Best Buy Co., Inc. (NYSE:BBY) Announces $0.95 Quarterly Dividend

Best Buy Co., Inc. (NYSE:BBY - Get Free Report) declared a quarterly dividend on Friday, May 30th, RTT News reports. Shareholders of record on Thursday, June 19th will be paid a dividend of 0.95 per share by the technology retailer on Thursday, July 10th. This represents a $3.80 annualized dividend and a yield of 5.74%. The ex-dividend date is Wednesday, June 18th.

Best Buy has raised its dividend by an average of 10.3% per year over the last three years and has increased its dividend every year for the last 22 years. Best Buy has a payout ratio of 56.6% indicating that its dividend is sufficiently covered by earnings. Equities 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 $3.80 annual dividend with an expected future payout ratio of 57.3%.

Best Buy Price Performance

Shares of BBY traded down $0.07 during trading hours on Friday, reaching $66.25. 6,438,698 shares of the company's stock traded hands, compared to its average volume of 3,346,222. The stock has a market cap of $14.02 billion, a PE ratio of 11.32, a price-to-earnings-growth ratio of 2.10 and a beta of 1.27. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The firm's 50 day simple moving average is $67.25 and its 200-day simple moving average is $78.85. Best Buy has a 12 month low of $54.99 and a 12 month high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last released its earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share for the quarter, topping analysts' consensus estimates of $1.09 by $0.06. The company had revenue of $8.77 billion during the quarter, compared to the consensus estimate of $8.77 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. Best Buy's quarterly revenue was down .9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.20 EPS. Equities analysts expect that Best Buy will post 6.18 EPS for the current year.

Insider Activity

In related news, insider Todd G. Hartman sold 4,893 shares of the stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $72.65, for a total value of $355,476.45. Following the completion of the sale, the insider now directly owns 32,320 shares of the company's stock, valued at approximately $2,348,048. This represents a 13.15% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Corie S. Barry bought 13,500 shares of Best Buy stock in a transaction that occurred on Wednesday, March 12th. The stock was purchased at an average cost of $72.92 per share, with a total value of $984,420.00. Following the completion of the acquisition, the chief executive officer now directly owns 378,780 shares in the company, valued at $27,620,637.60. This represents a 3.70% increase in their position. The disclosure for this purchase can be found here. Insiders sold 78,355 shares of company stock valued at $5,767,213 in the last quarter. 0.47% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Best Buy stock. Woodline Partners LP grew its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 40.1% in the first quarter, according to its most recent filing with the SEC. The fund owned 16,436 shares of the technology retailer's stock after acquiring an additional 4,701 shares during the quarter. Woodline Partners LP's holdings in Best Buy were worth $1,210,000 at the end of the most recent reporting period. Institutional investors own 80.96% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on BBY shares. Truist Financial lifted their price target on Best Buy from $64.00 to $69.00 and gave the stock a "hold" rating in a research note on Friday. Morgan Stanley cut their price target on shares of Best Buy from $100.00 to $85.00 and set an "equal weight" rating on the stock in a report on Wednesday, March 5th. Evercore ISI dropped their target price on shares of Best Buy from $95.00 to $80.00 and set an "in-line" rating on the stock in a report on Wednesday, March 5th. Wedbush dropped their target price on shares of Best Buy from $75.00 to $70.00 and set a "neutral" rating on the stock in a report on Friday. Finally, Barclays dropped their price target on shares of Best Buy from $89.00 to $74.00 and set an "equal weight" rating on the stock in a research note on Friday. One analyst has rated the stock with a sell rating, ten have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $86.11.

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.