47% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Best Buy

A hedge fund recently raised its stake in Best Buy stock. Woodline Partners LP lifted its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 40.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,436 shares of the technology retailer’s stock after purchasing an additional 4,701 shares during the period. Woodline Partners LP’s holdings in Best Buy were worth $1,210,000 at the end of the most recent quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Wells Fargo & Company dropped their price target on Best Buy from $85.00 to $75.00 and set an “equal weight” rating on the stock in a research note on Monday, May 19th. Morgan Stanley decreased their price objective on shares of Best Buy from $100.00 to $85.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 5th. Loop Capital reiterated a “negative” rating on shares of Best Buy in a research report on Wednesday, March 5th. Wedbush upgraded shares of Best Buy to a “hold” rating and set a $75.00 price objective for the company in a report on Friday, May 23rd. Finally, DA Davidson reaffirmed a “buy” rating and issued a $110.00 target price on shares of Best Buy in a research note on Monday, April 14th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $89.33.

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.