Analysts Set Best Buy Co., Inc. (NYSE:BBY) Target Price at $102.56

Shares of Best Buy Co., Inc. (NYSE:BBY) have been given a consensus rating of “Moderate Buy” by the eighteen brokerages that are presently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, seven have issued a hold recommendation, nine have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $102.41.

BBY has been the topic of a number of recent research reports. Melius Research started coverage on Best Buy in a report on Monday. They issued a “hold” rating and a $100.00 target price on the stock. Telsey Advisory Group boosted their price objective on shares of Best Buy from $95.00 to $115.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. Wedbush raised their target price on shares of Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, August 30th. The Goldman Sachs Group lifted their target price on shares of Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a report on Tuesday, September 3rd. Finally, StockNews.com raised shares of Best Buy from a “hold” rating to a “buy” rating in a report on Monday.

Best Buy Stock Up 2.2 %

Shares of NYSE:BBY opened at $100.00 on Friday. Best Buy has a 1-year low of $62.30 and a 1-year high of $103.71. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34. The stock has a market cap of $21.47 billion, a P/E ratio of 17.51, a P/E/G ratio of 2.56 and a beta of 1.46. The firm has a fifty day moving average price of $90.80 and a 200 day moving average price of $83.91.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.18. The business had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The business’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.22 earnings per share. Sell-side analysts predict that Best Buy will post 6.28 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th will be paid a dividend of $0.94 per share. The ex-dividend date is Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a yield of 3.76%. Best Buy’s dividend payout ratio (DPR) is presently 65.85%.

Insider Buying and Selling

In other Best Buy news, EVP Jason J. Bonfig sold 3,500 shares of the stock in a transaction on 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Chairman Richard M. Schulze sold 600,000 shares of the firm’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $88.29, for a total transaction of $52,974,000.00. Following the transaction, the chairman now directly owns 14,002,853 shares in the company, valued at $1,236,311,891.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Jason J. Bonfig sold 3,500 shares of the business’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $83.02, for a total transaction of $290,570.00. Following the sale, the executive vice president now owns 50,714 shares of the company’s stock, valued at approximately $4,210,276.28. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,383,370 shares of company stock worth $122,233,276. Insiders own 0.59% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of BBY. Rise Advisors LLC lifted its holdings in Best Buy by 69.5% in the first quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after acquiring an additional 132 shares during the last quarter. Palisade Asset Management LLC bought a new stake in shares of Best Buy in the 1st quarter worth approximately $27,000. Richardson Financial Services Inc. boosted its position in Best Buy by 190.9% during the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after purchasing an additional 210 shares during the period. PrairieView Partners LLC grew its stake in Best Buy by 67.1% during the 1st quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock worth $31,000 after buying an additional 151 shares during the last quarter. Finally, Innealta Capital LLC acquired a new stake in Best Buy in the second quarter worth $35,000. 80.96% of the stock is owned by institutional investors and hedge funds.

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.