Analysts Set Best Buy Co., Inc. (NYSE:BBY) Target Price at $83.10

Best Buy Co., Inc. (NYSE:BBY) has been given an average recommendation of “Hold” by the twenty-two ratings firms that are currently covering the company, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and five have issued a buy rating on the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $83.10.

A number of equities analysts have recently commented on the company. Evercore raised their price target on Best Buy from $65.00 to $85.00 in a report on Friday, May 29th. Loop Capital cut Best Buy from a “buy” rating to a “hold” rating and set a $82.00 price objective on the stock. in a report on Monday, July 13th. Morgan Stanley raised their target price on Best Buy from $72.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Friday, May 29th. Citigroup upped their price target on Best Buy from $79.00 to $88.00 and gave the company a “neutral” rating in a research report on Thursday, August 13th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Best Buy from $76.00 to $84.00 and gave the company a “neutral” rating in a research report on Friday, May 29th.

Insider Transactions at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 500,350 shares of the business’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $76.12, for a total value of $38,086,642.00. Following the completion of the transaction, the chairman owned 10,930,586 shares of the company’s stock, valued at $832,036,206.32. The trade was a 4.38% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Mathew Watson sold 1,784 shares of the stock in a transaction on Friday, May 29th. The stock was sold at an average price of $73.80, for a total transaction of $131,659.20. Following the completion of the transaction, the chief accounting officer directly owned 21,630 shares in the company, valued at $1,596,294. The trade was a 7.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,002,134 shares of company stock worth $77,283,527 over the last 90 days. Corporate insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Best Buy

Large investors have recently added to or reduced their stakes in the company. Concurrent Investment Advisors LLC boosted its holdings in Best Buy by 100.6% in the fourth quarter. Concurrent Investment Advisors LLC now owns 70,280 shares of the technology retailer’s stock valued at $4,704,000 after acquiring an additional 35,239 shares in the last quarter. PFA Pension Forsikringsaktieselskab purchased a new position in Best Buy during the 4th quarter valued at $1,741,000. VIRGINIA RETIREMENT SYSTEMS ET Al raised its holdings in Best Buy by 42.9% in the 4th quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 225,000 shares of the technology retailer’s stock worth $15,059,000 after purchasing an additional 67,600 shares in the last quarter. Oxbow Advisors LLC purchased a new stake in shares of Best Buy in the 4th quarter worth about $6,295,000. Finally, Crossmark Global Holdings Inc. boosted its stake in shares of Best Buy by 199.8% during the 4th quarter. Crossmark Global Holdings Inc. now owns 36,342 shares of the technology retailer’s stock valued at $2,432,000 after purchasing an additional 24,219 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Stock Up 0.2%

BBY stock opened at $86.07 on Friday. The stock has a fifty day moving average of $82.15 and a 200-day moving average of $70.76. Best Buy has a fifty-two week low of $55.10 and a fifty-two week high of $91.26. The company has a market capitalization of $18.14 billion, a price-to-earnings ratio of 15.94, a PEG ratio of 2.47 and a beta of 1.29. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.40 and a current ratio of 1.12.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.23 by $0.05. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The firm had revenue of $8.94 billion during the quarter, compared to analyst estimates of $8.82 billion. During the same quarter last year, the business earned $1.15 earnings per share. The company’s quarterly revenue was up 1.9% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, equities research analysts predict that Best Buy will post 6.57 earnings per share for the current year.

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Investors 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 annualized dividend and a yield of 4.5%. Best Buy’s dividend payout ratio (DPR) is currently 71.11%.

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.