Best Buy Co., Inc. (NYSE:BBY) Given Average Rating of “Hold” by Analysts

Shares of Best Buy Co., Inc. (NYSE:BBY) have been given an average rating of “Hold” by the twenty-two ratings firms that are currently covering the stock, MarketBeat reports. Two investment analysts have rated the stock with a sell recommendation, fourteen have assigned a hold recommendation and six have given a buy recommendation to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $83.10.

A number of research analysts recently weighed in on the stock. Wells Fargo & Company raised their price target on shares of Best Buy from $65.00 to $85.00 and gave the company an “equal weight” rating in a research report on Tuesday, August 11th. Telsey Advisory Group upped their price objective on shares of Best Buy from $90.00 to $95.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 4th. The Goldman Sachs Group increased their price objective on shares of Best Buy from $59.00 to $62.00 and gave the company a “sell” rating in a research note on Friday, May 29th. Weiss Ratings raised shares of Best Buy from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, July 29th. Finally, Guggenheim restated a “buy” rating and issued a $90.00 target price on shares of Best Buy in a research note on Friday, May 29th.

Insiders Place Their Bets

In related news, CAO Mathew Watson sold 1,784 shares of the firm’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $73.80, for a total transaction of $131,659.20. Following the completion of the sale, 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. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman Richard M. Schulze sold 224,705 shares of Best Buy stock in a transaction dated 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 completion of the sale, the chairman directly owned 10,430,936 shares in the company, valued at approximately $814,656,101.60. This represents a 2.11% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,002,134 shares of company stock worth $77,283,527 over the last quarter. Company insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Best Buy

Several large investors have recently modified their holdings of BBY. Concurrent Investment Advisors LLC raised its position in shares of Best Buy by 100.6% in the fourth quarter. Concurrent Investment Advisors LLC now owns 70,280 shares of the technology retailer’s stock valued at $4,704,000 after purchasing an additional 35,239 shares during the period. PFA Pension Forsikringsaktieselskab bought a new position in Best Buy in the 4th quarter worth approximately $1,741,000. VIRGINIA RETIREMENT SYSTEMS ET Al boosted its holdings in Best Buy by 42.9% in the 4th 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 during the period. Oxbow Advisors LLC purchased a new position in Best Buy in the 4th quarter valued at approximately $6,295,000. Finally, Crossmark Global Holdings Inc. raised its holdings in Best Buy by 199.8% during the 4th quarter. Crossmark Global Holdings Inc. now owns 36,342 shares of the technology retailer’s stock valued at $2,432,000 after acquiring an additional 24,219 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Trading Down 2.5%

Shares of Best Buy stock opened at $85.33 on Friday. The company has a market capitalization of $17.98 billion, a P/E ratio of 15.80, a price-to-earnings-growth ratio of 2.51 and a beta of 1.29. The stock has a fifty day simple moving average of $82.55 and a 200 day simple moving average of $71.03. Best Buy has a 12-month low of $55.10 and a 12-month high of $91.26. The company has a current ratio of 1.12, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.23 by $0.05. The business had revenue of $8.94 billion for the quarter, compared to analysts’ expectations of $8.82 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The business’s revenue was up 1.9% on a year-over-year basis. During the same period last year, the business earned $1.15 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, sell-side analysts anticipate that Best Buy will post 6.58 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Thursday, June 18th were issued a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date was Thursday, June 18th. Best Buy’s dividend payout ratio (DPR) is 71.11%.

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.