Best Buy Co. (NYSE:BBY) reported on Thursday that it would hike its quarterly cash dividend by 6% to 17 cents per share. Stockholders of record till Sept. 12 would be given the dividend on October 2nd. Best Buy shares declined almost 1.9% in early trading session.
The decision arrived almost two hours before its yearly stockholders’ meeting where it was predicted to give explanations on its turnaround proposal. Stockholders would also be searching for information on how its hunt for a permanent CEO is happening.
Located in Minnesota, electronics chain is attempting to enhance results in the light of higher rivalry from online retailers and discount stores.
Its competitors include Amazon.com, Inc. (NASDAQ:AMZN) that moved up 0.54% to $224.22 with the total traded volume of 491,033.00 shares and Wal-Mart Stores, Inc. (NYSE:WMT) that dropped -0.28% to $68.33 with the total traded volume of 1.61 million shares.
Other services stocks with bullish trend include News Corp (NASDAQ:NWSA) up 0.24% to $20.53, Walgreen Company (NYSE:WAG) up 0.31% to $29.30 and MGM Resorts International (NYSE:MGM) up 0.36% to $11.28, whereas with bearish trend include eBay Inc (NASDAQ:EBAY) down -1.09% to $42.48, Southwest Airlines Co. (NYSE:LUV) down -0.75% to $9.24 and Macy’s, Inc. (NYSE:M) down -2.78% to $35.96.
Best Buy Co., Inc. (NYSE:BBY) dropped -2.02% or -$0.41 to trading at $19.90 at10:45AM EDT following it hit intraday high level of $20.54. The total traded volume in the current trading session is 938,600.00 shares as compared to average 8.94 million shares. Its fifty two week trading range is $17.53 – $32.65. The total market capitalization reached $6.76 billion.
The stock price was ahead its 52 week low price with 14.55% and it lagged behind -37.28% from its 52 week maximum mark. Stock price volatility for last month remained 3.60%. In its share capital, the company has 339.90 million outstanding shares out of which 270.45 million shares have been floated in the market. For now, stock ownership with company’s management remained 0.85%.
BBY presented an optimistic weekly performance of 4.69% with respect to its rate of return and it remained 12.71% for the month. However, the performance for a quarter experienced a negative change of -23.99% and it slumped -35.11% for a year and its year to date performance remained in red with -11.73%.
Current stock price is in the upbeat territory taking into account of 20 days moving average with +3.07% and continued bearish run for 50 days moving average with -1.02%. Its earning per share for the past twelve months was -$3.08. Company’s beta coefficient was at 1.30. Beta measures the amount of market risk associated with market trade.
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