Best Buy Co., Inc. (NYSE:BBY) Receives $102.56 Consensus Price Target from Brokerages

Best Buy Co., Inc. (NYSE:BBY) has earned a consensus rating of “Moderate Buy” from the eighteen analysts that are presently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among analysts that have covered the stock in the last year is $102.41.

Several research analysts have commented on the company. Truist Financial lifted their target price on Best Buy from $86.00 to $107.00 and gave the stock a “hold” rating in a report on Friday, August 30th. StockNews.com raised Best Buy from a “hold” rating to a “buy” rating in a research note on Monday. Evercore ISI increased their target price on shares of Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a research report on Friday, August 30th. Citigroup boosted their price target on shares of Best Buy from $100.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Finally, Piper Sandler restated an “overweight” rating and issued a $114.00 target price (up previously from $100.00) on shares of Best Buy in a report on Friday, August 30th.

Best Buy Stock Performance

Shares of BBY stock opened at $98.99 on Friday. The business’s 50-day moving average price is $90.63 and its 200-day moving average price is $83.82. Best Buy has a 12 month low of $62.30 and a 12 month high of $103.71. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $21.35 billion, a price-to-earnings ratio of 17.34, a PEG ratio of 2.56 and a beta of 1.46.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping the consensus estimate of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The business had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. During the same period last year, the company earned $1.22 EPS. The firm’s revenue was down 3.1% compared to the same quarter last year. Equities research analysts forecast that Best Buy will post 6.26 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 10th. Investors of record on Thursday, September 19th will be issued a $0.94 dividend. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.80%. Best Buy’s dividend payout ratio is presently 65.85%.

Insider Buying and Selling at Best Buy

In other news, Chairman Richard M. Schulze sold 88,542 shares of the stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $88.25, for a total value of $7,813,831.50. Following the completion of the sale, the chairman now directly owns 13,602,853 shares of the company’s stock, valued at $1,200,451,777.25. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Chairman Richard M. Schulze sold 88,542 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the transaction, the chairman now directly owns 13,602,853 shares of the company’s stock, valued at $1,200,451,777.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Richard M. Schulze sold 600,000 shares of the company’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $88.29, for a total transaction of $52,974,000.00. Following the completion of the sale, the chairman now directly owns 14,002,853 shares of the company’s stock, valued at $1,236,311,891.37. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,383,370 shares of company stock worth $122,233,276. Insiders own 0.59% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Raymond James & Associates grew its position in Best Buy by 17.0% during the second quarter. Raymond James & Associates now owns 3,377,763 shares of the technology retailer’s stock valued at $284,712,000 after buying an additional 490,801 shares during the period. Dimensional Fund Advisors LP boosted its position in Best Buy by 8.3% during the second quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer’s stock worth $257,569,000 after purchasing an additional 235,478 shares during the period. Bank of New York Mellon Corp boosted its position in Best Buy by 55.7% during the second quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock worth $241,347,000 after purchasing an additional 1,024,824 shares during the period. Norges Bank purchased a new position in shares of Best Buy in the fourth quarter worth about $165,164,000. Finally, Ninety One UK Ltd bought a new stake in shares of Best Buy in the second quarter valued at approximately $121,325,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

About Best Buy

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.