Best Buy (NYSE:BBY) Price Target Raised to $69.00

Best Buy (NYSE:BBY) had its price objective raised by Citigroup from $67.00 to $69.00 in a research note published on Wednesday,Benzinga reports. Citigroup currently has a neutral rating on the technology retailer’s stock.

Several other equities research analysts have also recently weighed in on BBY. UBS Group increased their price target on Best Buy from $93.00 to $96.00 and gave the company a “buy” rating in a research note on Wednesday, November 26th. Wedbush reduced their target price on Best Buy from $80.00 to $70.00 and set a “neutral” rating on the stock in a report on Tuesday, February 24th. HSBC decreased their target price on shares of Best Buy from $96.00 to $85.00 in a research report on Thursday, February 26th. KeyCorp restated a “sector weight” rating on shares of Best Buy in a report on Wednesday. Finally, Guggenheim reaffirmed a “buy” rating and issued a $90.00 price objective on shares of Best Buy in a research note on Wednesday. Nine analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $76.20.

Best Buy Trading Up 1.3%

Shares of NYSE BBY opened at $66.48 on Wednesday. The firm has a 50 day moving average price of $66.63 and a two-hundred day moving average price of $72.77. The stock has a market cap of $13.90 billion, a P/E ratio of 13.19, a price-to-earnings-growth ratio of 1.63 and a beta of 1.46. Best Buy has a 52-week low of $54.99 and a 52-week high of $84.99. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.26 and a current ratio of 1.11.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Tuesday, March 3rd. The technology retailer reported $2.61 earnings per share for the quarter, topping the consensus estimate of $2.48 by $0.13. The company had revenue of $13.81 billion for the quarter, compared to analysts’ expectations of $13.96 billion. Best Buy had a net margin of 2.56% and a return on equity of 49.17%. Best Buy’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.58 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, equities analysts forecast that Best Buy will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 24th will be issued a $0.96 dividend. The ex-dividend date is Tuesday, March 24th. This is an increase from Best Buy’s previous quarterly dividend of $0.95. This represents a $3.84 dividend on an annualized basis and a yield of 5.8%. Best Buy’s dividend payout ratio is presently 75.40%.

Institutional Trading of Best Buy

Several large investors have recently modified their holdings of BBY. AQR Capital Management LLC lifted its position in shares of Best Buy by 99.8% during the 3rd quarter. AQR Capital Management LLC now owns 6,997,871 shares of the technology retailer’s stock valued at $525,120,000 after acquiring an additional 3,496,254 shares during the period. Norges Bank acquired a new stake in Best Buy in the fourth quarter worth $174,685,000. Schroder Investment Management Group increased its stake in Best Buy by 378.8% in the fourth quarter. Schroder Investment Management Group now owns 3,096,015 shares of the technology retailer’s stock valued at $207,216,000 after purchasing an additional 2,449,342 shares in the last quarter. Hsbc Holdings PLC raised its holdings in shares of Best Buy by 104.1% during the fourth quarter. Hsbc Holdings PLC now owns 2,020,539 shares of the technology retailer’s stock valued at $135,685,000 after purchasing an additional 1,030,544 shares during the period. Finally, KBC Group NV boosted its position in shares of Best Buy by 293.6% during the 4th quarter. KBC Group NV now owns 1,052,805 shares of the technology retailer’s stock worth $70,464,000 after purchasing an additional 785,294 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

About Best Buy

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.