Best Buy Co., Inc. (NYSE:BBY) Receives $102.41 Consensus PT from Analysts

Shares of Best Buy Co., Inc. (NYSE:BBY) have been given an average rating of “Moderate Buy” by the eighteen research firms that are currently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, seven have given a hold recommendation, nine have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $103.71.

Several research analysts have recently commented on the company. Piper Sandler reiterated an “overweight” rating and set a $114.00 target price (up from $100.00) on shares of Best Buy in a research note on Friday, August 30th. Bank of America lifted their price objective on shares of Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a research report on Friday, August 30th. Barclays increased their price objective on shares of Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, August 30th. JPMorgan Chase & Co. lifted their target price on shares of Best Buy from $101.00 to $111.00 and gave the stock an “overweight” rating in a report on Friday, August 30th. Finally, StockNews.com raised shares of Best Buy from a “hold” rating to a “buy” rating in a report on Monday.

Insider Buying and Selling

In related news, Chairman Richard M. Schulze sold 88,542 shares of the company’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the completion of the sale, the chairman now directly owns 13,602,853 shares in the company, valued at $1,200,451,777.25. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.59% of the stock is currently owned by company insiders.

Institutional Trading of Best Buy

Several hedge funds and other institutional investors have recently made changes to their positions in BBY. Rise Advisors LLC lifted its holdings in Best Buy by 69.5% during the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after buying an additional 132 shares during the period. Palisade Asset Management LLC bought a new stake in Best Buy in the first quarter valued at approximately $27,000. Richardson Financial Services Inc. increased its position in Best Buy by 190.9% during the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after purchasing an additional 210 shares during the period. PrairieView Partners LLC raised its holdings in Best Buy by 67.1% during the 1st quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock worth $31,000 after purchasing an additional 151 shares during the last quarter. Finally, Innealta Capital LLC acquired a new position in shares of Best Buy in the 2nd quarter worth approximately $35,000. 80.96% of the stock is currently owned by institutional investors.

Best Buy Price Performance

NYSE:BBY opened at $93.17 on Tuesday. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. The firm has a fifty day simple moving average of $95.60 and a 200 day simple moving average of $86.36. Best Buy has a 1-year low of $62.30 and a 1-year high of $103.71. The stock has a market capitalization of $20.10 billion, a PE ratio of 16.32, a P/E/G ratio of 2.58 and a beta of 1.46.

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

Best Buy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.04%. The ex-dividend date of this dividend was Thursday, September 19th. Best Buy’s dividend payout ratio (DPR) is presently 65.85%.

About Best Buy

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.