Best Buy Co., Inc. (BBY) to Issue Quarterly Dividend of $0.94 on July 11th

Best Buy Co., Inc. (NYSE:BBY) announced a quarterly dividend on Thursday, May 30th, RTT News reports. Investors of record on Thursday, June 20th will be given a dividend of 0.94 per share by the technology retailer on Thursday, July 11th. This represents a $3.76 dividend on an annualized basis and a yield of 4.12%. The ex-dividend date is Thursday, June 20th.

Best Buy has increased its dividend payment by an average of 18.7% annually over the last three years and has increased its dividend every year for the last 21 years. Best Buy has a payout ratio of 56.1% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Best Buy to earn $6.79 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 55.4%.

Best Buy Price Performance

BBY opened at $91.26 on Tuesday. The company has a quick ratio of 0.33, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. Best Buy has a 52-week low of $62.30 and a 52-week high of $91.85. The company has a 50 day moving average of $77.76 and a two-hundred day moving average of $76.82. The company has a market cap of $19.69 billion, a P/E ratio of 15.98, a P/E/G ratio of 2.81 and a beta of 1.49.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, May 30th. The technology retailer reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.12. Best Buy had a net margin of 2.90% and a return on equity of 47.56%. The company had revenue of $8.85 billion during the quarter, compared to the consensus estimate of $8.96 billion. During the same period in the previous year, the firm earned $1.15 earnings per share. Best Buy’s revenue for the quarter was down 6.5% on a year-over-year basis. On average, analysts expect that Best Buy will post 6.11 earnings per share for the current year.

Insider Activity at Best Buy

In other Best Buy news, insider Todd G. Hartman sold 3,973 shares of the stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total transaction of $324,991.40. Following the sale, the insider now directly owns 25,912 shares of the company’s stock, valued at $2,119,601.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Best Buy news, EVP Kathleen Scarlett sold 5,096 shares of the stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total transaction of $416,852.80. Following the sale, the executive vice president now directly owns 76,226 shares of the company’s stock, valued at $6,235,286.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Todd G. Hartman sold 3,973 shares of the stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total transaction of $324,991.40. Following the sale, the insider now directly owns 25,912 shares in the company, valued at $2,119,601.60. The disclosure for this sale can be found here. Insiders have sold 2,052,023 shares of company stock valued at $170,313,900 over the last ninety days. Corporate insiders own 0.59% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. TheStreet upgraded shares of Best Buy from a “c” rating to a “b-” rating in a research note on Thursday, February 29th. The Goldman Sachs Group upped their target price on shares of Best Buy from $81.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, March 1st. Loop Capital upped their target price on shares of Best Buy from $93.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, June 7th. Jefferies Financial Group decreased their target price on shares of Best Buy from $95.00 to $94.00 and set a “buy” rating for the company in a research note on Monday, April 8th. Finally, Citigroup upgraded shares of Best Buy from a “sell” rating to a “buy” rating and upped their target price for the company from $67.00 to $100.00 in a research note on Monday, June 3rd. Seven analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Best Buy presently has an average rating of “Moderate Buy” and an average target price of $90.87.

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.