Best Buy (NYSE:BBY) Sets New 52-Week High – Time to Buy?

Best Buy Co., Inc. (NYSE:BBY) shares reached a new 52-week high on Friday . The stock traded as high as $91.37 and last traded at $90.8930, with a volume of 1630038 shares trading hands. The stock had previously closed at $88.09.

Analyst Upgrades and Downgrades

BBY has been the topic of a number of recent research reports. Citigroup raised their price objective on shares of Best Buy from $79.00 to $88.00 and gave the company a “neutral” rating in a research note on Thursday, August 13th. Telsey Advisory Group increased 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. BNP Paribas Exane lifted their target price on Best Buy from $74.00 to $76.00 and gave the company a “neutral” rating in a research report on Friday, May 29th. Bank of America assumed coverage on shares of Best Buy in a research report on Monday, August 3rd. They set an “underperform” rating and a $80.00 price target on the stock. Finally, Wells Fargo & Company raised their target price on shares of Best Buy from $65.00 to $85.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 11th. Six research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $85.40.

Best Buy Stock Up 3.2%

The company has a debt-to-equity ratio of 0.36, a current ratio of 1.12 and a quick ratio of 0.41. The stock has a market capitalization of $19.06 billion, a P/E ratio of 15.12, a P/E/G ratio of 2.20 and a beta of 1.28. The firm has a 50-day simple moving average of $84.98 and a 200 day simple moving average of $72.69.

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

Best Buy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 8th. Investors of record on Thursday, September 17th will be paid a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date of this dividend is Thursday, September 17th. Best Buy’s dividend payout ratio is 63.89%.

Insider Buying and Selling at Best Buy

In other Best Buy news, Chairman Richard Schulze sold 224,705 shares of the business’s stock in a transaction on Friday, June 26th. The shares were 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 owned 10,430,936 shares in the company, valued at approximately $814,656,101.60. The trade was a 2.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders sold 500,000 shares of company stock worth $39,065,226 over the last quarter. 0.50% of the stock is owned by corporate insiders.

Institutional Trading of Best Buy

Several institutional investors and hedge funds have recently made changes to their positions in BBY. MV Capital Management Inc. bought a new stake in shares of Best Buy during the 4th quarter worth $25,000. Palisade Asset Management LLC bought a new stake in Best Buy during the 3rd quarter valued at $25,000. Hillsdale Investment Management Inc. bought a new position in Best Buy in the 4th quarter worth about $29,000. Atlas Capital Advisors Inc. bought a new position in Best Buy in the 4th quarter valued at $32,000. Finally, Bayban bought a new position in Best Buy in the 4th quarter worth about $33,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Company Profile

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.