Best Buy Co., Inc. (NYSE:BBY) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Best Buy Co., Inc. (NYSE:BBY) have earned an average rating of “Moderate Buy” from the eighteen analysts that are currently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, seven have issued a hold recommendation, nine have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $102.41.

A number of analysts have commented on the stock. The Goldman Sachs Group boosted their price target on shares of Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. Bank of America upped their target price on Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a research report on Friday, August 30th. Piper Sandler reaffirmed an “overweight” rating and set a $114.00 price target (up from $100.00) on shares of Best Buy in a research note on Friday, August 30th. Loop Capital boosted their price objective on Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Finally, Melius Research initiated coverage on Best Buy in a research note on Monday. They set a “hold” rating and a $100.00 target price for the company.

Best Buy Stock Performance

BBY opened at $100.00 on Friday. Best Buy has a twelve month low of $62.30 and a twelve month high of $103.71. The stock has a market cap of $21.47 billion, a PE ratio of 17.51, a price-to-earnings-growth ratio of 2.56 and a beta of 1.46. The business’s 50 day moving average is $90.80 and its 200-day moving average is $83.91. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The company had revenue of $9.29 billion during the quarter, compared to analyst estimates of $9.23 billion. During the same quarter in the previous year, the firm posted $1.22 EPS. The firm’s quarterly revenue was down 3.1% on a year-over-year basis. On average, analysts predict that Best Buy will post 6.28 earnings per share for the current year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th will be paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 3.76%. The ex-dividend date of this dividend is Thursday, September 19th. Best Buy’s dividend payout ratio (DPR) is currently 65.85%.

Insider Activity

In related news, Chairman Richard M. Schulze sold 88,542 shares of the company’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the transaction, the chairman now directly owns 13,602,853 shares of the company’s stock, valued at $1,200,451,777.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Best Buy news, Chairman Richard M. Schulze sold 88,542 shares of Best Buy stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the transaction, the chairman now owns 13,602,853 shares of the company’s stock, valued at approximately $1,200,451,777.25. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Richard M. Schulze sold 691,328 shares of the stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $88.46, for a total transaction of $61,154,874.88. Following the completion of the sale, the chairman now directly owns 14,911,525 shares of the company’s stock, valued at $1,319,073,501.50. The disclosure for this sale can be found here. Insiders sold 1,383,370 shares of company stock worth $122,233,276 over the last quarter. Corporate insiders own 0.59% of the company’s stock.

Hedge Funds Weigh In On Best Buy

Institutional investors and hedge funds have recently modified their holdings of the stock. AMF Tjanstepension AB acquired a new stake in Best Buy during the first quarter valued at $8,676,000. GAMMA Investing LLC grew its stake in shares of Best Buy by 78.7% in the 2nd quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer’s stock valued at $172,000 after buying an additional 898 shares in the last quarter. Bridgewater Associates LP raised its position in Best Buy by 34.9% during the fourth quarter. Bridgewater Associates LP now owns 195,156 shares of the technology retailer’s stock valued at $15,277,000 after acquiring an additional 50,438 shares in the last quarter. Envestnet Portfolio Solutions Inc. raised its position in Best Buy by 11.4% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer’s stock valued at $6,302,000 after acquiring an additional 7,663 shares in the last quarter. Finally, Private Advisor Group LLC acquired a new stake in Best Buy in the fourth quarter valued at approximately $328,000. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

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.