Best Buy Co., Inc. (NYSE:BBY) Increases Dividend to $0.95 Per Share

Best Buy Co., Inc. (NYSE:BBY) declared a quarterly dividend on Tuesday, March 4th, RTT News reports. Shareholders of record on Tuesday, March 25th will be given a dividend of 0.95 per share by the technology retailer on Tuesday, April 15th. This represents a $3.80 dividend on an annualized basis and a yield of 4.38%. This is a positive change from Best Buy’s previous quarterly dividend of $0.94.

Best Buy has raised its dividend by an average of 10.3% 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 50.7% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Best Buy to earn $6.63 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 56.7%.

Best Buy Price Performance

NYSE:BBY opened at $86.73 on Tuesday. The firm has a market cap of $18.54 billion, a PE ratio of 14.83, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. Best Buy has a 12 month low of $69.29 and a 12 month high of $103.71. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The company’s 50-day moving average price is $86.43 and its two-hundred day moving average price is $90.69.

Analyst Upgrades and Downgrades

BBY has been the topic of a number of research reports. UBS Group reiterated a “buy” rating on shares of Best Buy in a research report on Friday. Morgan Stanley reiterated an “equal weight” rating on shares of Best Buy in a research report on Friday. JPMorgan Chase & Co. upped their target price on shares of Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a research report on Friday, November 22nd. Citigroup reduced their target price on shares of Best Buy from $109.00 to $101.00 and set a “buy” rating on the stock in a research report on Wednesday, November 27th. Finally, Loop Capital reiterated a “buy” rating and set a $100.00 target price on shares of Best Buy in a research report on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Best Buy has an average rating of “Moderate Buy” and a consensus price target of $101.44.

Insider Buying and Selling

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total value of $6,049,258.36. Following the completion of the sale, the chief financial officer now owns 92,070 shares of the company’s stock, valued at approximately $8,052,442.20. This represents a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.59% of the stock is currently owned by insiders.

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.