Best Buy Co., Inc. (NYSE:BBY) Receives $71.30 Consensus PT from Analysts

Best Buy Co., Inc. (NYSE:BBY) has been assigned a consensus recommendation of “Hold” from the twenty-two brokerages that are presently covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a sell recommendation, eleven have given a hold recommendation and nine have given a buy recommendation to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $70.80.

A number of analysts have recently commented on BBY shares. HSBC cut their target price on Best Buy from $96.00 to $85.00 in a research report on Thursday, February 26th. Evercore set a $65.00 price target on Best Buy in a research note on Tuesday, April 14th. Daiwa Securities Group reduced their price objective on Best Buy from $80.00 to $68.00 and set a “neutral” rating for the company in a research note on Thursday, March 5th. Wedbush increased their price objective on Best Buy from $7.00 to $8.00 and gave the company an “outperform” rating in a report on Tuesday, April 28th. Finally, Jefferies Financial Group lowered their target price on shares of Best Buy from $94.00 to $89.00 and set a “buy” rating on the stock in a research report on Monday, February 9th.

Insider Activity at Best Buy

In other Best Buy news, EVP Jason J. Bonfig sold 6,336 shares of the company’s stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total transaction of $405,630.72. Following the completion of the sale, the executive vice president directly owned 79,137 shares of the company’s stock, valued at $5,066,350.74. This represents a 7.41% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Corie S. Barry sold 42,869 shares of the stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total value of $2,744,473.38. Following the sale, the chief executive officer directly owned 523,138 shares of the company’s stock, valued at $33,491,294.76. The trade was a 7.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 77,247 shares of company stock worth $4,945,353 in the last three months. Company insiders own 0.47% of the company’s stock.

Institutional Investors Weigh In On Best Buy

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in Best Buy by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 24,255,320 shares of the technology retailer’s stock valued at $1,623,409,000 after buying an additional 307,905 shares during the last quarter. AQR Capital Management LLC raised its position in Best Buy by 30.9% during the 4th quarter. AQR Capital Management LLC now owns 9,158,839 shares of the technology retailer’s stock worth $613,001,000 after buying an additional 2,160,968 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Best Buy by 2.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,452,642 shares of the technology retailer’s stock worth $498,805,000 after acquiring an additional 160,713 shares during the period. Invesco Ltd. lifted its stake in shares of Best Buy by 6.1% in the 4th quarter. Invesco Ltd. now owns 4,732,080 shares of the technology retailer’s stock worth $316,718,000 after acquiring an additional 271,988 shares during the period. Finally, Morgan Stanley boosted its holdings in shares of Best Buy by 19.1% in the fourth quarter. Morgan Stanley now owns 3,778,294 shares of the technology retailer’s stock valued at $252,881,000 after acquiring an additional 605,911 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Stock Down 0.6%

Shares of NYSE:BBY opened at $56.36 on Wednesday. The firm has a 50 day simple moving average of $62.23 and a 200-day simple moving average of $68.08. Best Buy has a twelve month low of $55.10 and a twelve month high of $84.99. The company has a current ratio of 1.11, a quick ratio of 0.43 and a debt-to-equity ratio of 0.39. The company has a market capitalization of $11.87 billion, a PE ratio of 11.18, a P/E/G ratio of 1.40 and a beta of 1.22.

Best Buy (NYSE:BBY) last posted its earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 EPS for the quarter, beating analysts’ consensus estimates of $2.48 by $0.13. Best Buy had a net margin of 2.56% and a return on equity of 49.17%. The firm had revenue of $13.81 billion for the quarter, compared to the consensus estimate of $13.96 billion. During the same period last year, the firm posted $2.58 EPS. The company’s revenue was down 1.0% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, equities analysts predict that Best Buy will post 6.5 EPS for the current fiscal year.

Best Buy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 14th. Investors of record on Tuesday, March 24th were paid a dividend of $0.96 per share. The ex-dividend date was Tuesday, March 24th. This represents a $3.84 dividend on an annualized basis and a yield of 6.8%. This is an increase from Best Buy’s previous quarterly dividend of $0.95. Best Buy’s dividend payout ratio (DPR) is currently 76.19%.

About Best Buy

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.