Best Buy Co., Inc. (NYSE:BBY) Receives $90.87 Consensus PT from Brokerages

Best Buy Co., Inc. (NYSE:BBY) has earned a consensus rating of “Moderate Buy” from the fifteen ratings firms that are presently covering the company, MarketBeat.com reports. Six research analysts have rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $90.87.

A number of analysts have recently issued reports on the stock. Evercore ISI increased their price objective on shares of Best Buy from $80.00 to $90.00 and gave the stock an “in-line” rating in a research note on Friday, May 31st. Truist Financial restated a “hold” rating and set a $86.00 target price on shares of Best Buy in a research report on Monday, July 1st. Citigroup upgraded shares of Best Buy from a “sell” rating to a “buy” rating and upped their target price for the stock from $67.00 to $100.00 in a research report on Monday, June 3rd. Wedbush restated a “neutral” rating and set a $85.00 target price on shares of Best Buy in a research report on Tuesday, May 28th. Finally, Jefferies Financial Group dropped their target price on shares of Best Buy from $95.00 to $94.00 and set a “buy” rating for the company in a research report on Monday, April 8th.

Best Buy Stock Down 2.6 %

Shares of BBY stock opened at $80.22 on Thursday. The company has a 50 day simple moving average of $85.87 and a two-hundred day simple moving average of $79.49. The company has a current ratio of 1.01, a quick ratio of 0.33 and a debt-to-equity ratio of 0.37. The stock has a market cap of $17.30 billion, a P/E ratio of 14.42, a P/E/G ratio of 2.76 and a beta of 1.48. Best Buy has a 12 month low of $62.30 and a 12 month high of $93.72.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, May 30th. The technology retailer reported $1.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.12. The firm had revenue of $8.85 billion during the quarter, compared to analysts’ expectations of $8.96 billion. Best Buy had a net margin of 2.90% and a return on equity of 47.56%. The company’s revenue for the quarter was down 6.5% compared to the same quarter last year. During the same period in the prior year, the company posted $1.15 earnings per share. On average, research analysts expect that Best Buy will post 6.11 earnings per share for the current year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 11th. Stockholders of record on Thursday, June 20th were issued a $0.94 dividend. The ex-dividend date of this dividend was Thursday, June 20th. This represents a $3.76 annualized dividend and a dividend yield of 4.69%. Best Buy’s dividend payout ratio (DPR) is presently 65.85%.

Insider Transactions at Best Buy

In related news, Chairman Richard M. Schulze sold 88,542 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total value of $7,813,831.50. Following the transaction, the chairman now owns 13,602,853 shares of the company’s stock, valued at approximately $1,200,451,777.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Best Buy news, Chairman Richard M. Schulze sold 88,542 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the transaction, the chairman now owns 13,602,853 shares of the company’s stock, valued at approximately $1,200,451,777.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jason J. Bonfig sold 3,500 shares of the firm’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $83.02, for a total transaction of $290,570.00. Following the transaction, the executive vice president now directly owns 50,714 shares in the company, valued at approximately $4,210,276.28. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,383,370 shares of company stock worth $288,293,276. 0.59% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in BBY. Global Retirement Partners LLC increased its position in Best Buy by 14.1% during the 4th quarter. Global Retirement Partners LLC now owns 1,341 shares of the technology retailer’s stock valued at $96,000 after purchasing an additional 166 shares during the period. AdvisorNet Financial Inc raised its stake in shares of Best Buy by 13.7% during the 4th quarter. AdvisorNet Financial Inc now owns 1,575 shares of the technology retailer’s stock worth $123,000 after acquiring an additional 190 shares in the last quarter. State of Michigan Retirement System raised its stake in shares of Best Buy by 1.5% during the 4th quarter. State of Michigan Retirement System now owns 73,503 shares of the technology retailer’s stock worth $5,754,000 after acquiring an additional 1,100 shares in the last quarter. UMB Bank n.a. raised its stake in shares of Best Buy by 4.0% during the 4th quarter. UMB Bank n.a. now owns 3,839 shares of the technology retailer’s stock worth $301,000 after acquiring an additional 148 shares in the last quarter. Finally, Ballentine Partners LLC raised its stake in shares of Best Buy by 31.0% during the 4th quarter. Ballentine Partners LLC now owns 4,740 shares of the technology retailer’s stock worth $371,000 after acquiring an additional 1,121 shares in 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 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.