Best Buy Co., Inc. (NYSE:BBY) Receives $84.60 Consensus Price Target from Analysts

Best Buy Co., Inc. (NYSE:BBY) has received a consensus rating of “Hold” from the fifteen ratings firms that are currently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, seven have issued a hold recommendation and seven have given a buy recommendation to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $84.60.

Several research firms have recently issued reports on BBY. Morgan Stanley increased their target price on shares of Best Buy from $80.00 to $82.00 and gave the stock an “equal weight” rating in a research note on Friday, March 1st. UBS Group raised their price objective on Best Buy from $82.00 to $85.00 and gave the company a “neutral” rating in a report on Friday, March 1st. Telsey Advisory Group raised Best Buy from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $85.00 to $95.00 in a research note on Wednesday, March 20th. Truist Financial lifted their price target on shares of Best Buy from $68.00 to $87.00 and gave the company a “hold” rating in a research note on Friday, March 1st. Finally, Citigroup upped their price objective on shares of Best Buy from $67.00 to $76.00 and gave the stock a “sell” rating in a research report on Friday, March 1st.

Insiders Place Their Bets

In other news, insider Todd G. Hartman sold 3,973 shares of Best Buy stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total transaction of $324,991.40. Following the transaction, the insider now owns 25,912 shares in the company, valued at approximately $2,119,601.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Best Buy news, EVP Kathleen Scarlett sold 5,096 shares of Best Buy stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total value of $416,852.80. Following the sale, the executive vice president now owns 76,226 shares in the company, valued at $6,235,286.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Todd G. Hartman sold 3,973 shares of the stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total value of $324,991.40. Following the transaction, the insider now owns 25,912 shares of the company’s stock, valued at $2,119,601.60. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 52,023 shares of company stock valued at $4,253,900. Insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Verdence Capital Advisors LLC lifted its holdings in shares of Best Buy by 10.4% in the 1st quarter. Verdence Capital Advisors LLC now owns 12,047 shares of the technology retailer’s stock worth $988,000 after acquiring an additional 1,139 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Best Buy by 9.2% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 148,365 shares of the technology retailer’s stock valued at $12,170,000 after purchasing an additional 12,457 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its stake in Best Buy by 10.9% during the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 81,422 shares of the technology retailer’s stock worth $6,679,000 after purchasing an additional 8,000 shares in the last quarter. Verity & Verity LLC acquired a new position in Best Buy during the first quarter worth $4,894,000. Finally, Simplicity Wealth LLC purchased a new position in shares of Best Buy during the first quarter worth $492,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Trading Up 1.1 %

Shares of NYSE:BBY opened at $75.23 on Tuesday. Best Buy has a 52-week low of $62.30 and a 52-week high of $86.11. The company has a quick ratio of 0.37, a current ratio of 1.00 and a debt-to-equity ratio of 0.38. The stock has a market cap of $16.20 billion, a price-to-earnings ratio of 13.22, a PEG ratio of 1.96 and a beta of 1.49. The business has a 50-day moving average price of $77.99 and a 200-day moving average price of $74.08.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, February 29th. The technology retailer reported $2.72 EPS for the quarter, topping analysts’ consensus estimates of $2.51 by $0.21. The firm had revenue of $14.65 billion for the quarter, compared to the consensus estimate of $14.58 billion. Best Buy had a return on equity of 48.45% and a net margin of 2.86%. The company’s revenue was down .6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.61 earnings per share. Equities analysts predict that Best Buy will post 6.03 EPS for the current year.

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Thursday, March 21st were given a dividend of $0.94 per share. This is an increase from Best Buy’s previous quarterly dividend of $0.92. The ex-dividend date was Wednesday, March 20th. This represents a $3.76 dividend on an annualized basis and a yield of 5.00%. Best Buy’s dividend payout ratio (DPR) is presently 66.08%.

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.