Best Buy (NYSE:BBY) Shares Up 1.2% After Dividend Announcement

Shares of Best Buy Co., Inc. (NYSE:BBY) traded up 1.2% during mid-day trading on Wednesday following a dividend announcement from the company. The company traded as high as $89.86 and last traded at $89.58. 986,052 shares were traded during trading, a decline of 68% from the average session volume of 3,051,501 shares. The stock had previously closed at $88.48.

The newly announced dividend which will be paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th will be issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 4.26%. The ex-dividend date of this dividend is Tuesday, December 17th. Best Buy’s dividend payout ratio is currently 64.83%.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Bank of America increased their price objective on shares of Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a report on Friday, August 30th. Piper Sandler reaffirmed an “overweight” rating and issued a $114.00 target price (up previously from $100.00) on shares of Best Buy in a research note on Friday, August 30th. BNP Paribas raised shares of Best Buy to a “strong-buy” rating in a research note on Thursday, August 29th. StockNews.com lowered shares of Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. Finally, 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 note on Wednesday. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $100.82.

Best Buy Stock Down 0.4 %

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 company has a market capitalization of $18.93 billion, a price-to-earnings ratio of 15.20, a P/E/G ratio of 2.44 and a beta of 1.47. The stock’s fifty day moving average price is $93.96 and its 200-day moving average price is $89.06.

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 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 company had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. During the same period last year, the company earned $1.22 earnings per share. The firm’s revenue was down 3.1% compared to the same quarter last year. On average, sell-side analysts predict that Best Buy Co., Inc. will post 6.28 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Best Buy

A number of institutional investors have recently added to or reduced their stakes in BBY. Tidal Investments LLC increased its holdings in Best Buy by 25.3% during the first quarter. Tidal Investments LLC now owns 15,080 shares of the technology retailer’s stock worth $1,237,000 after buying an additional 3,044 shares during the last quarter. Comerica Bank increased its holdings in Best Buy by 0.8% during the first quarter. Comerica Bank now owns 37,464 shares of the technology retailer’s stock worth $3,073,000 after buying an additional 298 shares during the last quarter. iA Global Asset Management Inc. increased its holdings in Best Buy by 761.4% during the first quarter. iA Global Asset Management Inc. now owns 5,246 shares of the technology retailer’s stock worth $430,000 after buying an additional 4,637 shares during the last quarter. Virtu Financial LLC bought a new position in Best Buy during the first quarter worth $994,000. Finally, PGGM Investments bought a new position in Best Buy during the first quarter worth $174,000. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Company Profile

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.