Brokerages Set Best Buy Co., Inc. (NYSE:BBY) Target Price at $84.00

Best Buy Co., Inc. (NYSE:BBY) has received a consensus rating of “Hold” from the fourteen research firms that are currently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, eight have assigned a hold recommendation and five have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $84.64.

A number of analysts have recently issued reports on BBY shares. Truist Financial raised their price objective on Best Buy from $68.00 to $87.00 and gave the company a “hold” rating in a research report on Friday, March 1st. Jefferies Financial Group lowered their price objective on Best Buy from $95.00 to $94.00 and set a “buy” rating on the stock in a research note on Monday, April 8th. TheStreet upgraded Best Buy from a “c” rating to a “b-” rating in a research note on Thursday, February 29th. Morgan Stanley lifted their price target on Best Buy from $80.00 to $82.00 and gave the company an “equal weight” rating in a research note on Friday, March 1st. Finally, JPMorgan Chase & Co. upgraded Best Buy from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $89.00 to $101.00 in a research note on Friday, March 22nd.

Insider Activity at Best Buy

In related news, CAO Mathew Watson sold 2,505 shares of the business’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $81.80, for a total value of $204,909.00. Following the completion of the sale, the chief accounting officer now directly owns 25,638 shares of the company’s stock, valued at approximately $2,097,188.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Best Buy news, CAO Mathew Watson sold 2,505 shares of the business’s stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total transaction of $204,909.00. Following the completion of the sale, the chief accounting officer now directly owns 25,638 shares of the company’s stock, valued at approximately $2,097,188.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Todd G. Hartman sold 3,973 shares of the business’s stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total value of $324,991.40. Following the sale, the insider now directly owns 25,912 shares of the company’s stock, valued at $2,119,601.60. The disclosure for this sale can be found here. Insiders sold 52,023 shares of company stock valued at $4,253,900 in the last three months. Corporate insiders own 0.59% of the company’s stock.

Institutional Trading of Best Buy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cary Street Partners Investment Advisory LLC boosted its stake in shares of Best Buy by 549.1% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 357 shares of the technology retailer’s stock worth $25,000 after buying an additional 302 shares during the last quarter. Bfsg LLC purchased a new position in shares of Best Buy in the 4th quarter worth approximately $25,000. Rise Advisors LLC boosted its stake in shares of Best Buy by 69.5% in the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after buying an additional 132 shares during the last quarter. Naples Money Management LLC purchased a new position in shares of Best Buy in the 4th quarter worth approximately $27,000. Finally, Access Investment Management LLC purchased a new position in shares of Best Buy in the 4th quarter worth approximately $27,000. 80.96% of the stock is owned by institutional investors.

Best Buy Stock Up 2.7 %

NYSE:BBY opened at $71.51 on Friday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.37 and a current ratio of 1.00. The company has a market cap of $15.47 billion, a PE ratio of 12.57, a PEG ratio of 2.11 and a beta of 1.50. Best Buy has a 52-week low of $62.30 and a 52-week high of $86.11. The stock has a 50-day simple moving average of $76.44 and a 200 day simple moving average of $74.82.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, February 29th. The technology retailer reported $2.72 EPS for the quarter, beating the consensus estimate of $2.51 by $0.21. Best Buy had a return on equity of 48.45% and a net margin of 2.86%. The firm had revenue of $14.65 billion during the quarter, compared to analysts’ expectations of $14.58 billion. During the same period in the prior year, the firm posted $2.61 earnings per share. The business’s quarterly revenue was down .6% compared to the same quarter last year. On average, sell-side analysts expect that Best Buy will post 6.03 EPS for the current fiscal year.

Best Buy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Thursday, March 21st were paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 5.26%. This is an increase from Best Buy’s previous quarterly dividend of $0.92. The ex-dividend date was Wednesday, March 20th. Best Buy’s payout ratio is currently 66.08%.

Best Buy Company Profile

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.