Best Buy Co., Inc. (NYSE:BBY) Stock Has Consensus Price Target of $85.65 According to Brokerages

Best Buy Co., Inc. (NYSE:BBY) has earned a consensus rating of “Hold” from the twenty-one research firms that are currently covering the firm, MarketBeat.com reports. Two research analysts have rated the stock with a sell recommendation, eleven have assigned a hold recommendation, seven have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $85.65.

Several equities research analysts have commented on BBY shares. Guggenheim upped their target price on shares of Best Buy from $90.00 to $95.00 and gave the company a “buy” rating in a research note on Friday, August 28th. Bank of America assumed coverage on shares of Best Buy in a research report on Monday, August 3rd. They set an “underperform” rating and a $80.00 price target on the stock. Telsey Advisory Group boosted their price target on shares of Best Buy from $90.00 to $95.00 and gave the company an “outperform” rating in a report on Tuesday, August 4th. Morgan Stanley boosted their price target on shares of Best Buy from $80.00 to $90.00 and gave the company an “equal weight” rating in a report on Friday, August 28th. Finally, Piper Sandler upped their price objective on shares of Best Buy from $77.00 to $85.00 and gave the company a “neutral” rating in a research report on Thursday, August 20th.

Insider Activity

In other Best Buy news, Chairman Richard M. Schulze sold 300,000 shares of the stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $92.51, for a total value of $27,753,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Kathleen Scarlett sold 116,062 shares of the stock in a transaction dated Wednesday, September 23rd. The stock was sold at an average price of $92.15, for a total value of $10,695,113.30. Following the completion of the sale, the executive vice president owned 116,173 shares of the company’s stock, valued at $10,705,341.95. This trade represents a 49.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Best Buy

Institutional investors and hedge funds have recently modified their holdings of the business. MV Capital Management Inc. bought a new position in shares of Best Buy in the 4th quarter valued at about $25,000. Bayban acquired a new stake in shares of Best Buy in the fourth quarter valued at about $33,000. Aberdeen Wealth Management LLC acquired a new stake in shares of Best Buy in the second quarter valued at about $38,000. Maseco LLP bought a new stake in Best Buy during the first quarter worth about $37,000. Finally, Elevation Wealth Partners LLC raised its holdings in Best Buy by 2,120.7% during the second quarter. Elevation Wealth Partners LLC now owns 644 shares of the technology retailer’s stock worth $49,000 after acquiring an additional 615 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Stock Performance

Shares of NYSE:BBY opened at $87.02 on Friday. The company has a market capitalization of $18.25 billion, a price-to-earnings ratio of 14.48, a P/E/G ratio of 2.17 and a beta of 1.26. The firm’s 50 day simple moving average is $87.55 and its 200 day simple moving average is $76.79. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.12 and a quick ratio of 0.41. Best Buy has a fifty-two week low of $55.10 and a fifty-two week high of $96.53.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, August 27th. The technology retailer reported $1.47 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.08. The business had revenue of $9.78 billion for the quarter, compared to analyst estimates of $9.59 billion. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. Best Buy’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same quarter last year, the firm earned $1.28 EPS. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. As a group, sell-side analysts forecast that Best Buy will post 6.82 earnings per share for the current year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 8th. Shareholders of record on Thursday, September 17th were issued a dividend of $0.96 per share. The ex-dividend date was Thursday, September 17th. This represents a $3.84 annualized dividend and a yield of 4.4%. Best Buy’s payout ratio is currently 63.89%.

About Best Buy

Best Buy Co, Inc (NYSE: BBY) is a specialty retailer of technology products and services. The company sells consumer electronics, computers and tablets, mobile phones, appliances, entertainment products, smart-home devices, gaming equipment and related accessories through its stores and digital platforms.

Best Buy also provides technology services through Geek Squad, including product installation, setup, repair, troubleshooting and technical support. Its operations include retail stores, e-commerce, delivery and fulfillment services, as well as membership and protection offerings.