Best Buy Co., Inc. (BBY) to Issue Quarterly Dividend of $0.96 on July 9th

by · The Cerbat Gem

Best Buy Co., Inc. (NYSE:BBY – Get Free Report) announced a quarterly dividend on Thursday, May 28th. Investors of record on Thursday, June 18th will be given 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 dividend yield of 4.9%. The ex-dividend date is Thursday, June 18th.

Best Buy has increased its dividend by an average of 0.1%annually over the last three years and has increased its dividend every year for the last 22 years. Best Buy has a payout ratio of 57.2% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Best Buy to earn $7.01 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 54.8%.

Best Buy Trading Up 4.6%

BBY opened at $78.16 on Friday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 0.43. The company has a market cap of $16.47 billion, a price-to-earnings ratio of 14.47, a price-to-earnings-growth ratio of 1.85 and a beta of 1.22. The firm has a 50 day simple moving average of $62.29 and a 200 day simple moving average of $66.88. Best Buy has a fifty-two week low of $55.10 and a fifty-two week high of $84.99.

Best Buy (NYSE:BBY – Get Free Report) last posted its quarterly earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. The business had revenue of $8.94 billion during the quarter, compared to the consensus estimate of $8.82 billion. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. Best Buy’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.15 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, sell-side analysts anticipate that Best Buy will post 6.5 earnings per share for the current year.

Insider Buying and Selling at Best Buy

In related news, EVP Jason J. Bonfig sold 6,336 shares of the stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total transaction of $405,630.72. Following the completion of the transaction, the executive vice president owned 79,137 shares in the company, valued at approximately $5,066,350.74. This represents a 7.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Corie S. Barry sold 42,869 shares of the stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total transaction of $2,744,473.38. Following the transaction, the chief executive officer owned 523,138 shares of the company’s stock, valued at $33,491,294.76. The trade was a 7.57% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 77,247 shares of company stock valued at $4,945,353 in the last three months. 0.47% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Woodline Partners LP lifted its stake in Best Buy by 40.1% in the first quarter. Woodline Partners LP now owns 16,436 shares of the technology retailer’s stock valued at $1,210,000 after acquiring an additional 4,701 shares during the last quarter. Daiwa Securities Group Inc. lifted its stake in Best Buy by 4.4% in the second quarter. Daiwa Securities Group Inc. now owns 29,560 shares of the technology retailer’s stock valued at $1,984,000 after acquiring an additional 1,234 shares during the last quarter. Investment Management Corp of Ontario lifted its stake in Best Buy by 127.7% in the second quarter. Investment Management Corp of Ontario now owns 12,997 shares of the technology retailer’s stock valued at $872,000 after acquiring an additional 7,288 shares during the last quarter. Ieq Capital LLC lifted its stake in Best Buy by 155.4% in the second quarter. Ieq Capital LLC now owns 160,568 shares of the technology retailer’s stock valued at $10,779,000 after acquiring an additional 97,688 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its stake in Best Buy by 32.0% in the second quarter. Alliancebernstein L.P. now owns 313,584 shares of the technology retailer’s stock valued at $21,051,000 after acquiring an additional 76,102 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

About Best Buy

(Get Free Report)

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.

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