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

Best Buy Co., Inc. (NYSE:BBY) announced a quarterly dividend on Wednesday, November 27th,Wall Street Journal reports. Investors of record on Tuesday, December 17th will be given 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 dividend yield of 4.27%. The ex-dividend date of this dividend is Tuesday, December 17th.

Best Buy has raised its dividend by an average of 18.7% annually over the last three years and has raised its dividend every year for the last 21 years. Best Buy has a dividend payout ratio of 55.1% indicating that its dividend is sufficiently covered by earnings. 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

NYSE:BBY traded down $0.33 during trading hours on Wednesday, reaching $88.15. The company had a trading volume of 3,913,844 shares, compared to its average volume of 3,065,258. Best Buy has a 1-year low of $68.67 and a 1-year high of $103.71. The firm has a market cap of $18.93 billion, a PE ratio of 15.31, a price-to-earnings-growth ratio of 2.44 and a beta of 1.47. The business’s 50 day moving average price is $94.38 and its 200-day moving average price is $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 (NYSE:BBY) last announced its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The company had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. During the same period in the previous year, the company posted $1.22 earnings per share. Best Buy’s revenue for the quarter was down 3.1% on a year-over-year basis. Research analysts forecast that Best Buy will post 6.28 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Wedbush boosted their price target on Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, August 30th. Melius Research assumed coverage on Best Buy in a research note on Monday, September 23rd. They set a “hold” rating and a $100.00 target price for the company. Truist Financial reduced their target price on Best Buy from $107.00 to $95.00 and set a “hold” rating for the company in a research note on Wednesday. Citigroup reduced their target price on Best Buy from $109.00 to $101.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, DA Davidson reaffirmed a “buy” rating and set a $117.00 target price on shares of Best Buy in a research note on Tuesday, October 15th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $100.82.

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.