Best Buy Co Inc (NYSE:BBY) declared a quarterly dividend on Wednesday, August 29th, RTT News reports. Stockholders 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 dividend yield of 2.29%. The ex-dividend date of this dividend is Monday, September 17th.
Best Buy has raised its dividend payment by an average of 23.6% per year over the last three years and has raised its dividend every year for the last 6 years. Best Buy has a dividend payout ratio of 35.2% meaning 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 opened at $78.56 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 stock 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 issued its earnings results on Tuesday, August 28th. The technology retailer reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.83 by $0.08. The business had revenue of $9.38 billion during the quarter, compared to analyst estimates of $9.25 billion. Best Buy had a return on equity of 40.28% and a net margin of 2.44%. The firm’s revenue was up 4.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.69 EPS. equities research analysts forecast that Best Buy will post 5.11 EPS for the current year.
In other Best Buy news, General Counsel Keith J. Nelsen sold 33,473 shares of the company’s stock in a transaction dated Tuesday, September 4th. The shares were sold at an average price of $80.38, for a total transaction of $2,690,559.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Asheesh Saksena sold 26,309 shares of the company’s stock in a transaction dated Wednesday, September 5th. The shares were sold at an average price of $80.07, for a total transaction of $2,106,561.63. The disclosure for this sale can be found here. In the last three months, insiders sold 66,913 shares of company stock worth $5,351,384. 0.75% of the stock is owned by insiders.
BBY has been the subject of a number of recent research reports. ValuEngine raised Best Buy from a “hold” rating to a “buy” rating in a report on Thursday, July 19th. Zacks Investment Research upgraded Best Buy from a “hold” rating to a “buy” rating and set a $85.00 target price on the stock in a research note on Monday, July 16th. Morgan Stanley restated a “buy” rating on shares of Best Buy in a research note on Friday, June 8th. Loop Capital set a $85.00 target price on Best Buy and gave the stock a “buy” rating in a research note on Thursday, May 24th. Finally, Bank of America restated a “buy” rating and issued a $92.00 target price on shares of Best Buy in a research note on Tuesday, August 28th. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and five have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $79.35.
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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