Best Buy Co., Inc. (BBY) To Go Ex-Dividend on September 19th

Best Buy Co., Inc. (NYSE:BBY) announced a quarterly dividend on Thursday, August 29th, RTT News reports. Shareholders of record on Thursday, September 19th will be given a dividend of 0.94 per share by the technology retailer on Thursday, October 10th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.81%. The ex-dividend date is Thursday, September 19th.

Best Buy has raised its dividend by an average of 18.7% annually over the last three years and has raised its dividend every year for the last 21 years. Best Buy has a dividend payout ratio of 54.9% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Best Buy to earn $6.86 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 54.8%.

Best Buy Trading Up 0.3 %

Shares of NYSE:BBY opened at $98.79 on Tuesday. The stock has a 50 day moving average of $89.14 and a 200 day moving average of $82.95. The company has a market cap of $21.31 billion, a PE ratio of 17.30, a price-to-earnings-growth ratio of 2.56 and a beta of 1.46. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. Best Buy has a 12-month low of $62.30 and a 12-month high of $103.71.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. The company had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The firm’s revenue was down 3.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.22 EPS. As a group, equities research analysts expect that Best Buy will post 6.26 EPS for the current year.

Wall Street Analysts Forecast Growth

BBY has been the subject of a number of recent research reports. UBS Group boosted their price objective on Best Buy from $106.00 to $123.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Wells Fargo & Company upped their price target on Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. Barclays upped their price target on Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. Wedbush upped their price target on Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, August 30th. Finally, Truist Financial upped their price target on Best Buy from $86.00 to $107.00 and gave the stock a “hold” rating in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $102.56.

Insider Transactions at Best Buy

In related news, EVP Jason J. Bonfig sold 3,500 shares of the stock in a transaction on Monday, July 8th. The stock was sold at an average price of $83.02, for a total transaction of $290,570.00. Following the sale, the executive vice president now owns 50,714 shares in the company, valued at approximately $4,210,276.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Jason J. Bonfig sold 3,500 shares of the stock in a transaction on Monday, July 8th. The stock was sold at an average price of $83.02, for a total transaction of $290,570.00. Following the sale, the executive vice president now owns 50,714 shares in the company, valued at approximately $4,210,276.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Richard M. Schulze sold 600,000 shares of the stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $88.29, for a total value of $52,974,000.00. Following the sale, the chairman now owns 14,002,853 shares in the company, valued at approximately $1,236,311,891.37. The disclosure for this sale can be found here. Insiders have sold 1,383,370 shares of company stock valued at $122,233,276 in the last ninety days. Corporate insiders own 0.59% of the company’s stock.

About Best Buy

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.