Best Buy Co., Inc. (NYSE:BBY) Announces Quarterly Dividend of $0.94

Best Buy Co., Inc. (NYSE:BBY) announced a quarterly dividend on Wednesday, November 27th,Wall Street Journal reports. Stockholders of record on Tuesday, December 17th will be given a dividend of 0.94 per share by the technology retailer on Tuesday, January 7th. This represents a $3.76 annualized dividend and a dividend yield of 4.27%. The ex-dividend date is Tuesday, December 17th.

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 55.1% meaning its dividend is sufficiently covered by earnings. Analysts expect Best Buy to earn $6.88 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 54.7%.

Best Buy Trading Down 0.4 %

Shares of NYSE:BBY traded down $0.33 on Wednesday, hitting $88.15. 3,913,844 shares of the company’s stock were exchanged, compared to its average volume of 3,065,258. The stock has a market capitalization of $18.93 billion, a price-to-earnings ratio of 15.31, a price-to-earnings-growth ratio of 2.44 and a beta of 1.47. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34. Best Buy has a 12 month low of $68.67 and a 12 month high of $103.71. The business’s 50 day simple moving average is $94.38 and its two-hundred day simple moving average is $89.07.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, beating the consensus estimate of $1.16 by $0.18. The firm had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The business’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.22 earnings per share. Analysts anticipate that Best Buy will post 6.28 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

BBY has been the topic of several research reports. Wedbush raised their price target on Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, August 30th. Citigroup cut their price target on Best Buy from $109.00 to $101.00 and set a “buy” rating on the stock in a research note on Wednesday. Evercore ISI lifted their target price on Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a research note on Friday, August 30th. Loop Capital cut their target price on Best Buy from $110.00 to $100.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, StockNews.com lowered Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Best Buy has an average rating of “Moderate Buy” and an average target price of $100.82.

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.