12 Highest Dividend Stocks to Buy on Cash App

9. Best Buy Co., Inc. (NYSE:BBY)

Dividend Yield as of January 21: 4.45%

Best Buy Co., Inc. (NYSE:BBY) is an American consumer electronics company that deals in a wide range of related products and services. The company’s third-quarter earnings report revealed a mixed performance, with certain areas falling short of expectations. Non-GAAP EPS reached $1.26, below the forecasted $1.30, and revenue totaled $9.45 billion, missing the projected $9.63 billion, marking a year-over-year revenue decline. Despite these shortfalls, the quarter demonstrated potential stability, supported by significant progress in its strategic initiatives.

Best Buy Co., Inc. (NYSE:BBY) has recently concentrated on diversifying its services, particularly through its Geek Squad and expanding its health segment. These initiatives not only complement its product sales but also boost margins and strengthen customer relationships. Effective inventory and supply chain management remain crucial, enabling the company to meet consumer needs efficiently despite changing market conditions. In the past 12 months, the stock has surged by over 15%.

Best Buy Co., Inc. (NYSE:BBY)’s balance sheet also remained strong. The company ended the quarter with $643 million available in cash and cash equivalents, up from $636 million in the prior year period. Its total assets amounted to over $17 billion. The company’s operating cash flow also jumped to $561 million, from $290 million in the same quarter last year. This cash generation allowed the company to distribute $202 million worth of dividends during the quarter. BBY is one of the best Cash App stocks with dividends as the company has raised its payouts for 11 consecutive years. It offers a quarterly dividend of $0.94 per share and has a dividend yield of 4.45%, as of January 21.

Best Buy Co., Inc. (NYSE:BBY) was included in 37 hedge fund portfolios at the end of Q3 2024, the same as in the previous quarter, as per Insider Monkey’s database. The stakes held by these funds are worth $941 million in total.