Best Buy Co., Inc. (NYSE:BBY) Given Average Rating of “Hold” by Brokerages

Best Buy Co., Inc. (NYSE:BBY) has been given a consensus rating of “Hold” by the twenty-two research firms that are presently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and nine have issued a buy rating on the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $76.20.

A number of equities research analysts recently commented on BBY shares. Evercore reaffirmed a “buy” rating and set a $75.00 price objective on shares of Best Buy in a research note on Wednesday, March 4th. JPMorgan Chase & Co. lowered Best Buy from an “overweight” rating to a “neutral” rating and cut their target price for the company from $99.00 to $76.00 in a research note on Monday, February 2nd. Daiwa Securities Group reduced their target price on Best Buy from $80.00 to $68.00 and set a “neutral” rating on the stock in a report on Thursday, March 5th. Wells Fargo & Company decreased their target price on Best Buy from $75.00 to $70.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 18th. Finally, Truist Financial lowered their price target on Best Buy from $73.00 to $66.00 and set a “hold” rating for the company in a research note on Tuesday, March 3rd.

Hedge Funds Weigh In On Best Buy

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of Best Buy by 2.4% in the 3rd quarter. Vanguard Group Inc. now owns 23,947,415 shares of the technology retailer’s stock valued at $1,810,904,000 after purchasing an additional 552,360 shares during the period. Commonwealth Equity Services LLC raised its holdings in Best Buy by 46.2% during the 3rd quarter. Commonwealth Equity Services LLC now owns 142,288 shares of the technology retailer’s stock worth $10,760,000 after buying an additional 44,989 shares during the period. CWM LLC lifted its stake in Best Buy by 272.6% in the third quarter. CWM LLC now owns 183,842 shares of the technology retailer’s stock valued at $13,902,000 after buying an additional 134,508 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Best Buy by 2.3% in the third quarter. Bank of New York Mellon Corp now owns 1,754,844 shares of the technology retailer’s stock valued at $132,701,000 after buying an additional 39,026 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al boosted its holdings in shares of Best Buy by 155.9% in the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 157,400 shares of the technology retailer’s stock valued at $11,903,000 after buying an additional 95,900 shares during the period. 80.96% of the stock is owned by institutional investors.

Best Buy Trading Up 1.9%

Shares of NYSE BBY opened at $63.98 on Tuesday. Best Buy has a fifty-two week low of $54.99 and a fifty-two week high of $84.99. The firm has a market capitalization of $13.38 billion, a P/E ratio of 12.69, a P/E/G ratio of 1.55 and a beta of 1.46. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.11 and a quick ratio of 0.43. The company’s 50 day simple moving average is $65.42 and its 200 day simple moving average is $71.93.

Best Buy (NYSE:BBY) last released its earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 EPS for the quarter, topping analysts’ consensus estimates of $2.48 by $0.13. The firm had revenue of $13.81 billion during the quarter, compared to analyst estimates of $13.96 billion. Best Buy had a net margin of 2.56% and a return on equity of 49.17%. The business’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.58 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, analysts predict that Best Buy will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 24th will be paid a $0.96 dividend. The ex-dividend date of this dividend is Tuesday, March 24th. This is a boost from Best Buy’s previous quarterly dividend of $0.95. This represents a $3.84 annualized dividend and a yield of 6.0%. Best Buy’s payout ratio is currently 75.40%.

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.