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

Best Buy Co., Inc. (NYSE:BBY)’s stock price traded up 1.2% on Wednesday following a dividend announcement from the company. The stock 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. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.26%. Best Buy’s payout ratio is presently 64.27%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on BBY shares. UBS Group lowered their target price on shares of Best Buy from $123.00 to $115.00 and set a “buy” rating on the stock in a report on Wednesday. Barclays boosted their price target on shares of Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, August 30th. Evercore ISI lifted their target price on shares of Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a research note on Friday, August 30th. Wells Fargo & Company reduced their target price on Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a report on Wednesday. Finally, DA Davidson reiterated a “buy” rating and issued a $117.00 price objective 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 assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $100.82.

Best Buy Stock Down 0.4 %

The business’s fifty day simple moving average is $93.96 and its 200 day simple moving average is $89.06. The stock has a market cap of $18.93 billion, a price-to-earnings ratio of 15.07, a price-to-earnings-growth ratio of 2.34 and a beta of 1.47. The company has a current ratio of 1.00, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. During the same period in the previous year, the firm earned $1.22 earnings per share. The firm’s quarterly revenue was down 3.1% compared to the same quarter last year. Equities analysts forecast that Best Buy Co., Inc. will post 6.19 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Best Buy

Several institutional investors have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. boosted its stake in Best Buy by 4.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,164,953 shares of the technology retailer’s stock worth $636,840,000 after acquiring an additional 241,988 shares during the last quarter. Geode Capital Management LLC raised its holdings in Best Buy by 2.5% in the third quarter. Geode Capital Management LLC now owns 4,852,980 shares of the technology retailer’s stock worth $499,954,000 after purchasing an additional 120,185 shares during the period. Raymond James & Associates boosted its position in shares of Best Buy by 1.8% during the third quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer’s stock worth $355,374,000 after purchasing an additional 62,452 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Best Buy by 8.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer’s stock valued at $257,569,000 after buying an additional 235,478 shares during the period. Finally, Bank of New York Mellon Corp increased its position in shares of Best Buy by 55.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock valued at $241,347,000 after buying an additional 1,024,824 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

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.