Best Buy Co., Inc. (NYSE:BBY) Receives $91.28 Consensus Target Price from Brokerages

Best Buy Co., Inc. (NYSE:BBY) has been assigned an average recommendation of “Hold” from the twenty ratings firms that are covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $91.28.

Several research analysts recently weighed in on the stock. DA Davidson restated a “buy” rating and set a $110.00 price target on shares of Best Buy in a report on Monday, April 14th. Citigroup reaffirmed a “neutral” rating and set a $70.00 price target (down from $93.00) on shares of Best Buy in a research report on Thursday, April 3rd. Truist Financial cut their price objective on Best Buy from $81.00 to $64.00 and set a “hold” rating on the stock in a research report on Tuesday, April 8th. Bank of America decreased their target price on Best Buy from $80.00 to $75.00 and set an “underperform” rating for the company in a research report on Wednesday, March 5th. Finally, Piper Sandler reduced their price target on shares of Best Buy from $102.00 to $92.00 and set an “overweight” rating for the company in a research report on Wednesday, March 5th.

Best Buy Price Performance

Shares of NYSE:BBY opened at $68.85 on Friday. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The stock’s 50 day moving average is $68.31 and its 200-day moving average is $81.00. The firm has a market capitalization of $14.57 billion, a price-to-earnings ratio of 11.77, a PEG ratio of 2.10 and a beta of 1.27. Best Buy has a twelve month low of $54.99 and a twelve month high of $103.71.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.40 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business had revenue of $13.95 billion during the quarter, compared to the consensus estimate of $13.69 billion. During the same quarter in the prior year, the company posted $2.72 earnings per share. Sell-side analysts forecast that Best Buy will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th were given a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.52%. The ex-dividend date was Tuesday, March 25th. This is an increase from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s dividend payout ratio (DPR) is 88.99%.

Insider Activity at Best Buy

In related news, CEO Corie S. Barry bought 13,500 shares of the business’s stock in a transaction dated Wednesday, March 12th. The shares were purchased at an average price of $72.92 per share, with a total value of $984,420.00. Following the purchase, the chief executive officer now owns 378,780 shares of the company’s stock, valued at approximately $27,620,637.60. This trade represents a 3.70 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Matthew M. Bilunas sold 51,000 shares of the company’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $74.20, for a total value of $3,784,200.00. Following the completion of the sale, the chief financial officer now directly owns 55,856 shares in the company, valued at approximately $4,144,515.20. The trade was a 47.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 78,355 shares of company stock valued at $5,767,213. Company insiders own 0.47% of the company’s stock.

Hedge Funds Weigh In On Best Buy

Several large investors have recently made changes to their positions in BBY. Vanguard Group Inc. increased its holdings in shares of Best Buy by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer’s stock worth $1,971,908,000 after purchasing an additional 191,161 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Best Buy by 6.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 6,968,973 shares of the technology retailer’s stock worth $512,986,000 after acquiring an additional 408,605 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Best Buy during the 4th quarter worth approximately $514,483,000. Geode Capital Management LLC lifted its position in Best Buy by 4.9% during the fourth quarter. Geode Capital Management LLC now owns 5,092,820 shares of the technology retailer’s stock valued at $436,210,000 after purchasing an additional 239,840 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Best Buy by 13.7% in the 4th quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer’s stock valued at $328,136,000 after acquiring an additional 459,353 shares during the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

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.