Best Buy Co Inc (NYSE:BBY) Plans $0.50 Quarterly Dividend

Best Buy Co Inc (NYSE:BBY) declared a quarterly dividend on Friday, August 30th, RTT News reports. Stockholders of record on Thursday, September 19th will be given a dividend of 0.50 per share by the technology retailer on Thursday, October 10th. This represents a $2.00 annualized dividend and a dividend yield of 2.90%. The ex-dividend date is Wednesday, September 18th.

Best Buy has increased its dividend by an average of 25.1% per year over the last three years and has raised its dividend annually for the last 7 consecutive years. Best Buy has a payout ratio of 39.1% indicating that its dividend is sufficiently covered by earnings. Analysts expect Best Buy to earn $6.04 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 33.1%.

Best Buy stock opened at $68.91 on Tuesday. The company’s fifty day simple moving average is $67.64 and its 200-day simple moving average is $69.70. The company has a quick ratio of 0.39, a current ratio of 1.08 and a debt-to-equity ratio of 1.06. Best Buy has a 12 month low of $47.72 and a 12 month high of $81.66. The stock has a market cap of $17.80 billion, a P/E ratio of 12.95, a P/E/G ratio of 1.35 and a beta of 1.11.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.08 EPS for the quarter, beating the consensus estimate of $0.99 by $0.09. Best Buy had a net margin of 3.52% and a return on equity of 48.56%. The business had revenue of $9.54 billion for the quarter, compared to analysts’ expectations of $9.55 billion. During the same period in the previous year, the company posted $0.91 EPS. Best Buy’s revenue was up 1.7% on a year-over-year basis. On average, equities research analysts expect that Best Buy will post 5.75 earnings per share for the current fiscal year.

In other Best Buy news, Director Victor Kathy J. Higgins sold 10,000 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $72.50, for a total transaction of $725,000.00. Following the completion of the sale, the director now directly owns 54,126 shares in the company, valued at $3,924,135. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Richard M. Schulze sold 430,600 shares of the company’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $75.26, for a total transaction of $32,406,956.00. Following the sale, the insider now owns 1,732,500 shares of the company’s stock, valued at $130,387,950. The disclosure for this sale can be found here. Insiders have sold 1,381,448 shares of company stock valued at $101,304,357 over the last 90 days. Corporate insiders own 0.95% of the company’s stock.

A number of equities research analysts recently issued reports on the stock. ValuEngine upgraded shares of Best Buy from a “sell” rating to a “hold” rating in a report on Tuesday, August 13th. Bank of America set a $75.00 price objective on shares of Best Buy and gave the stock a “hold” rating in a report on Monday, August 26th. Telsey Advisory Group decreased their price objective on shares of Best Buy from $76.00 to $70.00 and set a “market perform” rating for the company in a report on Friday, August 30th. Wedbush reiterated a “buy” rating and issued a $63.00 price objective on shares of Best Buy in a report on Thursday, August 29th. Finally, Cleveland Research reiterated a “neutral” rating on shares of Best Buy in a report on Tuesday, June 18th. Eleven research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $77.13.

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 Computing and Mobile Phones, such as computing and peripherals, e-readers, networking products, tablets, and wearables, as well as mobile phones comprising related mobile network carrier commissions; consumer electronics, including digital imaging, health and fitness, home theater, portable audio, and smart home products; and entertainment products consisting of drones, movies, music, and toys, as well as gaming hardware and software, and virtual reality and other software products.

Read More: How do taxes affect a CDs total return?

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.