Best Buy (NYSE:BBY) Price Target Increased to $115.00 by Analysts at Citigroup

Best Buy (NYSE:BBY) had its price target increased by Citigroup from $100.00 to $115.00 in a report published on Friday, Benzinga reports. Citigroup currently has a buy rating on the technology retailer’s stock.

A number of other research analysts have also commented on the stock. Truist Financial raised their price objective on shares of Best Buy from $86.00 to $107.00 and gave the company a hold rating in a research note on Friday. Wells Fargo & Company raised their price objective on shares of Best Buy from $80.00 to $95.00 and gave the company an equal weight rating in a research note on Friday. Bank of America raised their price objective on shares of Best Buy from $70.00 to $80.00 and gave the company an underperform rating in a research note on Friday. Telsey Advisory Group raised their price objective on shares of Best Buy from $95.00 to $115.00 and gave the company an outperform rating in a research note on Friday. Finally, Piper Sandler reiterated an overweight rating and set a $114.00 price objective (up previously from $100.00) on shares of Best Buy in a research note on Friday. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of Hold and an average target price of $100.94.

Best Buy Price Performance

Shares of NYSE:BBY opened at $100.40 on Friday. The firm’s 50 day moving average is $85.94 and its two-hundred day moving average is $81.15. Best Buy has a 52 week low of $62.30 and a 52 week high of $103.71. The firm has a market capitalization of $21.66 billion, a P/E ratio of 17.58, a PEG ratio of 3.20 and a beta of 1.48. The company has a current ratio of 1.01, a quick ratio of 0.33 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 EPS for the quarter, beating the consensus estimate of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The company had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. During the same quarter last year, the business earned $1.22 earnings per share. Best Buy’s revenue was down 3.1% compared to the same quarter last year. Analysts anticipate that Best Buy will post 6.27 earnings per share for the current year.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th will be issued a dividend of $0.94 per share. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.75%. Best Buy’s dividend payout ratio is currently 65.85%.

Insider Activity

In other news, Chairman Richard M. Schulze sold 88,542 shares of the firm’s stock in a transaction on Wednesday, July 24th. The shares were 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 in the company, valued at approximately $1,200,451,777.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Chairman Richard M. Schulze sold 691,328 shares of the firm’s stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $88.46, for a total transaction of $61,154,874.88. Following the transaction, the chairman now owns 14,911,525 shares in the company, valued at approximately $1,319,073,501.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Richard M. Schulze sold 88,542 shares of the firm’s stock in a transaction on Wednesday, July 24th. The shares were 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 in the company, valued at approximately $1,200,451,777.25. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,383,370 shares of company stock worth $122,233,276. 0.59% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of BBY. Richardson Financial Services Inc. raised its holdings in Best Buy by 190.9% in the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after acquiring an additional 210 shares during the period. Rise Advisors LLC raised its holdings in Best Buy by 69.5% in the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after acquiring an additional 132 shares during the period. Palisade Asset Management LLC bought a new position in Best Buy in the 1st quarter worth $27,000. Access Investment Management LLC bought a new position in Best Buy in the 4th quarter worth $27,000. Finally, PrairieView Partners LLC raised its holdings in Best Buy by 67.1% in the 1st quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock worth $31,000 after acquiring an additional 151 shares during the period. Institutional investors own 80.96% of the company’s stock.

Best Buy Company Profile

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.