Analysts Set Best Buy Co., Inc. (NYSE:BBY) PT at $84.60

Best Buy Co., Inc. (NYSE:BBY) has received an average recommendation of “Hold” from the fifteen analysts that are currently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $84.60.

Several brokerages recently issued reports on BBY. Citigroup increased their target price on shares of Best Buy from $67.00 to $76.00 and gave the stock a “sell” rating in a research note on Friday, March 1st. The Goldman Sachs Group raised their target price on Best Buy from $81.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, March 1st. JPMorgan Chase & Co. raised Best Buy from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $89.00 to $101.00 in a research note on Friday, March 22nd. TheStreet raised Best Buy from a “c” rating to a “b-” rating in a research note on Thursday, February 29th. Finally, Telsey Advisory Group raised Best Buy from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $85.00 to $95.00 in a research report on Wednesday, March 20th.

Best Buy Stock Performance

BBY stock opened at $75.00 on Tuesday. The firm has a market cap of $16.15 billion, a PE ratio of 13.18, a price-to-earnings-growth ratio of 1.96 and a beta of 1.49. The company has a current ratio of 1.00, a quick ratio of 0.37 and a debt-to-equity ratio of 0.38. The stock has a 50-day moving average price of $78.04 and a 200-day moving average price of $74.20. Best Buy has a 1-year low of $62.30 and a 1-year high of $86.11.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, February 29th. The technology retailer reported $2.72 earnings per share for the quarter, topping analysts’ consensus estimates of $2.51 by $0.21. The business had revenue of $14.65 billion during the quarter, compared to the consensus estimate of $14.58 billion. Best Buy had a return on equity of 48.45% and a net margin of 2.86%. The firm’s revenue for the quarter was down .6% on a year-over-year basis. During the same period in the previous year, the company posted $2.61 earnings per share. As a group, equities research analysts expect that Best Buy will post 6.03 earnings per share for the current year.

Best Buy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Thursday, March 21st were issued a dividend of $0.94 per share. The ex-dividend date of this dividend was Wednesday, March 20th. This is a boost from Best Buy’s previous quarterly dividend of $0.92. This represents a $3.76 annualized dividend and a yield of 5.01%. Best Buy’s payout ratio is 66.08%.

Insider Buying and Selling at Best Buy

In other news, CEO Corie S. Barry sold 28,042 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 $2,293,835.60. Following the transaction, the chief executive officer now owns 429,159 shares in the company, valued at approximately $35,105,206.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Best Buy news, CEO Corie S. Barry sold 28,042 shares of the stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total transaction of $2,293,835.60. Following the sale, the chief executive officer now owns 429,159 shares in the company, valued at $35,105,206.20. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Corie S. Barry sold 366 shares of Best Buy stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total value of $27,728.16. Following the transaction, the chief executive officer now directly owns 431,231 shares of the company’s stock, valued at approximately $32,670,060.56. The disclosure for this sale can be found here. In the last 90 days, insiders sold 52,023 shares of company stock worth $4,253,900. Insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. raised its position in Best Buy by 1.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,478,759 shares of the technology retailer’s stock valued at $311,139,000 after purchasing an additional 66,770 shares in the last quarter. Invesco Ltd. lifted its position in Best Buy by 8.7% in the 3rd quarter. Invesco Ltd. now owns 3,450,910 shares of the technology retailer’s stock worth $239,735,000 after buying an additional 276,366 shares during the last quarter. Raymond James & Associates boosted its stake in Best Buy by 10.6% in the first quarter. Raymond James & Associates now owns 2,886,962 shares of the technology retailer’s stock worth $236,818,000 after buying an additional 277,158 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Best Buy by 4.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,791,561 shares of the technology retailer’s stock valued at $218,527,000 after acquiring an additional 107,926 shares during the last quarter. Finally, Northern Trust Corp raised its stake in shares of Best Buy by 7.7% during the third quarter. Northern Trust Corp now owns 2,787,163 shares of the technology retailer’s stock worth $193,624,000 after acquiring an additional 199,749 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

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.