Best Buy (NYSE:BBY) Price Target Raised to $85.00

Best Buy (NYSE:BBY) had its price objective raised by Wells Fargo & Company from $65.00 to $85.00 in a report issued on Tuesday morning,Benzinga reports. The firm currently has an equal weight rating on the technology retailer’s stock.

BBY has been the subject of a number of other reports. UBS Group reissued a “neutral” rating and set a $86.00 target price (up from $85.00) on shares of Best Buy in a research report on Friday, May 29th. Truist Financial upgraded Best Buy from a “hold” rating to a “buy” rating and upped their price objective for the company from $81.00 to $95.00 in a research note on Tuesday. Wedbush increased their price objective on Best Buy from $70.00 to $75.00 and gave the company a “neutral” rating in a report on Friday, May 29th. Bank of America assumed coverage on Best Buy in a research report on Monday, August 3rd. They issued an “underperform” rating and a $80.00 target price for the company. Finally, Piper Sandler restated a “neutral” rating and issued a $77.00 target price on shares of Best Buy in a research note on Thursday, May 28th. Five investment analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $82.70.

Best Buy Trading Up 2.7%

NYSE BBY opened at $85.24 on Tuesday. The company has a market cap of $17.97 billion, a price-to-earnings ratio of 15.78, a P/E/G ratio of 2.39 and a beta of 1.29. Best Buy has a 52 week low of $55.10 and a 52 week high of $91.26. The business has a 50 day moving average price of $80.80 and a 200-day moving average price of $69.87. The company has a quick ratio of 0.40, a current ratio of 1.12 and a debt-to-equity ratio of 0.38.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.23 by $0.05. The company had revenue of $8.94 billion for 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%.Best Buy’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.15 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, equities analysts expect that Best Buy will post 6.56 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Stockholders of record on Thursday, June 18th were given a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date was Thursday, June 18th. Best Buy’s dividend payout ratio (DPR) is 71.11%.

Insider Activity at Best Buy

In other Best Buy news, CAO Mathew Watson sold 1,784 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief accounting officer directly owned 21,630 shares of the company’s stock, valued at $1,596,294. This trade represents a 7.62% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Richard M. Schulze sold 500,350 shares of the business’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 transaction, the chairman owned 10,930,586 shares of the company’s stock, valued at $832,036,206.32. This trade represents a 4.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 1,002,134 shares of company stock valued at $77,283,527. 0.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Best Buy

Several large investors have recently added to or reduced their stakes in the business. Torren Management LLC purchased a new position in Best Buy during the fourth quarter worth about $25,000. MV Capital Management Inc. purchased a new stake in shares of Best Buy in the 4th quarter valued at about $25,000. Palisade Asset Management LLC purchased a new stake in shares of Best Buy in the 3rd quarter valued at about $25,000. Hillsdale Investment Management Inc. bought a new stake in shares of Best Buy during the 4th quarter valued at about $29,000. Finally, Quest 10 Wealth Builders Inc. boosted its position in shares of Best Buy by 239.2% during the 4th quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer’s stock valued at $30,000 after acquiring an additional 311 shares during the last quarter. Institutional investors own 80.96% of the company’s stock.

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.