Brokerages Set Best Buy Co., Inc. (NYSE:BBY) Target Price at $79.50

Best Buy Co., Inc. (NYSE:BBY) has earned a consensus rating of “Hold” from the twenty-two analysts that are covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation, fifteen have issued a hold recommendation and five have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $79.50.

Several equities analysts have commented on BBY shares. DA Davidson reissued a “buy” rating and set a $90.00 price objective on shares of Best Buy in a research report on Monday, June 22nd. Loop Capital downgraded shares of Best Buy from a “buy” rating to a “hold” rating and set a $82.00 target price on the stock. in a research report on Monday, July 13th. Piper Sandler reiterated a “neutral” rating and issued a $77.00 price target on shares of Best Buy in a research note on Thursday, May 28th. Daiwa Securities Group lifted their price target on shares of Best Buy from $68.00 to $77.00 and gave the company a “neutral” rating in a research report on Tuesday, June 2nd. Finally, Wedbush boosted their price objective on shares of Best Buy from $70.00 to $75.00 and gave the stock a “neutral” rating in a research note on Friday, May 29th.

Best Buy Stock Up 0.8%

BBY stock opened at $90.19 on Monday. Best Buy has a fifty-two week low of $55.10 and a fifty-two week high of $91.27. The company has a market capitalization of $19.01 billion, a price-to-earnings ratio of 16.70, a price-to-earnings-growth ratio of 2.38 and a beta of 1.30. The business’s 50 day moving average price is $77.39 and its two-hundred day moving average price is $68.57. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.40 and a current ratio of 1.12.

Best Buy (NYSE:BBY) last released its earnings results on Thursday, May 28th. The technology retailer reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.23 by $0.05. The company had revenue of $8.94 billion during the quarter, compared to analysts’ expectations of $8.82 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The firm’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.15 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, analysts forecast that Best Buy will post 6.56 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Stockholders of record on Thursday, June 18th were issued a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a dividend yield of 4.3%. The ex-dividend date was Thursday, June 18th. Best Buy’s dividend payout ratio (DPR) is presently 71.11%.

Insider Buying and Selling

In related news, CAO Mathew Watson sold 1,784 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $73.80, for a total value of $131,659.20. Following the sale, the chief accounting officer owned 21,630 shares in the company, valued at $1,596,294. This represents a 7.62% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Chairman Richard M. Schulze sold 224,705 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the chairman owned 10,430,936 shares in the company, valued at $814,656,101.60. The trade was a 2.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 1,002,134 shares of company stock worth $77,283,527. Insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Best Buy

A number of institutional investors have recently modified their holdings of the stock. Tema ETFs LLC boosted its stake in shares of Best Buy by 6.5% during the 2nd quarter. Tema ETFs LLC now owns 2,365 shares of the technology retailer’s stock worth $179,000 after acquiring an additional 145 shares in the last quarter. Krane Funds Advisors LLC increased its stake in Best Buy by 3.0% in the 4th quarter. Krane Funds Advisors LLC now owns 5,163 shares of the technology retailer’s stock valued at $346,000 after purchasing an additional 151 shares in the last quarter. Linden Thomas Advisory Services LLC increased its stake in Best Buy by 0.9% in the 4th quarter. Linden Thomas Advisory Services LLC now owns 16,637 shares of the technology retailer’s stock valued at $1,114,000 after purchasing an additional 152 shares in the last quarter. Applied Finance Capital Management LLC raised its holdings in Best Buy by 3.8% during the fourth quarter. Applied Finance Capital Management LLC now owns 4,270 shares of the technology retailer’s stock worth $286,000 after purchasing an additional 157 shares during the last quarter. Finally, J. Team Financial Inc. raised its holdings in Best Buy by 4.2% during the fourth quarter. J. Team Financial Inc. now owns 4,251 shares of the technology retailer’s stock worth $285,000 after purchasing an additional 171 shares during the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Company Profile

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.