Best Buy Co., Inc. (NYSE:BBY) Plans $0.88 Quarterly Dividend

Best Buy Co., Inc. (NYSE:BBYGet Rating) declared a quarterly dividend on Tuesday, May 24th, RTT News reports. Shareholders of record on Tuesday, June 14th will be paid a dividend of 0.88 per share by the technology retailer on Tuesday, July 5th. This represents a $3.52 dividend on an annualized basis and a yield of 4.96%. The ex-dividend date is Monday, June 13th.

Best Buy has increased its dividend payment by an average of 15.9% per year over the last three years and has increased its dividend annually for the last 20 consecutive years. Best Buy has a dividend payout ratio of 39.2% meaning its dividend is sufficiently covered by earnings. Analysts expect Best Buy to earn $10.66 per share next year, which means the company should continue to be able to cover its $3.52 annual dividend with an expected future payout ratio of 33.0%.

NYSE BBY opened at $71.00 on Wednesday. The stock has a 50-day simple moving average of $91.49 and a 200 day simple moving average of $100.24. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.43 and a current ratio of 0.99. The stock has a market capitalization of $15.97 billion, a PE ratio of 7.22, a P/E/G ratio of 0.86 and a beta of 1.42. Best Buy has a twelve month low of $69.07 and a twelve month high of $141.97.

Best Buy (NYSE:BBYGet Rating) last issued its quarterly earnings data on Tuesday, May 24th. The technology retailer reported $1.57 EPS for the quarter, missing the consensus estimate of $1.61 by ($0.04). The business had revenue of $10.65 billion for the quarter, compared to analyst estimates of $10.43 billion. Best Buy had a return on equity of 63.23% and a net margin of 4.74%. The business’s quarterly revenue was down 8.5% compared to the same quarter last year. During the same period in the previous year, the business posted $2.23 EPS. As a group, equities research analysts forecast that Best Buy will post 8.94 EPS for the current fiscal year.

Several equities analysts recently issued reports on the stock. Wedbush dropped their target price on shares of Best Buy from $80.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday. StockNews.com raised shares of Best Buy from a “hold” rating to a “buy” rating in a research report on Thursday, May 19th. Citigroup reduced their target price on shares of Best Buy from $80.00 to $65.00 and set a “sell” rating for the company in a research report on Wednesday. Jefferies Financial Group increased their target price on shares of Best Buy from $137.00 to $140.00 and gave the stock a “buy” rating in a research note on Friday, March 4th. Finally, Wells Fargo & Company lowered their price objective on shares of Best Buy from $110.00 to $90.00 and set a “buy” rating on the stock in a research report on Monday, February 28th. One analyst has rated the stock with a sell rating, five have given a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $101.47.

In related news, insider Todd G. Hartman sold 1,188 shares of the company’s stock in a transaction on Thursday, April 21st. The shares were sold at an average price of $95.72, for a total transaction of $113,715.36. Following the sale, the insider now owns 34,513 shares of the company’s stock, valued at $3,303,584.36. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Corie S. Barry sold 17,741 shares of the company’s stock in a transaction on Tuesday, March 22nd. The shares were sold at an average price of $99.06, for a total transaction of $1,757,423.46. The disclosure for this sale can be found here. Over the last quarter, insiders sold 36,955 shares of company stock valued at $3,662,097. Company insiders own 0.36% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in BBY. EverSource Wealth Advisors LLC bought a new position in shares of Best Buy in the fourth quarter worth about $36,000. Tobam purchased a new position in shares of Best Buy in the 4th quarter valued at approximately $44,000. Penserra Capital Management LLC raised its position in shares of Best Buy by 17.6% in the 4th quarter. Penserra Capital Management LLC now owns 1,161 shares of the technology retailer’s stock valued at $117,000 after purchasing an additional 174 shares during the last quarter. Covestor Ltd raised its position in shares of Best Buy by 61.8% in the 1st quarter. Covestor Ltd now owns 1,317 shares of the technology retailer’s stock valued at $120,000 after purchasing an additional 503 shares during the last quarter. Finally, Neo Ivy Capital Management purchased a new position in Best Buy during the 4th quarter worth approximately $146,000. 80.79% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Company Profile (Get Rating)

Best Buy Co, Inc retails technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.

See Also

Dividend History for Best Buy (NYSE:BBY)

Receive News & Ratings for Best Buy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Best Buy and related companies with MarketBeat.com's FREE daily email newsletter.