Best Buy Co Inc Declares Quarterly Dividend of $0.50 (NYSE:BBY)
Best Buy Co Inc (NYSE:BBY) announced a quarterly dividend on Friday, August 30th, RTT News reports. Shareholders of record on Thursday, September 19th will be given a dividend of 0.50 per share by the technology retailer on Thursday, October 10th. This represents a $2.00 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date of this dividend is Wednesday, September 18th.
Best Buy has increased its dividend payment by an average of 25.1% per year over the last three years and has raised its dividend every year for the last 7 years. Best Buy has a dividend payout ratio of 39.1% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Best Buy to earn $6.04 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 33.1%.
NYSE BBY opened at $67.54 on Monday. Best Buy has a 12 month low of $47.72 and a 12 month high of $81.66. The stock has a market cap of $17.89 billion, a price-to-earnings ratio of 12.70, a PEG ratio of 1.35 and a beta of 1.11. The company’s 50 day moving average is $68.23 and its two-hundred day moving average is $69.59. The company has a current ratio of 1.08, a quick ratio of 0.39 and a debt-to-equity ratio of 1.06.
In other Best Buy news, Director Lisa Caputo sold 2,500 shares of Best Buy stock in a transaction on Monday, July 15th. The shares were sold at an average price of $75.20, for a total transaction of $188,000.00. Following the completion of the transaction, the director now directly owns 45,936 shares of the company’s stock, valued at $3,454,387.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Richard M. Schulze sold 430,600 shares of Best Buy stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $75.26, for a total value of $32,406,956.00. Following the sale, the insider now owns 1,732,500 shares of the company’s stock, valued at $130,387,950. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,381,448 shares of company stock valued at $101,304,357. Insiders own 0.95% of the company’s stock.
A number of equities research analysts have issued reports on the stock. Morgan Stanley cut their price objective on shares of Best Buy from $77.00 to $70.00 and set an “equal weight” rating for the company in a report on Friday, August 30th. ValuEngine raised shares of Best Buy from a “sell” rating to a “hold” rating in a report on Tuesday, August 13th. Guggenheim assumed coverage on shares of Best Buy in a report on Monday, July 8th. They set a “buy” rating and a $80.00 price objective for the company. Goldman Sachs Group assumed coverage on shares of Best Buy in a report on Thursday, July 11th. They set a “neutral” rating and a $73.00 price objective for the company. Finally, Wedbush reaffirmed a “buy” rating and set a $63.00 price objective on shares of Best Buy in a report on Thursday, August 29th. Eleven analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Best Buy has a consensus rating of “Hold” and an average price target of $77.13.
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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