Best Buy (NYSE:BBY) Upgraded to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Best Buy (NYSE:BBY) from a hold rating to a buy rating in a report released on Sunday,Wall Street Zen reports.

BBY has been the subject of several other research reports. Telsey Advisory Group raised their price objective on Best Buy from $90.00 to $95.00 and gave the company an “outperform” rating in a report on Tuesday, August 4th. Piper Sandler upped their target price on Best Buy from $77.00 to $85.00 and gave the stock a “neutral” rating in a report on Thursday, August 20th. Guggenheim increased their price target on Best Buy from $90.00 to $95.00 and gave the company a “buy” rating in a research report on Friday, August 28th. Weiss Ratings raised Best Buy from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday. Finally, The Goldman Sachs Group raised their price target on Best Buy from $62.00 to $71.00 and gave the company a “sell” rating in a research note on Friday, August 28th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $85.65.

Best Buy Stock Performance

Shares of BBY opened at $87.02 on Friday. Best Buy has a 12 month low of $55.10 and a 12 month high of $96.53. The firm has a fifty day simple moving average of $87.52 and a 200 day simple moving average of $76.61. The stock has a market capitalization of $18.25 billion, a price-to-earnings ratio of 14.48, a PEG ratio of 2.17 and a beta of 1.26. The company has a current ratio of 1.12, a quick ratio of 0.41 and a debt-to-equity ratio of 0.36.

Best Buy (NYSE:BBY) last released its earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.08. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The business had revenue of $9.78 billion during the quarter, compared to the consensus estimate of $9.59 billion. During the same quarter last year, the firm earned $1.28 earnings per share. The firm’s revenue for the quarter was up 3.6% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. Research analysts forecast that Best Buy will post 6.82 EPS for the current fiscal year.

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 8th. Stockholders of record on Thursday, September 17th were given a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend was Thursday, September 17th. Best Buy’s dividend payout ratio (DPR) is 63.89%.

Insider Activity

In other news, EVP Kathleen Scarlett sold 116,062 shares of the company’s stock in a transaction dated Wednesday, September 23rd. The shares were sold at an average price of $92.15, for a total value of $10,695,113.30. Following the sale, the executive vice president directly owned 116,173 shares of the company’s stock, valued at approximately $10,705,341.95. This represents a 49.98% decrease in their position. The sale 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 300,000 shares of the firm’s stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $92.51, for a total transaction of $27,753,000.00. Additional details regarding this sale are available in the official SEC disclosure. 0.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Best Buy

A number of institutional investors have recently bought and sold shares of BBY. Corient Private Wealth LP acquired a new position in Best Buy in the 2nd quarter valued at $18,648,000. Canada Pension Plan Investment Board acquired a new stake in shares of Best Buy during the second quarter worth $2,734,000. BlackRock Inc. acquired a new stake in shares of Best Buy during the second quarter worth $1,932,812,000. Munich Reinsurance Co Stock Corp in Munich lifted its holdings in shares of Best Buy by 80.0% during the second quarter. Munich Reinsurance Co Stock Corp in Munich now owns 92,464 shares of the technology retailer’s stock worth $7,016,000 after buying an additional 41,092 shares in the last quarter. Finally, Meeder Asset Management Inc. bought a new stake in shares of Best Buy in the second quarter valued at about $1,224,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Company Profile

Best Buy Co, Inc (NYSE: BBY) is a specialty retailer of technology products and services. The company sells consumer electronics, computers and tablets, mobile phones, appliances, entertainment products, smart-home devices, gaming equipment and related accessories through its stores and digital platforms.

Best Buy also provides technology services through Geek Squad, including product installation, setup, repair, troubleshooting and technical support. Its operations include retail stores, e-commerce, delivery and fulfillment services, as well as membership and protection offerings.