Best Buy Co., Inc. (NYSE:BBY) Given Average Recommendation of “Hold” by Brokerages

Best Buy Co., Inc. (NYSE:BBY) has received an average rating of “Hold” from the twenty-two analysts that are covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a sell recommendation, fourteen have given a hold recommendation and six have given a buy recommendation to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $79.50.

Several research firms have weighed in on BBY. Piper Sandler reaffirmed a “neutral” rating and issued a $77.00 target price on shares of Best Buy in a research report on Thursday, May 28th. Loop Capital reduced their price target on shares of Best Buy from $85.00 to $82.00 and set a “buy” rating on the stock in a research report on Wednesday, June 24th. Weiss Ratings raised shares of Best Buy from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, June 11th. Citigroup upped their target price on shares of Best Buy from $60.00 to $79.00 and gave the stock a “neutral” rating in a research note on Friday, May 29th. Finally, Daiwa Securities Group increased their target price on shares of Best Buy from $68.00 to $77.00 and gave the stock a “neutral” rating in a report on Tuesday, June 2nd.

Insider Buying and Selling

In other Best Buy news, CAO Mathew Watson sold 1,784 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $73.80, for a total value of $131,659.20. Following the sale, the chief accounting officer directly owned 21,630 shares of the company’s stock, valued at approximately $1,596,294. This represents a 7.62% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Chairman Richard M. Schulze sold 500,350 shares of the firm’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $76.12, for a total transaction of $38,086,642.00. Following the completion of the sale, the chairman owned 10,930,586 shares in the company, valued at $832,036,206.32. The trade was a 4.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,002,134 shares of company stock valued at $77,283,527 in the last quarter. 0.50% of the stock is owned by insiders.

Institutional Trading of Best Buy

Hedge funds and other institutional investors have recently bought and sold shares of the business. Woodline Partners LP boosted its holdings in Best Buy by 40.1% in the first quarter. Woodline Partners LP now owns 16,436 shares of the technology retailer’s stock valued at $1,210,000 after purchasing an additional 4,701 shares in the last quarter. Daiwa Securities Group Inc. boosted its holdings in shares of Best Buy by 4.4% in the 2nd quarter. Daiwa Securities Group Inc. now owns 29,560 shares of the technology retailer’s stock valued at $1,984,000 after buying an additional 1,234 shares in the last quarter. Investment Management Corp of Ontario grew its position in shares of Best Buy by 127.7% in the 2nd quarter. Investment Management Corp of Ontario now owns 12,997 shares of the technology retailer’s stock valued at $872,000 after buying an additional 7,288 shares during the last quarter. Ieq Capital LLC raised its stake in Best Buy by 155.4% during the 2nd quarter. Ieq Capital LLC now owns 160,568 shares of the technology retailer’s stock worth $10,779,000 after acquiring an additional 97,688 shares in the last quarter. Finally, Alliancebernstein L.P. raised its stake in Best Buy by 32.0% during the 2nd quarter. Alliancebernstein L.P. now owns 313,584 shares of the technology retailer’s stock worth $21,051,000 after acquiring an additional 76,102 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Trading Up 1.7%

NYSE BBY traded up $1.34 on Thursday, reaching $79.34. The stock had a trading volume of 1,040,170 shares, compared to its average volume of 4,448,659. The company has a quick ratio of 0.40, a current ratio of 1.12 and a debt-to-equity ratio of 0.38. The stock has a fifty day moving average price of $68.18 and a two-hundred day moving average price of $66.77. Best Buy has a 12-month low of $55.10 and a 12-month high of $84.99. The firm has a market capitalization of $16.72 billion, a price-to-earnings ratio of 14.68, a P/E/G ratio of 2.08 and a beta of 1.30.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, May 28th. The technology retailer reported $1.28 EPS for the quarter, topping the consensus estimate of $1.23 by $0.05. The business had revenue of $8.94 billion during the quarter, compared to analyst estimates of $8.82 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The company’s quarterly revenue was up 1.9% on a year-over-year basis. During the same period last year, the business posted $1.15 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, sell-side analysts forecast that Best Buy will post 6.56 EPS for the current fiscal year.

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 9th. Stockholders of record on Thursday, June 18th will be given a dividend of $0.96 per share. The ex-dividend date of this dividend is Thursday, June 18th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.8%. Best Buy’s payout ratio is currently 71.11%.

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.