Best Buy Co., Inc. (NYSE:BBY) Stock Has Average Price Target of $85.65

Best Buy Co., Inc. (NYSE:BBY) has been given an average recommendation of “Hold” by the twenty-one research firms that are covering the stock, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation, eleven have issued a hold recommendation, seven have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $85.65.

A number of research firms recently issued reports on BBY. Guggenheim raised their price objective on shares of Best Buy from $90.00 to $95.00 and gave the stock a “buy” rating in a report on Friday, August 28th. Citigroup upped their target price on shares of Best Buy from $79.00 to $88.00 and gave the company a “neutral” rating in a report on Thursday, August 13th. Evercore upped their target price on shares of Best Buy from $85.00 to $90.00 in a report on Tuesday, September 29th. Loop Capital downgraded shares of Best Buy from a “buy” rating to a “hold” rating and set a $82.00 price target on the stock. in a research report on Monday, July 13th. Finally, Barclays increased their price target on shares of Best Buy from $77.00 to $85.00 and gave the stock a “buy” rating in a research report on Friday, August 28th.

Insider Transactions at Best Buy

In other Best Buy news, Chairman Richard Schulze sold 300,000 shares of the firm’s stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $92.51, for a total transaction of $27,753,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Kathleen Scarlett sold 116,062 shares of the business’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 completion of the transaction, the executive vice president owned 116,173 shares in the company, valued at $10,705,341.95. The trade was a 49.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.50% of the company’s stock.

Institutional Trading of Best Buy

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Kintegral Advisory LLC increased its position in Best Buy by 0.6% during the third quarter. Kintegral Advisory LLC now owns 23,543 shares of the technology retailer’s stock valued at $2,100,000 after acquiring an additional 133 shares during the last quarter. Tema ETFs LLC raised its stake in shares of Best Buy by 6.5% in the second quarter. Tema ETFs LLC now owns 2,365 shares of the technology retailer’s stock valued at $179,000 after acquiring an additional 145 shares during the period. B. Metzler seel. Sohn & Co. AG raised its stake in shares of Best Buy by 1.0% in the second quarter. B. Metzler seel. Sohn & Co. AG now owns 14,613 shares of the technology retailer’s stock valued at $1,109,000 after acquiring an additional 151 shares during the period. Ashurst Perkins Coie Trust Co lifted its holdings in shares of Best Buy by 75.1% in the 3rd quarter. Ashurst Perkins Coie Trust Co now owns 394 shares of the technology retailer’s stock worth $35,000 after acquiring an additional 169 shares during the last quarter. Finally, Center for Financial Planning Inc. lifted its holdings in shares of Best Buy by 4.9% in the 1st quarter. Center for Financial Planning Inc. now owns 4,319 shares of the technology retailer’s stock worth $277,000 after acquiring an additional 200 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors.

Best Buy Stock Performance

BBY stock traded down $1.30 during trading on Friday, reaching $92.87. The stock had a trading volume of 3,397,133 shares, compared to its average volume of 3,108,064. The firm has a market cap of $19.48 billion, a PE ratio of 15.45, a PEG ratio of 2.35 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. The stock’s 50 day moving average is $88.18 and its two-hundred day moving average is $77.49. Best Buy has a 52 week low of $55.10 and a 52 week high of $96.53.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.08. Best Buy had a return on equity of 48.14% and a net margin of 3.01%. The business had revenue of $9.78 billion during the quarter, compared to the consensus estimate of $9.59 billion. During the same period in the previous year, the company posted $1.28 EPS. The business’s quarterly revenue 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. As a group, equities analysts anticipate that Best Buy will post 6.81 earnings per share for the current year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 8th. Stockholders of record on Thursday, September 17th were given a dividend of $0.96 per share. The ex-dividend date of this dividend was Thursday, September 17th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.1%. Best Buy’s payout ratio is presently 63.89%.

About Best Buy

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.