Citigroup Issues Positive Forecast for Best Buy (NYSE:BBY) Stock Price

Best Buy (NYSE:BBY) had its price objective increased by Citigroup from $73.00 to $82.00 in a research report report published on Friday morning,MarketScreener reports. The brokerage currently has a neutral rating on the technology retailer’s stock.

Other analysts also recently issued reports about the company. Truist Financial boosted their target price on Best Buy from $72.00 to $79.00 and gave the stock a “hold” rating in a research report on Friday. Evercore ISI lifted their target price on shares of Best Buy from $75.00 to $77.00 and gave the stock an “in-line” rating in a research report on Friday, August 29th. Weiss Ratings reiterated a “hold (c)” rating on shares of Best Buy in a research report on Wednesday, October 8th. Jefferies Financial Group upped their target price on Best Buy from $88.00 to $95.00 and gave the company a “buy” rating in a research note on Wednesday, October 8th. Finally, Guggenheim reissued a “buy” rating and set a $90.00 price target on shares of Best Buy in a research report on Friday, August 29th. Eight analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $83.38.

Best Buy Price Performance

NYSE:BBY traded up $0.26 during trading hours on Friday, hitting $78.93. The company’s stock had a trading volume of 3,130,841 shares, compared to its average volume of 3,596,612. Best Buy has a 52-week low of $54.99 and a 52-week high of $95.49. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.36 and a current ratio of 1.04. The business’s 50-day moving average is $77.48 and its two-hundred day moving average is $72.41. The company has a market capitalization of $16.58 billion, a PE ratio of 21.80, a PEG ratio of 2.21 and a beta of 1.25.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Thursday, August 28th. The technology retailer reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. The business had revenue of $9.44 billion for the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a net margin of 1.87% and a return on equity of 47.32%. The business’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same period in the prior year, the company posted $1.34 EPS. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. As a group, research analysts anticipate that Best Buy will post 6.18 EPS for the current fiscal year.

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, October 9th. Investors of record on Thursday, September 18th were issued a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 4.8%. The ex-dividend date was Thursday, September 18th. Best Buy’s payout ratio is presently 104.97%.

Insider Buying and Selling

In related news, Chairman Richard M. Schulze sold 500,000 shares of the stock in a transaction on Monday, October 20th. The stock was sold at an average price of $80.83, for a total value of $40,415,000.00. Following the transaction, the chairman directly owned 12,486,904 shares of the company’s stock, valued at approximately $1,009,316,450.32. This trade represents a 3.85% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Mathew Watson sold 3,715 shares of Best Buy stock in a transaction on Friday, August 29th. The shares were sold at an average price of $74.07, for a total value of $275,170.05. Following the completion of the transaction, the chief accounting officer owned 22,150 shares in the company, valued at $1,640,650.50. The trade was a 14.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 1,736,826 shares of company stock worth $141,568,327. 0.47% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Best Buy

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Best Buy in the second quarter valued at about $171,851,000. Pacer Advisors Inc. increased its holdings in Best Buy by 3,890.0% during the 1st quarter. Pacer Advisors Inc. now owns 1,023,677 shares of the technology retailer’s stock worth $75,353,000 after purchasing an additional 998,021 shares during the last quarter. AQR Capital Management LLC boosted its stake in shares of Best Buy by 39.5% during the 2nd quarter. AQR Capital Management LLC now owns 3,501,617 shares of the technology retailer’s stock valued at $235,064,000 after buying an additional 991,141 shares during the last quarter. Invesco Ltd. grew its position in shares of Best Buy by 15.8% during the second quarter. Invesco Ltd. now owns 4,548,650 shares of the technology retailer’s stock worth $305,351,000 after buying an additional 621,863 shares in the last quarter. Finally, Worldquant Millennium Advisors LLC raised its holdings in Best Buy by 855.5% in the second quarter. Worldquant Millennium Advisors LLC now owns 686,644 shares of the technology retailer’s stock valued at $46,094,000 after acquiring an additional 614,779 shares in 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 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.