Brokerages Set Best Buy Co., Inc. (NYSE:BBY) Target Price at $79.05

Best Buy Co., Inc. (NYSE:BBY) has been assigned a consensus recommendation of “Hold” from the twenty-two research firms that are currently covering the company, Marketbeat reports. Two analysts have rated the stock with a sell recommendation, fourteen have issued a hold recommendation and six have given a buy recommendation to the company. The average 12 month price target among brokers that have covered the stock in the last year is $79.05.

Several equities research analysts have weighed in on the stock. Guggenheim restated a “buy” rating and issued a $90.00 price objective on shares of Best Buy in a research report on Friday, May 29th. BNP Paribas Exane raised their price objective on shares of Best Buy from $74.00 to $76.00 and gave the company a “neutral” rating in a research report on Friday, May 29th. Loop Capital raised their price objective on shares of Best Buy from $75.00 to $85.00 and gave the company a “buy” rating in a research report on Friday, May 29th. Weiss Ratings upgraded shares of Best Buy from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday. Finally, DA Davidson restated a “buy” rating and issued a $78.00 price objective on shares of Best Buy in a research report on Friday, May 29th.

Insider Activity at Best Buy

In other news, CAO Mathew Watson sold 1,784 shares of Best Buy stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $73.80, for a total transaction of $131,659.20. Following the completion of the sale, the chief accounting officer owned 21,630 shares in the company, valued at $1,596,294. The trade was a 7.62% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Corie S. Barry sold 42,869 shares of Best Buy stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total transaction of $2,744,473.38. Following the sale, the chief executive officer owned 523,138 shares of the company’s stock, valued at approximately $33,491,294.76. This represents a 7.57% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 579,381 shares of company stock worth $43,163,654 over the last 90 days. Insiders own 0.47% of the company’s stock.

Institutional Trading of Best Buy

Several institutional investors and hedge funds have recently made changes to their positions in BBY. Woodline Partners LP raised its position in shares of Best Buy by 40.1% during the 1st quarter. Woodline Partners LP now owns 16,436 shares of the technology retailer’s stock valued at $1,210,000 after acquiring an additional 4,701 shares during the last quarter. Daiwa Securities Group Inc. raised its position in shares of Best Buy by 4.4% during the 2nd quarter. Daiwa Securities Group Inc. now owns 29,560 shares of the technology retailer’s stock valued at $1,984,000 after acquiring an additional 1,234 shares during the last quarter. Investment Management Corp of Ontario raised its position in shares of Best Buy by 127.7% during the 2nd quarter. Investment Management Corp of Ontario now owns 12,997 shares of the technology retailer’s stock valued at $872,000 after acquiring an additional 7,288 shares during the last quarter. Ieq Capital LLC boosted its stake in Best Buy by 155.4% during the 2nd quarter. Ieq Capital LLC now owns 160,568 shares of the technology retailer’s stock worth $10,779,000 after acquiring an additional 97,688 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its stake in Best Buy by 32.0% during the 2nd quarter. Alliancebernstein L.P. now owns 313,584 shares of the technology retailer’s stock worth $21,051,000 after acquiring an additional 76,102 shares during the last quarter. Institutional investors own 80.96% of the company’s stock.

Best Buy Trading Up 2.1%

BBY opened at $78.70 on Friday. The company has a current ratio of 1.12, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $16.59 billion, a PE ratio of 14.57, a PEG ratio of 2.09 and a beta of 1.30. Best Buy has a 1-year low of $55.10 and a 1-year high of $84.99. The firm has a 50-day moving average price of $64.51 and a two-hundred day moving average price of $66.77.

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

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 9th. Stockholders of record on Thursday, June 18th will be given a dividend of $0.96 per share. The ex-dividend date is Thursday, June 18th. This represents a $3.84 annualized dividend and a dividend yield of 4.9%. Best Buy’s payout ratio is currently 71.11%.

About Best Buy

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.