Analysts Set Best Buy Co., Inc. (NYSE:BBY) PT at $79.50

Best Buy Co., Inc. (NYSE:BBY) has been assigned an average rating of “Hold” from the twenty-two research firms that are currently covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a sell recommendation, fifteen have given a hold recommendation and five have given a buy recommendation to the company. The average 1-year price target among brokers that have covered the stock in the last year is $79.50.

A number of equities research analysts have commented on the company. Daiwa Securities Group raised their price objective on Best Buy from $68.00 to $77.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 2nd. JPMorgan Chase & Co. upped their target price on Best Buy from $76.00 to $84.00 and gave the company a “neutral” rating in a report on Friday, May 29th. BNP Paribas Exane increased their price target on shares of Best Buy from $74.00 to $76.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Telsey Advisory Group set a $90.00 price objective on shares of Best Buy and gave the company an “outperform” rating in a research report on Friday, May 29th. Finally, Wedbush upped their price objective on shares of Best Buy from $70.00 to $75.00 and gave the company a “neutral” rating in a research note on Friday, May 29th.

Best Buy Price Performance

BBY opened at $86.19 on Monday. The stock has a fifty day moving average of $78.41 and a 200-day moving average of $68.83. The firm has a market capitalization of $18.17 billion, a P/E ratio of 15.96, a PEG ratio of 2.29 and a beta of 1.30. Best Buy has a 12-month low of $55.10 and a 12-month high of $91.26. The company has a quick ratio of 0.40, a current ratio of 1.12 and a debt-to-equity ratio of 0.38.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, May 28th. The technology retailer reported $1.28 EPS for the quarter, topping the consensus estimate of $1.23 by $0.05. The business had revenue of $8.94 billion during the quarter, compared to analysts’ expectations of $8.82 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.Best Buy’s revenue was up 1.9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.15 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Equities analysts forecast that Best Buy will post 6.56 EPS for the current fiscal year.

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th were paid a dividend of $0.96 per share. The ex-dividend date of this dividend was Thursday, June 18th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.5%. Best Buy’s dividend payout ratio (DPR) is 71.11%.

Insider Buying and Selling at Best Buy

In other news, CAO Mathew Watson sold 1,784 shares of the company’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $73.80, for a total value of $131,659.20. Following the transaction, the chief accounting officer directly owned 21,630 shares of the company’s stock, valued at approximately $1,596,294. This represents a 7.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Richard M. Schulze sold 500,350 shares of the stock in a transaction on Friday, May 29th. The stock was sold at an average price of $76.12, for a total value of $38,086,642.00. Following the sale, the chairman owned 10,930,586 shares of the company’s stock, valued at approximately $832,036,206.32. This represents a 4.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 1,002,134 shares of company stock worth $77,283,527. 0.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Best Buy

A number of hedge funds and other institutional investors have recently made changes to their positions in BBY. Tema ETFs LLC lifted its holdings in shares of Best Buy by 6.5% during the 2nd quarter. Tema ETFs LLC now owns 2,365 shares of the technology retailer’s stock valued at $179,000 after buying an additional 145 shares during the last quarter. Krane Funds Advisors LLC increased its holdings in Best Buy by 3.0% in the fourth quarter. Krane Funds Advisors LLC now owns 5,163 shares of the technology retailer’s stock worth $346,000 after buying an additional 151 shares during the last quarter. Linden Thomas Advisory Services LLC raised its position in Best Buy by 0.9% during the fourth quarter. Linden Thomas Advisory Services LLC now owns 16,637 shares of the technology retailer’s stock valued at $1,114,000 after acquiring an additional 152 shares in the last quarter. Applied Finance Capital Management LLC raised its position in Best Buy by 3.8% during the fourth quarter. Applied Finance Capital Management LLC now owns 4,270 shares of the technology retailer’s stock valued at $286,000 after acquiring an additional 157 shares in the last quarter. Finally, J. Team Financial Inc. lifted its stake in Best Buy by 4.2% in the fourth quarter. J. Team Financial Inc. now owns 4,251 shares of the technology retailer’s stock valued at $285,000 after acquiring an additional 171 shares during the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

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.