Best Buy Co., Inc. (NYSE:BBY) Receives $85.40 Consensus Price Target from Analysts

Shares of Best Buy Co., Inc. (NYSE:BBY) have been given an average rating of “Hold” by the twenty-one research firms that are currently covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and six have assigned a buy rating to the company. The average 1-year target price among brokers that have covered the stock in the last year is $85.40.

Several brokerages have recently weighed in on BBY. Citigroup upped their price objective on shares of Best Buy from $79.00 to $88.00 and gave the company a “neutral” rating in a report on Thursday, August 13th. Jefferies Financial Group downgraded Best Buy from a “buy” rating to a “hold” rating and reduced their target price for the company from $89.00 to $85.00 in a research note on Wednesday, August 5th. Evercore boosted their target price on Best Buy from $65.00 to $85.00 in a research report on Friday, May 29th. Bank of America assumed coverage on Best Buy in a research note on Monday, August 3rd. They set an “underperform” rating and a $80.00 price target on the stock. Finally, Guggenheim increased their price target on Best Buy from $90.00 to $95.00 and gave the stock a “buy” rating in a report on Friday, August 28th.

Best Buy Price Performance

Best Buy stock opened at $94.71 on Tuesday. The stock has a market capitalization of $19.86 billion, a price-to-earnings ratio of 15.76, a PEG ratio of 2.31 and a beta of 1.28. Best Buy has a 52-week low of $55.10 and a 52-week high of $95.85. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.41 and a current ratio of 1.12. The stock’s 50 day moving average price is $86.44 and its two-hundred day moving average price is $73.77.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, August 27th. The technology retailer reported $1.47 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.08. The company had revenue of $9.78 billion during the quarter, compared to analyst estimates of $9.59 billion. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. Best Buy’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.28 EPS. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. On average, equities analysts predict that Best Buy will post 6.82 earnings per share for the current year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 8th. Stockholders of record on Thursday, September 17th will be given a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend is Thursday, September 17th. Best Buy’s dividend payout ratio is presently 63.89%.

Insider Activity

In related news, Chairman Richard 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 value of $17,549,460.50. Following the transaction, the chairman directly owned 10,430,936 shares in the company, valued at $814,656,101.60. This trade represents a 2.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Best Buy

A number of hedge funds and other institutional investors have recently bought and sold shares of BBY. MV Capital Management Inc. acquired a new position in shares of Best Buy during the fourth quarter valued at about $25,000. Hillsdale Investment Management Inc. acquired a new stake in shares of Best Buy in the 4th quarter worth about $29,000. Bayban acquired a new stake in shares of Best Buy in the 4th quarter worth about $33,000. Aberdeen Wealth Management LLC bought a new position in Best Buy in the 2nd quarter valued at about $38,000. Finally, Elyxium Wealth LLC bought a new position in Best Buy in the 4th quarter valued at about $37,000. Institutional investors own 80.96% of the company’s stock.

About Best Buy

Best Buy Co, Inc is a specialty retailer of technology products and services operating under the Best Buy brand. The company sells consumer electronics, computers, mobile phones, appliances, entertainment products, smart-home equipment, and related accessories through its retail stores, websites, and other sales channels.

Best Buy also provides technology support, installation, repair, and consultation services through Geek Squad. Its offerings include assistance with device setup, home theater installation, computer and appliance support, and technology solutions for consumers and small businesses.