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

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

Best Buy has increased its dividend by an average of 18.7% annually over the last three years and has increased its dividend annually for the last 21 consecutive years. Best Buy has a payout ratio of 55.1% meaning its dividend is sufficiently covered by earnings. Research 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 Price Performance

Best Buy stock opened at $88.15 on Thursday. Best Buy has a one year low of $68.67 and a one year high of $103.71. The business has a fifty day moving average price of $94.16 and a 200-day moving average price of $89.07. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34. The firm has a market capitalization of $18.93 billion, a P/E ratio of 15.20, a PEG ratio of 2.44 and a beta of 1.47.

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

Analyst Ratings Changes

Several research firms recently issued reports on BBY. Wedbush lifted their price objective on Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, August 30th. Telsey Advisory Group dropped their price objective on Best Buy from $115.00 to $110.00 and set an “outperform” rating for the company in a research note on Tuesday. Evercore ISI lifted their price objective 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. Melius Research assumed coverage on Best Buy in a research note on Monday, September 23rd. They set a “hold” rating and a $100.00 price objective for the company. Finally, DA Davidson restated a “buy” rating and set a $117.00 price target on shares of Best Buy in a research report on Tuesday, October 15th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average 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.