Best Buy Co Inc (NYSE:BBY) announced a quarterly dividend on Friday, May 22nd, RTT News reports. Shareholders of record on Thursday, June 11th will be paid a dividend of 0.55 per share by the technology retailer on Thursday, July 2nd. This represents a $2.20 dividend on an annualized basis and a yield of 2.86%. The ex-dividend date is Wednesday, June 10th.
Best Buy has increased its dividend by an average of 17.4% annually over the last three years and has increased its dividend every year for the last 8 years. Best Buy has a dividend payout ratio of 36.2% indicating that its dividend is sufficiently covered by earnings. Analysts expect Best Buy to earn $6.07 per share next year, which means the company should continue to be able to cover its $2.20 annual dividend with an expected future payout ratio of 36.2%.
Shares of BBY opened at $76.92 on Friday. The firm has a market cap of $20.08 billion, a price-to-earnings ratio of 14.14, a PEG ratio of 2.22 and a beta of 1.50. The stock has a 50 day moving average of $70.96 and a 200-day moving average of $77.86. The company has a current ratio of 1.02, a quick ratio of 0.46 and a debt-to-equity ratio of 0.79. Best Buy has a 52 week low of $48.10 and a 52 week high of $91.99.
Several research analysts have recently commented on BBY shares. Morgan Stanley upgraded Best Buy to a “buy” rating and lifted their target price for the stock from $75.00 to $85.00 in a research report on Friday. Telsey Advisory Group upgraded Best Buy from a “market perform” rating to an “outperform” rating and set a $90.00 target price for the company in a research report on Monday, May 18th. Wells Fargo & Co lifted their target price on Best Buy from $60.00 to $75.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 14th. Royal Bank of Canada reissued a “buy” rating on shares of Best Buy in a report on Monday, March 23rd. Finally, UBS Group raised their price target on Best Buy from $74.00 to $80.00 and gave the stock a “neutral” rating in a report on Monday, May 18th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have issued a buy rating to the company’s stock. Best Buy presently has an average rating of “Hold” and a consensus target price of $86.52.
In related news, insider Kathleen Scarlett sold 1,057 shares of the business’s stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $56.89, for a total transaction of $60,132.73. Following the completion of the transaction, the insider now owns 34,652 shares of the company’s stock, valued at approximately $1,971,352.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mathew Watson sold 603 shares of the business’s stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $56.89, for a total value of $34,304.67. Following the transaction, the chief accounting officer now directly owns 20,137 shares of the company’s stock, valued at approximately $1,145,593.93. The disclosure for this sale can be found here. Insiders have sold a total of 63,602 shares of company stock valued at $3,536,169 in the last three months. 0.95% of the stock is owned by insiders.
About Best Buy
Best Buy Co, Inc operates as a retailer of technology products, services, and solutions in the United States, Canada, and Mexico. The company operates in two segments, Domestic and International. Its stores provide Computing and Mobile Phones, such as computing and peripherals, e-readers, networking products, tablets, and wearables, as well as mobile phones comprising related mobile network carrier commissions; consumer electronics, including digital imaging, health and fitness, home theater, portable audio, and smart home products; and entertainment products consisting of drones, movies, music, and toys, as well as gaming hardware and software, and virtual reality and other software products.
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