Best Buy Co., Inc. (NYSE:BBY) declared a quarterly dividend on Wednesday, August 30th, RTT News reports. Investors of record on Tuesday, September 19th will be paid a dividend of 0.34 per share by the technology retailer on Tuesday, October 10th. This represents a $1.36 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date is Monday, September 18th.
Best Buy Co. has raised its dividend payment by an average of 18.1% per year over the last three years and has raised its dividend every year for the last 5 years. Best Buy Co. has a payout ratio of 33.6% meaning its dividend is sufficiently covered by earnings. Research analysts expect Best Buy Co. to earn $4.30 per share next year, which means the company should continue to be able to cover its $1.36 annual dividend with an expected future payout ratio of 31.6%.
Best Buy Co. (NYSE:BBY) opened at 58.61 on Friday. The firm has a market cap of $17.54 billion, a PE ratio of 15.51 and a beta of 1.48. The company’s 50-day moving average is $58.80 and its 200-day moving average is $53.65. Best Buy Co. has a one year low of $37.10 and a one year high of $63.32.
Best Buy Co. (NYSE:BBY) last released its earnings results on Tuesday, August 29th. The technology retailer reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.06. The business had revenue of $8.94 billion during the quarter, compared to the consensus estimate of $8.67 billion. Best Buy Co. had a net margin of 3.00% and a return on equity of 27.41%. The company’s revenue for the quarter was up 4.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.57 EPS. On average, analysts forecast that Best Buy Co. will post $4.05 earnings per share for the current fiscal year.
A number of analysts have weighed in on the stock. UBS AG reissued a “buy” rating and set a $51.00 target price (up previously from $47.00) on shares of Best Buy Co. in a research report on Wednesday, May 24th. Deutsche Bank AG reissued a “buy” rating and set a $60.00 target price on shares of Best Buy Co. in a research report on Thursday, August 3rd. Jefferies Group LLC reissued a “hold” rating and set a $60.00 target price on shares of Best Buy Co. in a research report on Wednesday, August 9th. Loop Capital reissued a “buy” rating and set a $72.00 target price on shares of Best Buy Co. in a research report on Wednesday, August 16th. Finally, Goldman Sachs Group, Inc. (The) reissued a “buy” rating and set a $56.00 target price (up previously from $49.00) on shares of Best Buy Co. in a research report on Sunday, May 28th. Three research analysts have rated the stock with a sell rating, four have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $58.92.
In other Best Buy Co. news, CEO Hubert Joly sold 14,734 shares of the firm’s stock in a transaction on Monday, August 21st. The stock was sold at an average price of $59.92, for a total transaction of $882,861.28. Following the transaction, the chief executive officer now directly owns 540,694 shares in the company, valued at approximately $32,398,384.48. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Corie S. Barry sold 787 shares of the firm’s stock in a transaction on Monday, August 21st. The shares were sold at an average price of $59.92, for a total value of $47,157.04. Following the transaction, the chief financial officer now owns 54,159 shares in the company, valued at $3,245,207.28. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 152,328 shares of company stock worth $8,436,505. Company insiders own 1.21% of the company’s stock.
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About Best Buy Co.
Best Buy Co, Inc is a provider of technology products, services and solutions. The Company offers products and services to the customers visiting its stores, engaging with Geek Squad agents, or using its Websites or mobile applications. It has operations in the United States, Canada and Mexico. The Company operates through two segments: Domestic and International.
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