Best Buy (NYSE:BBY) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Best Buy (NYSE:BBY) from a hold rating to a buy rating in a research report sent to investors on Saturday,Wall Street Zen reports.

A number of other research firms also recently commented on BBY. The Goldman Sachs Group raised their target price on shares of Best Buy from $62.00 to $71.00 and gave the company a “sell” rating in a research report on Friday. Jefferies Financial Group downgraded shares of Best Buy from a “buy” rating to a “hold” rating and dropped their price objective for the company from $89.00 to $85.00 in a research note on Wednesday, August 5th. Wells Fargo & Company lifted their price objective on shares of Best Buy from $65.00 to $85.00 and gave the company an “equal weight” rating in a report on Tuesday, August 11th. Piper Sandler boosted their price objective on shares of Best Buy from $77.00 to $85.00 and gave the stock a “neutral” rating in a research note on Thursday, August 20th. Finally, UBS Group restated a “neutral” rating and set a $90.00 target price (up from $86.00) on shares of Best Buy in a report on Friday. Seven investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $85.40.

Best Buy Price Performance

Shares of BBY stock opened at $80.31 on Friday. Best Buy has a twelve month low of $55.10 and a twelve month high of $91.26. The company has a current ratio of 1.12, a quick ratio of 0.41 and a debt-to-equity ratio of 0.36. The stock has a fifty day simple moving average of $83.24 and a two-hundred day simple moving average of $71.45. The stock has a market capitalization of $16.93 billion, a price-to-earnings ratio of 13.36, a P/E/G ratio of 2.29 and a beta of 1.29.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, August 27th. The technology retailer reported $1.47 EPS for the quarter, beating the consensus estimate of $1.39 by $0.08. The firm had revenue of $9.78 billion for the quarter, compared to analyst estimates of $9.59 billion. Best Buy had a return on equity of 48.14% and a net margin of 3.01%.The business’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same quarter last year, the firm posted $1.28 earnings per share. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. On average, analysts predict that Best Buy will post 6.79 EPS for the current fiscal year.

Best Buy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 8th. Stockholders of record on Thursday, September 17th will be issued a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date is Thursday, September 17th. Best Buy’s dividend payout ratio (DPR) is currently 63.89%.

Insider Activity

In other news, Chairman Richard M. Schulze sold 224,705 shares of Best Buy stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $78.10, for a total value of $17,549,460.50. Following the transaction, the chairman owned 10,430,936 shares of the company’s stock, valued at $814,656,101.60. The trade was a 2.11% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Over the last quarter, insiders have sold 500,000 shares of company stock valued at $39,065,226. 0.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Best Buy

Several institutional investors have recently bought and sold shares of BBY. BlackRock Inc. acquired a new position in shares of Best Buy during the second quarter worth $1,932,812,000. California State Teachers Retirement System lifted its holdings in shares of Best Buy by 8,279.9% during the 2nd quarter. California State Teachers Retirement System now owns 22,175,854 shares of the technology retailer’s stock valued at $1,682,704,000 after purchasing an additional 21,911,223 shares during the last quarter. AQR Capital Management LLC boosted its position in shares of Best Buy by 30.9% in the 4th quarter. AQR Capital Management LLC now owns 9,158,839 shares of the technology retailer’s stock worth $613,001,000 after purchasing an additional 2,160,968 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Best Buy by 2.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,452,642 shares of the technology retailer’s stock worth $498,805,000 after purchasing an additional 160,713 shares in the last quarter. Finally, Invesco Ltd. grew its stake in Best Buy by 6.1% during the 4th quarter. Invesco Ltd. now owns 4,732,080 shares of the technology retailer’s stock worth $316,718,000 after buying an additional 271,988 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

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.