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

Shares of Best Buy Co., Inc. (NYSE:BBY) have earned a consensus recommendation of “Hold” from the fifteen brokerages that are presently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, seven have given a hold recommendation and seven have issued a buy recommendation on the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $84.60.

BBY has been the subject of several analyst reports. Telsey Advisory Group raised Best Buy from a “market perform” rating to an “outperform” rating and upped their target price for the company from $85.00 to $95.00 in a report on Wednesday, March 20th. JPMorgan Chase & Co. raised Best Buy from a “neutral” rating to an “overweight” rating and upped their price target for the company from $89.00 to $101.00 in a research report on Friday, March 22nd. Truist Financial upped their price target on Best Buy from $68.00 to $87.00 and gave the company a “hold” rating in a research report on Friday, March 1st. The Goldman Sachs Group upped their price target on Best Buy from $81.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, March 1st. Finally, Barclays upped their price target on Best Buy from $69.00 to $88.00 and gave the company an “equal weight” rating in a research report on Friday, March 1st.

Best Buy Trading Down 1.3 %

Shares of Best Buy stock opened at $75.13 on Tuesday. Best Buy has a fifty-two week low of $62.30 and a fifty-two week high of $86.11. The firm has a market cap of $16.18 billion, a price-to-earnings ratio of 13.20, a price-to-earnings-growth ratio of 1.99 and a beta of 1.49. The company has a quick ratio of 0.37, a current ratio of 1.00 and a debt-to-equity ratio of 0.38. The business has a fifty day simple moving average of $77.94 and a 200-day simple moving average of $74.03.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, February 29th. The technology retailer reported $2.72 EPS for the quarter, beating the consensus estimate of $2.51 by $0.21. Best Buy had a return on equity of 48.45% and a net margin of 2.86%. The business had revenue of $14.65 billion during the quarter, compared to the consensus estimate of $14.58 billion. During the same period in the prior year, the business posted $2.61 earnings per share. Best Buy’s revenue was down .6% compared to the same quarter last year. On average, equities analysts forecast that Best Buy will post 6.03 EPS for the current fiscal year.

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Thursday, March 21st were issued a dividend of $0.94 per share. This is a positive change from Best Buy’s previous quarterly dividend of $0.92. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 5.00%. Best Buy’s dividend payout ratio is currently 66.08%.

Insider Activity

In related news, CAO Mathew Watson sold 2,505 shares of the stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total transaction of $204,909.00. Following the completion of the sale, the chief accounting officer now owns 25,638 shares in the company, valued at approximately $2,097,188.40. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CAO Mathew Watson sold 2,505 shares of the stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total transaction of $204,909.00. Following the completion of the sale, the chief accounting officer now owns 25,638 shares in the company, valued at approximately $2,097,188.40. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Corie S. Barry sold 366 shares of the stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total value of $27,728.16. Following the sale, the chief executive officer now owns 431,231 shares of the company’s stock, valued at approximately $32,670,060.56. The disclosure for this sale can be found here. In the last quarter, insiders have sold 52,023 shares of company stock valued at $4,253,900. Insiders own 0.56% of the company’s stock.

Institutional Trading of Best Buy

Hedge funds have recently modified their holdings of the company. CWM LLC lifted its position in shares of Best Buy by 12.1% during the 3rd quarter. CWM LLC now owns 3,064 shares of the technology retailer’s stock worth $213,000 after buying an additional 330 shares during the period. AdvisorNet Financial Inc lifted its position in shares of Best Buy by 52.9% during the 3rd quarter. AdvisorNet Financial Inc now owns 1,385 shares of the technology retailer’s stock worth $96,000 after buying an additional 479 shares during the period. IFP Advisors Inc lifted its position in shares of Best Buy by 15.8% during the 3rd quarter. IFP Advisors Inc now owns 2,904 shares of the technology retailer’s stock worth $202,000 after buying an additional 397 shares during the period. Ritholtz Wealth Management lifted its position in shares of Best Buy by 16.0% during the 3rd quarter. Ritholtz Wealth Management now owns 9,130 shares of the technology retailer’s stock worth $634,000 after buying an additional 1,256 shares during the period. Finally, HB Wealth Management LLC lifted its position in shares of Best Buy by 4.1% during the 3rd quarter. HB Wealth Management LLC now owns 4,552 shares of the technology retailer’s stock worth $316,000 after buying an additional 180 shares during the period. 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.