Best Buy Co., Inc. (BBY) To Go Ex-Dividend on December 17th

Best Buy Co., Inc. (NYSE:BBY) announced a quarterly dividend on Tuesday, November 26th,Wall Street Journal reports. Stockholders of record on Tuesday, December 17th will be paid a dividend of 0.94 per share by the technology retailer on Tuesday, January 7th. This represents a $3.76 annualized dividend and a dividend yield of 4.27%. The ex-dividend date of this dividend is Tuesday, December 17th.

Best Buy has increased its dividend by an average of 18.7% annually over the last three years and has raised its dividend every year for the last 21 years. Best Buy has a payout ratio of 55.1% meaning its dividend is sufficiently covered by earnings. Research analysts expect Best Buy to earn $6.88 per share next year, which means the company should continue to be able to cover its $3.76 annual dividend with an expected future payout ratio of 54.7%.

Best Buy Stock Performance

Shares of Best Buy stock opened at $88.15 on Thursday. The company has a market cap of $18.93 billion, a PE ratio of 15.20, a price-to-earnings-growth ratio of 2.44 and a beta of 1.47. Best Buy has a 52 week low of $68.67 and a 52 week high of $103.71. The business has a 50 day moving average price of $94.16 and a 200-day moving average price of $89.07. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping the consensus estimate of $1.16 by $0.18. The firm had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The company’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same period in the prior year, the business posted $1.22 earnings per share. Equities analysts anticipate that Best Buy will post 6.28 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently commented on BBY shares. Piper Sandler reaffirmed an “overweight” rating and set a $114.00 price target (up from $100.00) on shares of Best Buy in a research report on Friday, August 30th. Citigroup decreased their price target on Best Buy from $109.00 to $101.00 and set a “buy” rating for the company in a research report on Wednesday. UBS Group decreased their price target on Best Buy from $123.00 to $115.00 and set a “buy” rating for the company in a research report on Wednesday. Telsey Advisory Group decreased their price target on Best Buy from $115.00 to $110.00 and set an “outperform” rating for the company in a research report on Tuesday. Finally, The Goldman Sachs Group increased their price target on Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a research report on Tuesday, September 3rd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Best Buy has an average rating of “Moderate Buy” and a consensus price target of $100.82.

Best Buy Company Profile

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.