Best Buy Co., Inc. Declares Quarterly Dividend of $0.92 (NYSE:BBY)

Best Buy Co., Inc. (NYSE:BBY) announced a quarterly dividend on Tuesday, November 21st, RTT News reports. Stockholders of record on Tuesday, December 12th will be paid a dividend of 0.92 per share by the technology retailer on Tuesday, January 2nd. This represents a $3.68 dividend on an annualized basis and a dividend yield of 5.40%.

Best Buy has raised its dividend by an average of 20.7% annually over the last three years and has increased its dividend annually for the last 20 consecutive years. Best Buy has a dividend payout ratio of 55.3% meaning its dividend is sufficiently covered by earnings. Research analysts expect Best Buy to earn $6.78 per share next year, which means the company should continue to be able to cover its $3.68 annual dividend with an expected future payout ratio of 54.3%.

Best Buy Stock Down 0.2 %

BBY stock opened at $68.11 on Tuesday. The company has a market cap of $14.82 billion, a price-to-earnings ratio of 11.72, a PEG ratio of 1.80 and a beta of 1.53. The firm has a 50-day moving average of $68.44 and a two-hundred day moving average of $74.28. Best Buy has a 12 month low of $62.30 and a 12 month high of $93.32. The company has a current ratio of 0.98, a quick ratio of 0.31 and a debt-to-equity ratio of 0.40.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Tuesday, August 29th. The technology retailer reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.16. Best Buy had a net margin of 2.91% and a return on equity of 49.40%. The firm had revenue of $9.58 billion during the quarter, compared to analyst estimates of $9.52 billion. During the same quarter in the prior year, the firm posted $1.54 earnings per share. Best Buy’s quarterly revenue was down 7.2% on a year-over-year basis. As a group, analysts forecast that Best Buy will post 6.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Todd G. Hartman sold 7,948 shares of the business’s stock in a transaction dated Friday, September 22nd. The shares were sold at an average price of $69.38, for a total transaction of $551,432.24. Following the sale, the insider now owns 13,337 shares of the company’s stock, valued at $925,321.06. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, insider Todd G. Hartman sold 7,948 shares of the firm’s stock in a transaction that occurred on Friday, September 22nd. The stock was sold at an average price of $69.38, for a total value of $551,432.24. Following the completion of the transaction, the insider now directly owns 13,337 shares of the company’s stock, valued at approximately $925,321.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Todd G. Hartman sold 5,000 shares of Best Buy stock in a transaction on Wednesday, September 20th. The stock was sold at an average price of $71.18, for a total value of $355,900.00. Following the transaction, the insider now directly owns 21,285 shares of the company’s stock, valued at approximately $1,515,066.30. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by company insiders.

Institutional Trading of Best Buy

Institutional investors and hedge funds have recently made changes to their positions in the stock. Clear Street Markets LLC grew its stake in Best Buy by 90.6% in the 1st quarter. Clear Street Markets LLC now owns 385 shares of the technology retailer’s stock worth $30,000 after acquiring an additional 183 shares during the period. Clearstead Advisors LLC grew its position in shares of Best Buy by 30.5% in the third quarter. Clearstead Advisors LLC now owns 724 shares of the technology retailer’s stock valued at $46,000 after purchasing an additional 169 shares during the period. Quarry LP acquired a new position in Best Buy in the first quarter valued at $48,000. Strategic Investment Solutions Inc. IL purchased a new position in Best Buy during the first quarter worth about $71,000. Finally, Industrial Alliance Investment Management Inc. boosted its stake in Best Buy by 421.9% in the 4th quarter. Industrial Alliance Investment Management Inc. now owns 1,289 shares of the technology retailer’s stock worth $103,000 after buying an additional 1,042 shares during the last quarter. 76.10% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently weighed in on BBY. Truist Financial dropped their price objective on Best Buy from $80.00 to $74.00 and set a “buy” rating for the company in a research note on Thursday, October 5th. Wedbush reduced their price target on shares of Best Buy from $82.00 to $70.00 and set a “neutral” rating on the stock in a research report on Friday, November 10th. The Goldman Sachs Group upgraded shares of Best Buy from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $79.00 to $85.00 in a report on Thursday, October 19th. Wells Fargo & Company dropped their price target on shares of Best Buy from $80.00 to $65.00 and set an “equal weight” rating for the company in a research note on Monday, November 13th. Finally, Guggenheim reiterated a “buy” rating and issued a $86.00 price objective on shares of Best Buy in a research note on Wednesday, August 30th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $77.93.

About Best Buy

Best Buy Co, Inc engages in the retail of technology products in the United States and Canada. The company operates in two segments, Domestic 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.