Best Buy Co., Inc. (NYSE:BBY) Plans $0.96 Quarterly Dividend

Best Buy Co., Inc. (NYSE:BBY) declared a quarterly dividend on Thursday, May 28th. Shareholders of record on Thursday, June 18th will be paid a dividend of 0.96 per share by the technology retailer on Thursday, July 9th. This represents a c) dividend on an annualized basis and a yield of 5.1%. The ex-dividend date is Thursday, June 18th.

Best Buy has increased its dividend payment by an average of 0.1%per year over the last three years and has raised its dividend annually for the last 22 consecutive years. Best Buy has a dividend payout ratio of 57.2% indicating that its dividend is sufficiently covered by earnings. Analysts expect Best Buy to earn $7.00 per share next year, which means the company should continue to be able to cover its $3.84 annual dividend with an expected future payout ratio of 54.9%.

Best Buy Stock Performance

Shares of BBY stock opened at $74.84 on Friday. The firm has a market capitalization of $15.77 billion, a P/E ratio of 14.85, a P/E/G ratio of 1.59 and a beta of 1.22. The company’s fifty day moving average price is $61.99 and its two-hundred day moving average price is $66.80. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.11 and a quick ratio of 0.43. Best Buy has a 12 month low of $55.10 and a 12 month high of $84.99.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.22 by $0.06. The firm had revenue of $8.94 billion for the quarter, compared to analysts’ expectations of $8.82 billion. Best Buy had a net margin of 2.56% and a return on equity of 49.17%. The firm’s quarterly revenue was up 1.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.15 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, research analysts anticipate that Best Buy will post 6.5 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently issued reports on BBY. DA Davidson set a $78.00 price target on shares of Best Buy in a report on Thursday, March 5th. Weiss Ratings cut shares of Best Buy from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, May 7th. Guggenheim reaffirmed a “buy” rating and issued a $90.00 price target on shares of Best Buy in a report on Wednesday, March 4th. Morgan Stanley cut their price target on shares of Best Buy from $76.00 to $72.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 4th. Finally, Jefferies Financial Group upped their price target on shares of Best Buy from $83.00 to $89.00 and gave the company a “buy” rating in a report on Thursday. Eight analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Best Buy currently has an average rating of “Hold” and an average price target of $70.75.

Best Buy Company Profile

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.