Best Buy Co., Inc. (NYSE:BBY) Receives $89.47 Consensus Price Target from Analysts

Best Buy Co., Inc. (NYSE:BBY) has been given a consensus recommendation of “Moderate Buy” by the fifteen research firms that are currently covering the firm, Marketbeat reports. Seven investment analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $89.47.

BBY has been the subject of a number of research analyst reports. Jefferies Financial Group lowered their price objective on shares of Best Buy from $95.00 to $94.00 and set a “buy” rating for the company in a research report on Monday, April 8th. Wedbush reiterated a “neutral” rating and issued a $85.00 price objective on shares of Best Buy in a report on Tuesday, May 28th. Morgan Stanley raised their target price on Best Buy from $80.00 to $82.00 and gave the company an “equal weight” rating in a report on Friday, March 1st. Evercore ISI boosted their price target on shares of Best Buy from $80.00 to $90.00 and gave the stock an “in-line” rating in a research note on Friday, May 31st. Finally, Loop Capital lifted their price objective on shares of Best Buy from $93.00 to $100.00 and gave the company a “buy” rating in a report on Friday, June 7th.

Insider Transactions at Best Buy

In other news, insider Todd G. Hartman sold 3,973 shares of the firm’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $81.80, for a total transaction of $324,991.40. Following the sale, the insider now owns 25,912 shares of the company’s stock, valued at approximately $2,119,601.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Corie S. Barry sold 28,042 shares of the stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total transaction of $2,293,835.60. Following the completion of the sale, the chief executive officer now owns 429,159 shares in the company, valued at approximately $35,105,206.20. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Todd G. Hartman sold 3,973 shares of the stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $81.80, for a total transaction of $324,991.40. Following the sale, the insider now owns 25,912 shares of the company’s stock, valued at approximately $2,119,601.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,052,023 shares of company stock valued at $170,313,900. 0.59% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of BBY. Invesco Ltd. grew its position in Best Buy by 8.7% in the 3rd quarter. Invesco Ltd. now owns 3,450,910 shares of the technology retailer’s stock valued at $239,735,000 after buying an additional 276,366 shares during the last quarter. Raymond James & Associates boosted its holdings in shares of Best Buy by 10.6% in the first quarter. Raymond James & Associates now owns 2,886,962 shares of the technology retailer’s stock valued at $236,818,000 after acquiring an additional 277,158 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Best Buy by 4.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,791,561 shares of the technology retailer’s stock worth $218,527,000 after acquiring an additional 107,926 shares during the period. Northern Trust Corp raised its holdings in Best Buy by 7.7% during the third quarter. Northern Trust Corp now owns 2,787,163 shares of the technology retailer’s stock worth $193,624,000 after purchasing an additional 199,749 shares in the last quarter. Finally, Federated Hermes Inc. lifted its position in Best Buy by 6.4% in the fourth quarter. Federated Hermes Inc. now owns 2,752,920 shares of the technology retailer’s stock valued at $215,499,000 after purchasing an additional 166,478 shares during the period. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Price Performance

BBY stock opened at $87.21 on Wednesday. Best Buy has a 52-week low of $62.30 and a 52-week high of $89.00. The business has a fifty day moving average of $77.54 and a two-hundred day moving average of $76.68. The stock has a market cap of $18.81 billion, a price-to-earnings ratio of 15.27, a price-to-earnings-growth ratio of 2.81 and a beta of 1.49. The company has a quick ratio of 0.33, a current ratio of 1.01 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, May 30th. The technology retailer reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.12. The firm had revenue of $8.85 billion for the quarter, compared to analyst estimates of $8.96 billion. Best Buy had a net margin of 2.90% and a return on equity of 47.56%. Best Buy’s revenue was down 6.5% on a year-over-year basis. During the same period in the previous year, the firm earned $1.15 EPS. As a group, research analysts anticipate that Best Buy will post 6.11 earnings per share for the current year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Shareholders of record on Thursday, June 20th will be issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 4.31%. The ex-dividend date is Thursday, June 20th. Best Buy’s dividend payout ratio (DPR) is 65.85%.

About Best Buy

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.