Best Buy Co., Inc. (BBY) to Issue Quarterly Dividend of $0.95 on April 15th

Best Buy Co., Inc. (NYSE:BBY) declared a quarterly dividend on Tuesday, March 4th, RTT News reports. Stockholders of record on Tuesday, March 25th will be paid a dividend of 0.95 per share by the technology retailer on Tuesday, April 15th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.16%. The ex-dividend date of this dividend is Tuesday, March 25th. This is a 1.1% increase from Best Buy’s previous quarterly dividend of $0.94.

Best Buy has increased its dividend 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 payout ratio of 54.7% meaning its dividend is sufficiently covered by earnings. Equities 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 BBY opened at $73.63 on Friday. The stock’s 50-day simple moving average is $83.34 and its 200 day simple moving average is $89.09. The stock has a market capitalization of $15.74 billion, a price-to-earnings ratio of 12.59, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. Best Buy has a 52-week low of $69.29 and a 52-week high of $103.71.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.40 by $0.18. The business had revenue of $13.95 billion for the quarter, compared to analysts’ expectations of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same quarter in the prior year, the firm posted $2.72 EPS. Research analysts forecast that Best Buy will post 6.18 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently commented on BBY. Wells Fargo & Company reduced their price objective on Best Buy from $89.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 5th. Guggenheim reduced their price objective on Best Buy from $105.00 to $90.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. Evercore ISI reduced their price objective on Best Buy from $95.00 to $80.00 and set an “in-line” rating on the stock in a research report on Wednesday, March 5th. Citigroup reduced their price objective on Best Buy from $105.00 to $93.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. Finally, Truist Financial reduced their price objective on Best Buy from $95.00 to $81.00 and set a “hold” rating on the stock in a research report on Wednesday, March 5th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $93.50.

Insider Transactions at Best Buy

In other news, CEO Corie S. Barry purchased 13,500 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The shares were bought at an average cost of $72.92 per share, for a total transaction of $984,420.00. Following the completion of the transaction, the chief executive officer now directly owns 378,780 shares of the company’s stock, valued at $27,620,637.60. This trade represents a 3.70 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Mathew Watson sold 3,182 shares of Best Buy stock in a transaction on Friday, March 14th. The shares were sold at an average price of $71.29, for a total value of $226,844.78. Following the transaction, the chief accounting officer now owns 19,218 shares of the company’s stock, valued at $1,370,051.22. The trade was a 14.21 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.59% of the company’s stock.

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.