Best Buy (NYSE:BBY) Given New $95.00 Price Target at Barclays

Best Buy (NYSE:BBY) had its price target boosted by Barclays from $81.00 to $95.00 in a report published on Friday, Benzinga reports. They currently have an equal weight rating on the technology retailer’s stock.

Several other equities analysts have also recently issued reports on the stock. Wedbush reaffirmed a neutral rating and issued a $85.00 price objective on shares of Best Buy in a research note on Tuesday, May 28th. Piper Sandler restated an overweight rating and issued a $114.00 price target (up previously from $100.00) on shares of Best Buy in a research report on Friday. Truist Financial increased their price objective on Best Buy from $86.00 to $107.00 and gave the company a hold rating in a research report on Friday. UBS Group lifted their target price on Best Buy from $106.00 to $123.00 and gave the stock a buy rating in a report on Friday. Finally, Loop Capital upped their target price on Best Buy from $100.00 to $110.00 and gave the company a buy rating in a report on Friday. One analyst has rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of Hold and a consensus price target of $100.94.

Best Buy Price Performance

NYSE BBY opened at $100.35 on Friday. Best Buy has a 12 month low of $62.30 and a 12 month high of $103.71. The firm has a market capitalization of $21.65 billion, a PE ratio of 17.57, a P/E/G ratio of 2.76 and a beta of 1.48. The company’s 50 day simple moving average is $85.74 and its 200 day simple moving average is $80.92. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.33.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.18. The company had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a return on equity of 47.56% and a net margin of 2.90%. The firm’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same period last year, the firm earned $1.22 EPS. As a group, equities research analysts forecast that Best Buy will post 6.11 EPS for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th will be issued a $0.94 dividend. The ex-dividend date is Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.75%. Best Buy’s dividend payout ratio is 65.85%.

Insider Transactions at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 1,000,000 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $85.85, for a total value of $85,850,000.00. Following the transaction, the chairman now owns 15,890,103 shares in the company, valued at approximately $1,364,165,342.55. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, Chairman Richard M. Schulze sold 691,328 shares of the firm’s stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $88.46, for a total transaction of $61,154,874.88. Following the completion of the sale, the chairman now directly owns 14,911,525 shares of the company’s stock, valued at approximately $1,319,073,501.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Richard M. Schulze sold 1,000,000 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $85.85, for a total value of $85,850,000.00. Following the completion of the sale, the chairman now directly owns 15,890,103 shares of the company’s stock, valued at approximately $1,364,165,342.55. The disclosure for this sale can be found here. Insiders sold 2,383,370 shares of company stock valued at $208,083,276 over the last three months. 0.59% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Best Buy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BBY. Tobam increased its stake in shares of Best Buy by 15.6% during the 2nd quarter. Tobam now owns 895 shares of the technology retailer’s stock worth $75,000 after purchasing an additional 121 shares during the last quarter. LVW Advisors LLC boosted its holdings in Best Buy by 2.3% in the second quarter. LVW Advisors LLC now owns 5,716 shares of the technology retailer’s stock worth $482,000 after purchasing an additional 130 shares in the last quarter. Rise Advisors LLC boosted its holdings in Best Buy by 69.5% in the first quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after purchasing an additional 132 shares in the last quarter. MCF Advisors LLC increased its position in Best Buy by 2.7% during the first quarter. MCF Advisors LLC now owns 5,087 shares of the technology retailer’s stock worth $422,000 after buying an additional 134 shares during the last quarter. Finally, Continuum Advisory LLC raised its holdings in Best Buy by 34.7% during the second quarter. Continuum Advisory LLC now owns 578 shares of the technology retailer’s stock valued at $49,000 after buying an additional 149 shares in the last quarter. Institutional investors own 80.96% of the company’s stock.

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.