Best Buy Co., Inc. (NYSE:BBY) Receives Average Rating of “Moderate Buy” from Brokerages

Best Buy Co., Inc. (NYSE:BBYGet Free Report) has received an average recommendation of “Moderate Buy” from the fifteen research firms that are currently covering the company, MarketBeat Ratings reports. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $90.87.

Several equities research analysts have recently issued reports on BBY shares. UBS Group upgraded shares of Best Buy from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $85.00 to $106.00 in a research note on Monday, June 17th. DA Davidson lifted their price target on shares of Best Buy from $90.00 to $95.00 and gave the stock a “buy” rating in a research note on Friday, May 31st. Wedbush reiterated a “neutral” rating and set a $85.00 price target on shares of Best Buy in a research note on Tuesday, May 28th. Telsey Advisory Group reissued an “outperform” rating and set a $95.00 price objective on shares of Best Buy in a report on Thursday, May 30th. Finally, Truist Financial reaffirmed a “hold” rating and issued a $86.00 price target on shares of Best Buy in a report on Monday, July 1st.

View Our Latest Analysis on BBY

Best Buy Price Performance

Shares of BBY opened at $82.45 on Friday. The firm has a market cap of $17.79 billion, a PE ratio of 14.44, a PEG ratio of 2.65 and a beta of 1.48. The firm’s 50 day moving average price is $80.47 and its 200 day moving average price is $77.93. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.33 and a current ratio of 1.01. Best Buy has a twelve month low of $62.30 and a twelve month high of $93.72.

Best Buy (NYSE:BBYGet Free Report) last issued its quarterly earnings data on Thursday, May 30th. The technology retailer reported $1.20 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.12. Best Buy had a net margin of 2.90% and a return on equity of 47.56%. The firm had revenue of $8.85 billion for the quarter, compared to analyst estimates of $8.96 billion. During the same quarter last year, the firm earned $1.15 earnings per share. The company’s revenue for the quarter was down 6.5% on a year-over-year basis. As a group, research analysts expect that Best Buy will post 6.11 EPS for the current fiscal year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Thursday, June 20th will be issued a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 4.56%. The ex-dividend date is Thursday, June 20th. Best Buy’s payout ratio is presently 65.85%.

Insider Buying and Selling at Best Buy

In other Best Buy news, CEO Corie S. Barry sold 366 shares of the stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $75.76, for a total transaction of $27,728.16. Following the transaction, the chief executive officer now owns 431,231 shares in the company, valued at approximately $32,670,060.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Best Buy news, CEO Corie S. Barry sold 366 shares of Best Buy stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $75.76, for a total value of $27,728.16. Following the transaction, the chief executive officer now owns 431,231 shares in the company, valued at $32,670,060.56. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Mathew Watson sold 3,520 shares of Best Buy stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $82.43, for a total value of $290,153.60. Following the sale, the chief accounting officer now directly owns 22,118 shares in the company, valued at $1,823,186.74. The disclosure for this sale can be found here. Insiders sold 2,004,149 shares of company stock valued at $166,397,807 in the last quarter. 0.59% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Best Buy

Several hedge funds and other institutional investors have recently modified their holdings of BBY. AMF Tjanstepension AB purchased a new position in Best Buy in the first quarter worth $8,676,000. Bridgewater Associates LP increased its stake in Best Buy by 34.9% in the 4th quarter. Bridgewater Associates LP now owns 195,156 shares of the technology retailer’s stock worth $15,277,000 after acquiring an additional 50,438 shares during the last quarter. Cerity Partners LLC increased its stake in Best Buy by 8.4% in the 4th quarter. Cerity Partners LLC now owns 103,459 shares of the technology retailer’s stock worth $8,100,000 after acquiring an additional 8,042 shares during the last quarter. Kingswood Wealth Advisors LLC bought a new position in Best Buy in the 4th quarter worth about $317,000. Finally, Private Advisor Group LLC bought a new position in shares of Best Buy during the 4th quarter valued at about $328,000. Institutional investors own 80.96% of the company’s stock.

About Best Buy

(Get Free Report

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.

Further Reading

Analyst Recommendations for Best Buy (NYSE:BBY)

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