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

Best Buy Co., Inc. (NYSE:BBY) announced a quarterly dividend on Tuesday, November 26th,Wall Street Journal reports. Investors 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 dividend on an annualized basis and a yield of 4.27%. The ex-dividend date of this dividend is Tuesday, December 17th.

Best Buy has raised 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 dividend payout ratio of 55.1% indicating that its dividend is sufficiently covered by earnings. Equities 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 during trading on Wednesday, reaching $88.15. The company had a trading volume of 4,011,815 shares, compared to its average volume of 3,065,271. Best Buy has a 12 month low of $68.67 and a 12 month high of $103.71. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The stock has a market cap of $18.93 billion, a P/E ratio of 15.31, a PEG ratio of 2.44 and a beta of 1.47. The company’s fifty day moving average price is $94.38 and its 200-day moving average price is $89.07.

Best Buy (NYSE:BBY) last released its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The business had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. During the same quarter in the prior year, the firm posted $1.22 EPS. The company’s revenue for the quarter was down 3.1% compared to the same quarter last year. As a group, research analysts expect that Best Buy will post 6.28 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages recently commented on BBY. BNP Paribas upgraded Best Buy to a “strong-buy” rating in a research report on Thursday, August 29th. Telsey Advisory Group reduced their price objective on shares of Best Buy from $115.00 to $110.00 and set an “outperform” rating for the company in a research report on Tuesday. UBS Group dropped their target price on shares of Best Buy from $123.00 to $115.00 and set a “buy” rating on the stock in a research report on Wednesday. Evercore ISI raised 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. Finally, Melius Research began coverage on Best Buy in a research note on Monday, September 23rd. They set a “hold” rating and a $100.00 price target on the stock. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Best Buy currently has a consensus rating of “Moderate Buy” and a consensus price target of $100.82.

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.