Best Buy Co., Inc. (NYSE:BBY) to Issue Quarterly Dividend of $0.95

Best Buy Co., Inc. (NYSE:BBY) declared a quarterly dividend on Tuesday, March 4th, RTT News reports. Stockholders 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 dividend yield of 4.38%. This is a boost from Best Buy’s previous quarterly dividend of $0.94.

Best Buy has increased its dividend by an average of 10.3% 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 50.7% indicating that its dividend is sufficiently covered by earnings. 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 Stock Performance

Shares of BBY opened at $86.73 on Tuesday. The company has a market capitalization 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 one year low of $69.29 and a one year high of $103.71. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. The company’s fifty day moving average price is $86.43 and its 200 day moving average price is $90.69.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. UBS Group reiterated a “buy” rating on shares of Best Buy in a report on Friday. Barclays dropped their target price on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a report on Thursday, January 9th. StockNews.com downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a report on Friday, November 15th. Loop Capital reiterated a “buy” rating and issued a $100.00 target price on shares of Best Buy in a report on Wednesday, December 18th. Finally, Truist Financial dropped their target price on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a report on Wednesday, November 27th. One analyst has rated the stock with a sell rating, eight have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $101.44.

Insider Activity

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction dated 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 transaction, the chief financial officer now directly owns 92,070 shares in the company, valued at $8,052,442.20. The trade was a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.59% of the stock is owned by company 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.