Best Buy Co., Inc. (NYSE:BBY) Stock Has Consensus Price Target of $86.15 According to Brokerages

Shares of Best Buy Co., Inc. (NYSE:BBY) have been given an average rating of “Hold” by the twenty-one brokerages that are covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a sell recommendation, twelve have issued a hold recommendation, six have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $87.35.

BBY has been the topic of several analyst reports. Weiss Ratings downgraded shares of Best Buy from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, October 27th. Bank of America assumed coverage on shares of Best Buy in a report on Monday, August 3rd. They issued an “underperform” rating and a $80.00 price target on the stock. Piper Sandler raised their price target on Best Buy from $77.00 to $85.00 and gave the stock a “neutral” rating in a research note on Thursday, August 20th. Truist Financial set a $100.00 price objective on shares of Best Buy in a report on Thursday, August 27th. Finally, Barclays upped their price objective on shares of Best Buy from $77.00 to $85.00 and gave the company a “buy” rating in a report on Friday, August 28th.

Best Buy Stock Up 0.2%

Shares of NYSE BBY opened at $99.58 on Wednesday. The company has a quick ratio of 0.41, a current ratio of 1.12 and a debt-to-equity ratio of 0.36. The firm’s fifty day moving average is $91.57 and its 200 day moving average is $76.10. Best Buy has a 52 week low of $55.10 and a 52 week high of $103.54. The company has a market cap of $20.89 billion, a price-to-earnings ratio of 16.57, a PEG ratio of 2.40 and a beta of 1.20.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, August 27th. The technology retailer reported $1.47 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.08. The company had revenue of $9.78 billion for the quarter, compared to the consensus estimate of $9.59 billion. Best Buy had a return on equity of 48.14% and a net margin of 3.01%. The firm’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.28 earnings per share. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. On average, equities research analysts expect that Best Buy will post 6.81 earnings per share for the current year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 8th. Investors of record on Thursday, September 17th were issued a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a dividend yield of 3.9%. The ex-dividend date was Thursday, September 17th. Best Buy’s dividend payout ratio (DPR) is currently 63.89%.

Insider Buying and Selling

In other news, EVP Kathleen Scarlett sold 116,062 shares of the stock in a transaction that occurred on Wednesday, September 23rd. The shares were sold at an average price of $92.15, for a total transaction of $10,695,113.30. Following the sale, the executive vice president owned 116,173 shares in the company, valued at $10,705,341.95. This represents a 49.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Richard M. Schulze sold 300,000 shares of Best Buy 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 SEC filing for this sale provides additional information. Insiders own 0.50% of the company’s stock.

Institutional Trading of Best Buy

A number of hedge funds and other institutional investors have recently made changes to their positions in BBY. Asset Dedication LLC acquired a new position in Best Buy during the 3rd quarter worth $27,000. Clark Wealth Partners bought a new position in shares of Best Buy in the third quarter worth about $29,000. Entrust Financial LLC bought a new stake in Best Buy during the 3rd quarter valued at about $31,000. Ashurst Perkins Coie Trust Co increased its stake in shares of Best Buy by 75.1% in the 3rd quarter. Ashurst Perkins Coie Trust Co now owns 394 shares of the technology retailer’s stock valued at $35,000 after purchasing an additional 169 shares in the last quarter. Finally, Aberdeen Wealth Management LLC purchased a new position in Best Buy during the 2nd quarter valued at about $38,000. 80.96% of the stock is currently owned by institutional investors.

About Best Buy

Best Buy Co, Inc is a specialty retailer of technology products and services headquartered in Richfield, Minnesota. The company sells consumer electronics, computing and mobile products, entertainment products, appliances, furniture, and related accessories through its retail stores, websites, and other sales channels.

Best Buy also provides technology-related services, including product installation, repair, technical support, delivery, and in-home consultation. Its services are offered through brands and operations such as Geek Squad, while the company also provides membership and protection programs designed to support customers after purchase.

The company serves customers primarily in the United States and Canada.