Best Buy Co., Inc. (NYSE:BBY) Receives $84.60 Consensus PT from Analysts

Shares of Best Buy Co., Inc. (NYSE:BBY) have been given an average recommendation of “Hold” by the fifteen analysts that are presently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $84.60.

Several equities research analysts have commented on the stock. Barclays boosted their price target on shares of Best Buy from $69.00 to $88.00 and gave the stock an “equal weight” rating in a research report on Friday, March 1st. Morgan Stanley lifted their price target on Best Buy from $80.00 to $82.00 and gave the stock an “equal weight” rating in a research note on Friday, March 1st. TheStreet raised Best Buy from a “c” rating to a “b-” rating in a research note on Thursday, February 29th. Truist Financial lifted their price target on Best Buy from $68.00 to $87.00 and gave the stock a “hold” rating in a research note on Friday, March 1st. Finally, JPMorgan Chase & Co. raised Best Buy from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $89.00 to $101.00 in a research note on Friday, March 22nd.

Insider Activity

In other news, CEO Corie S. Barry sold 28,042 shares of Best Buy stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $81.80, for a total transaction of $2,293,835.60. Following the completion of the sale, the chief executive officer now directly owns 429,159 shares in the company, valued at approximately $35,105,206.20. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CEO Corie S. Barry sold 366 shares of the business’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $75.76, for a total value of $27,728.16. Following the completion of the sale, the chief executive officer now directly owns 431,231 shares in the company, valued at approximately $32,670,060.56. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Corie S. Barry sold 28,042 shares of the business’s stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total value of $2,293,835.60. Following the completion of the sale, the chief executive officer now owns 429,159 shares of the company’s stock, valued at $35,105,206.20. The disclosure for this sale can be found here. Insiders sold a total of 52,023 shares of company stock worth $4,253,900 in the last three months. 0.56% of the stock is owned by insiders.

Institutional Investors Weigh In On Best Buy

Several institutional investors and hedge funds have recently added to or reduced their stakes in BBY. Cary Street Partners Investment Advisory LLC lifted its holdings in Best Buy by 549.1% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 357 shares of the technology retailer’s stock worth $25,000 after purchasing an additional 302 shares during the last quarter. Bfsg LLC acquired a new stake in Best Buy in the 4th quarter worth approximately $25,000. Rise Advisors LLC lifted its holdings in Best Buy by 69.5% in the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after purchasing an additional 132 shares during the last quarter. Naples Money Management LLC acquired a new stake in Best Buy in the 4th quarter worth approximately $27,000. Finally, Access Investment Management LLC acquired a new position in shares of Best Buy during the fourth quarter worth approximately $27,000. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Price Performance

Shares of Best Buy stock opened at $75.05 on Tuesday. The company has a current ratio of 1.00, a quick ratio of 0.37 and a debt-to-equity ratio of 0.38. The company’s 50-day moving average price is $78.02 and its two-hundred day moving average price is $74.14. Best Buy has a 52 week low of $62.30 and a 52 week high of $86.11. The stock has a market cap of $16.16 billion, a PE ratio of 13.19, a price-to-earnings-growth ratio of 1.96 and a beta of 1.49.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, February 29th. The technology retailer reported $2.72 EPS for the quarter, topping the consensus estimate of $2.51 by $0.21. Best Buy had a net margin of 2.86% and a return on equity of 48.45%. The firm had revenue of $14.65 billion for the quarter, compared to analysts’ expectations of $14.58 billion. During the same period in the previous year, the business earned $2.61 earnings per share. Best Buy’s revenue for the quarter was down .6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Best Buy will post 6.03 EPS for the current fiscal year.

Best Buy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Thursday, March 21st were issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 5.01%. This is a positive change from Best Buy’s previous quarterly dividend of $0.92. The ex-dividend date was Wednesday, March 20th. Best Buy’s payout ratio is currently 66.08%.

Best Buy Company Profile

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.