Guggenheim Reiterates Buy Rating for Best Buy (NYSE:BBY)

Guggenheim restated their buy rating on shares of Best Buy (NYSE:BBY) in a research report sent to investors on Tuesday,Benzinga reports. They currently have a $90.00 price objective on the technology retailer’s stock.

A number of other equities analysts have also commented on BBY. Piper Sandler decreased their price target on shares of Best Buy from $92.00 to $82.00 and set an “overweight” rating on the stock in a report on Friday, May 30th. Loop Capital cut their target price on shares of Best Buy from $90.00 to $80.00 and set a “buy” rating for the company in a research report on Friday, May 30th. Evercore ISI reduced their target price on Best Buy from $95.00 to $80.00 and set an “in-line” rating on the stock in a research note on Wednesday, March 5th. Bank of America dropped their price target on Best Buy from $80.00 to $75.00 and set an “underperform” rating for the company in a research note on Wednesday, March 5th. Finally, JPMorgan Chase & Co. cut their price objective on Best Buy from $115.00 to $110.00 and set an “overweight” rating for the company in a report on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Best Buy currently has a consensus rating of “Hold” and a consensus price target of $86.11.

Best Buy Stock Performance

NYSE:BBY opened at $72.50 on Tuesday. The business’s 50-day moving average price is $67.54 and its two-hundred day moving average price is $77.80. Best Buy has a twelve month low of $54.99 and a twelve month high of $103.71. The stock has a market cap of $15.35 billion, a P/E ratio of 12.39, a PEG ratio of 2.10 and a beta of 1.25. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, May 29th. The technology retailer reported $1.15 EPS for the quarter, topping the consensus estimate of $1.09 by $0.06. The company had revenue of $8.77 billion during the quarter, compared to analyst estimates of $8.77 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. Best Buy’s revenue was down .9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.20 earnings per share. As a group, equities analysts predict that Best Buy will post 6.18 EPS for the current fiscal year.

Best Buy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Shareholders of record on Thursday, June 19th will be paid a $0.95 dividend. The ex-dividend date is Wednesday, June 18th. This represents a $3.80 dividend on an annualized basis and a yield of 5.24%. Best Buy’s dividend payout ratio (DPR) is currently 92.91%.

Insider Buying and Selling at Best Buy

In other news, CAO Mathew Watson sold 2,951 shares of the firm’s stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $72.65, for a total value of $214,390.15. Following the transaction, the chief accounting officer now owns 21,371 shares in the company, valued at approximately $1,552,603.15. This trade represents a 12.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Matthew M. Bilunas sold 51,000 shares of the company’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $74.20, for a total transaction of $3,784,200.00. Following the sale, the chief financial officer now owns 55,856 shares of the company’s stock, valued at $4,144,515.20. This represents a 47.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 804,374 shares of company stock worth $58,735,581. 0.47% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Best Buy

Hedge funds and other institutional investors have recently modified their holdings of the company. Pinnacle Bancorp Inc. grew its stake in shares of Best Buy by 108.5% in the first quarter. Pinnacle Bancorp Inc. now owns 342 shares of the technology retailer’s stock worth $25,000 after purchasing an additional 178 shares during the last quarter. Rakuten Securities Inc. lifted its holdings in Best Buy by 971.9% in the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock worth $29,000 after buying an additional 311 shares during the period. Vermillion Wealth Management Inc. bought a new stake in shares of Best Buy in the 4th quarter worth approximately $31,000. Golden State Wealth Management LLC bought a new stake in shares of Best Buy in the 4th quarter worth approximately $32,000. Finally, Atlas Capital Advisors Inc. increased its stake in shares of Best Buy by 186.9% during the fourth quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer’s stock valued at $32,000 after buying an additional 243 shares during the period. 80.96% of the stock is owned by institutional investors.

About Best Buy

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.