Best Buy (NYSE:BBY) Price Target Raised to $95.00

Best Buy (NYSE:BBY) had its target price upped by Telsey Advisory Group from $90.00 to $95.00 in a research note issued to investors on Tuesday morning, Marketbeat Ratings reports. The brokerage currently has an outperform rating on the technology retailer’s stock.

Several other research analysts also recently issued reports on the stock. Weiss Ratings upgraded shares of Best Buy from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, July 29th. Wells Fargo & Company upped their price objective on Best Buy from $60.00 to $65.00 and gave the company an “equal weight” rating in a research report on Thursday, May 28th. Guggenheim reissued a “buy” rating and issued a $90.00 target price on shares of Best Buy in a report on Friday, May 29th. The Goldman Sachs Group boosted their price target on Best Buy from $59.00 to $62.00 and gave the stock a “sell” rating in a research note on Friday, May 29th. Finally, Morgan Stanley increased their price objective on Best Buy from $72.00 to $80.00 and gave the company an “equal weight” rating in a research report on Friday, May 29th. Four investment analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $80.55.

Best Buy Price Performance

BBY opened at $79.87 on Tuesday. The stock has a 50-day moving average price of $79.85 and a 200-day moving average price of $69.29. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 0.40. The firm has a market cap of $16.84 billion, a PE ratio of 14.79, a P/E/G ratio of 2.43 and a beta of 1.29. Best Buy has a 1 year low of $55.10 and a 1 year high of $91.26.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 EPS for the quarter, beating the consensus estimate of $1.23 by $0.05. The company had revenue of $8.94 billion for the quarter, compared to the consensus estimate of $8.82 billion. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. Best Buy’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.15 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Sell-side analysts predict that Best Buy will post 6.56 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Thursday, June 18th were issued a $0.96 dividend. The ex-dividend date was Thursday, June 18th. This represents a $3.84 annualized dividend and a yield of 4.8%. Best Buy’s dividend payout ratio (DPR) is currently 71.11%.

Insider Buying and Selling

In other news, Chairman Richard M. Schulze sold 224,705 shares of the stock in a transaction on Friday, June 26th. The stock was sold at an average price of $78.10, for a total transaction of $17,549,460.50. Following the transaction, the chairman directly owned 10,430,936 shares of the company’s stock, valued at $814,656,101.60. This represents a 2.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Mathew Watson sold 1,784 shares of the firm’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $73.80, for a total value of $131,659.20. Following the completion of the transaction, the chief accounting officer owned 21,630 shares in the company, valued at approximately $1,596,294. This trade represents a 7.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 1,002,134 shares of company stock valued at $77,283,527. 0.50% of the stock is currently owned by insiders.

Institutional Trading of Best Buy

Hedge funds have recently bought and sold shares of the company. Concurrent Investment Advisors LLC grew its holdings in Best Buy by 100.6% during the 4th quarter. Concurrent Investment Advisors LLC now owns 70,280 shares of the technology retailer’s stock valued at $4,704,000 after buying an additional 35,239 shares in the last quarter. PFA Pension Forsikringsaktieselskab purchased a new position in shares of Best Buy in the fourth quarter worth $1,741,000. VIRGINIA RETIREMENT SYSTEMS ET Al lifted its holdings in shares of Best Buy by 42.9% in the fourth quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 225,000 shares of the technology retailer’s stock worth $15,059,000 after buying an additional 67,600 shares in the last quarter. Oxbow Advisors LLC purchased a new position in shares of Best Buy in the fourth quarter worth $6,295,000. Finally, Crossmark Global Holdings Inc. boosted its position in shares of Best Buy by 199.8% during the fourth quarter. Crossmark Global Holdings Inc. now owns 36,342 shares of the technology retailer’s stock worth $2,432,000 after acquiring an additional 24,219 shares during the last quarter. Hedge funds and other institutional investors 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.