Bank of America started coverage on shares of Best Buy (NYSE:BBY – Free Report) in a research note released on Monday, MarketBeat.com reports. The firm issued an underperform rating and a $80.00 price target on the technology retailer’s stock.
Other analysts also recently issued reports about the company. The Goldman Sachs Group lifted their price target on Best Buy from $59.00 to $62.00 and gave the stock a “sell” rating in a report on Friday, May 29th. BNP Paribas Exane increased their price objective on Best Buy from $74.00 to $76.00 and gave the company a “neutral” rating in a report on Friday, May 29th. Daiwa Securities Group raised their target price on Best Buy from $68.00 to $77.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 2nd. Wedbush boosted their target price on Best Buy from $70.00 to $75.00 and gave the stock a “neutral” rating in a research note on Friday, May 29th. Finally, DA Davidson reaffirmed a “buy” rating and issued a $90.00 price target on shares of Best Buy in a report on Monday, June 22nd. Four investment analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $80.55.
Check Out Our Latest Stock Analysis on BBY
Best Buy Price Performance
Best Buy (NYSE:BBY – Get Free Report) last released its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $0.05. The business had revenue of $8.94 billion during the quarter, compared to analysts’ expectations of $8.82 billion. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period in the previous year, the company earned $1.15 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Equities analysts forecast that Best Buy will post 6.56 EPS for the current fiscal year.
Best Buy Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Thursday, June 18th were given a $0.96 dividend. The ex-dividend date of this dividend was Thursday, June 18th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.5%. Best Buy’s dividend payout ratio is 71.11%.
Insider Buying and Selling
In other Best Buy news, CAO Mathew Watson sold 1,784 shares of Best Buy stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $73.80, for a total transaction of $131,659.20. Following the transaction, the chief accounting officer owned 21,630 shares of the company’s stock, valued at $1,596,294. The trade was a 7.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Chairman Richard M. Schulze sold 500,350 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $76.12, for a total value of $38,086,642.00. Following the completion of the sale, the chairman directly owned 10,930,586 shares of the company’s stock, valued at $832,036,206.32. The trade was a 4.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,002,134 shares of company stock worth $77,283,527 in the last 90 days. 0.50% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On Best Buy
Hedge funds have recently made changes to their positions in the business. Summit Global Investments purchased a new position in shares of Best Buy during the second quarter worth about $246,000. Trust Asset Management LLC acquired a new stake in Best Buy during the 2nd quarter worth approximately $165,000. Tema ETFs LLC lifted its position in Best Buy by 6.5% during the 2nd quarter. Tema ETFs LLC now owns 2,365 shares of the technology retailer’s stock worth $179,000 after acquiring an additional 145 shares during the period. KMG Fiduciary Partners LLC grew its stake in shares of Best Buy by 362.2% in the 2nd quarter. KMG Fiduciary Partners LLC now owns 20,098 shares of the technology retailer’s stock valued at $1,525,000 after purchasing an additional 15,750 shares during the last quarter. Finally, LVM Capital Management Ltd. MI purchased a new position in shares of Best Buy in the 2nd quarter valued at approximately $600,000. Institutional investors and hedge funds own 80.96% of the company’s stock.
Best Buy Company Profile
Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.
Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.
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