Best Buy Co., Inc. (NYSE:BBY) Receives Average Recommendation of “Moderate Buy” from Brokerages

Best Buy Co., Inc. (NYSE:BBYGet Free Report) has received a consensus recommendation of “Moderate Buy” from the fourteen research firms that are covering the company, MarketBeat reports. Seven equities research analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $77.43.

A number of brokerages recently issued reports on BBY. The Goldman Sachs Group raised Best Buy from a “neutral” rating to a “buy” rating and upped their price target for the company from $79.00 to $85.00 in a report on Thursday, October 19th. Wedbush increased their price objective on Best Buy from $70.00 to $75.00 and gave the company a “neutral” rating in a report on Wednesday, January 24th. Truist Financial decreased their price objective on Best Buy from $74.00 to $68.00 and set a “hold” rating for the company in a report on Wednesday, November 22nd. Jefferies Financial Group raised Best Buy from a “hold” rating to a “buy” rating and increased their price objective for the company from $69.00 to $89.00 in a report on Monday, December 11th. Finally, Wells Fargo & Company decreased their price objective on Best Buy from $80.00 to $65.00 and set an “equal weight” rating for the company in a report on Monday, November 13th.

Read Our Latest Research Report on Best Buy

Best Buy Stock Up 0.8 %

BBY stock opened at $75.47 on Thursday. The company’s 50 day moving average price is $74.85 and its 200 day moving average price is $73.16. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.23 and a current ratio of 0.99. Best Buy has a fifty-two week low of $62.30 and a fifty-two week high of $89.23. The firm has a market capitalization of $16.26 billion, a price-to-earnings ratio of 13.01, a PEG ratio of 1.95 and a beta of 1.49.

Best Buy (NYSE:BBYGet Free Report) last released its earnings results on Tuesday, November 21st. The technology retailer reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.10. The firm had revenue of $9.76 billion for the quarter, compared to analyst estimates of $9.90 billion. Best Buy had a net margin of 2.93% and a return on equity of 49.13%. The business’s quarterly revenue was down 7.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.38 earnings per share. On average, equities research analysts anticipate that Best Buy will post 6.16 EPS for the current fiscal year.

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 2nd. Investors of record on Tuesday, December 12th were given a dividend of $0.92 per share. This represents a $3.68 dividend on an annualized basis and a yield of 4.88%. The ex-dividend date was Monday, December 11th. Best Buy’s dividend payout ratio is presently 63.45%.

Insider Buying and Selling

In other Best Buy news, Chairman Richard M. Schulze sold 313,728 shares of the firm’s stock in a transaction dated Thursday, December 14th. The stock was sold at an average price of $76.97, for a total value of $24,147,644.16. Following the sale, the chairman now directly owns 199,448 shares of the company’s stock, valued at approximately $15,351,512.56. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Best Buy news, Chairman Richard M. Schulze sold 110,974 shares of Best Buy stock in a transaction that occurred on Wednesday, December 20th. The stock was sold at an average price of $77.00, for a total transaction of $8,544,998.00. Following the sale, the chairman now directly owns 19,566,458 shares in the company, valued at approximately $1,506,617,266. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Richard M. Schulze sold 313,728 shares of the business’s stock in a transaction that occurred on Thursday, December 14th. The shares were sold at an average price of $76.97, for a total value of $24,147,644.16. Following the completion of the sale, the chairman now owns 199,448 shares of the company’s stock, valued at $15,351,512.56. The disclosure for this sale can be found here. In the last quarter, insiders sold 686,796 shares of company stock worth $52,374,450. 0.56% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cary Street Partners Investment Advisory LLC boosted its position in Best Buy by 549.1% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 357 shares of the technology retailer’s stock worth $25,000 after acquiring an additional 302 shares during the period. Bfsg LLC acquired a new position in Best Buy during the 4th quarter worth $25,000. Lansing Street Advisors acquired a new position in Best Buy during the 2nd quarter worth $27,000. Naples Money Management LLC acquired a new position in Best Buy during the 4th quarter worth $27,000. Finally, Access Investment Management LLC acquired a new stake in shares of Best Buy in the fourth quarter valued at $27,000. Institutional investors and hedge funds own 76.10% of the company’s stock.

About Best Buy

(Get Free Report

Best Buy Co, Inc engages in the retail of technology products in the United States and Canada. The company operates in two segments, Domestic 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.

See Also

Analyst Recommendations for Best Buy (NYSE:BBY)

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