Best Buy (NYSE:BBY) Upgraded by StockNews.com to Buy

StockNews.com upgraded shares of Best Buy (NYSE:BBY) from a hold rating to a buy rating in a research note released on Wednesday.

BBY has been the topic of several other reports. Melius Research began coverage on Best Buy in a research report on Monday, September 23rd. They set a hold rating and a $100.00 target price on the stock. Piper Sandler restated an overweight rating and set a $114.00 price objective (up previously from $100.00) on shares of Best Buy in a report on Friday, August 30th. JPMorgan Chase & Co. lifted their target price on shares of Best Buy from $101.00 to $111.00 and gave the stock an overweight rating in a research note on Friday, August 30th. Citigroup boosted their target price on shares of Best Buy from $100.00 to $115.00 and gave the stock a buy rating in a research report on Friday, August 30th. Finally, The Goldman Sachs Group lifted their price objective on shares of Best Buy from $95.00 to $116.00 and gave the stock a buy rating in a research note on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Best Buy presently has a consensus rating of Moderate Buy and a consensus price target of $102.41.

Best Buy Stock Performance

Shares of BBY stock opened at $99.61 on Wednesday. Best Buy has a 52-week low of $62.30 and a 52-week high of $103.71. The company’s 50 day moving average is $92.55 and its 200 day moving average is $85.05. The firm has a market cap of $21.49 billion, a price-to-earnings ratio of 17.44, a PEG ratio of 2.56 and a beta of 1.46. The company has a quick ratio of 0.34, 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, 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 net margin of 2.96% and a return on equity of 47.19%. The firm had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. During the same quarter in the previous year, the firm earned $1.22 EPS. The company’s quarterly revenue was down 3.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Best Buy will post 6.28 EPS for the current fiscal year.

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th will be issued a $0.94 dividend. The ex-dividend date is Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a yield of 3.77%. Best Buy’s payout ratio is 65.85%.

Insiders Place Their Bets

In related news, EVP Jason J. Bonfig sold 3,500 shares of the business’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $83.02, for a total value of $290,570.00. Following the completion of the sale, the executive vice president now owns 50,714 shares of the company’s stock, valued at approximately $4,210,276.28. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Best Buy news, Chairman Richard M. Schulze sold 88,542 shares of the firm’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $88.25, for a total value 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. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Jason J. Bonfig sold 3,500 shares of the company’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $83.02, for a total transaction of $290,570.00. Following the sale, the executive vice president now directly owns 50,714 shares of the company’s stock, valued at $4,210,276.28. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over 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.

Hedge Funds Weigh In On Best Buy

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of Nova Scotia grew its stake in shares of Best Buy by 32.2% in the 4th quarter. Bank of Nova Scotia now owns 25,393 shares of the technology retailer’s stock valued at $1,988,000 after buying an additional 6,187 shares during the period. Eagle Asset Management Inc. purchased a new position in Best Buy in the fourth quarter worth approximately $862,000. Rafferty Asset Management LLC increased its stake in Best Buy by 10.8% during the fourth quarter. Rafferty Asset Management LLC now owns 24,433 shares of the technology retailer’s stock worth $1,913,000 after acquiring an additional 2,377 shares during the last quarter. CIBC Private Wealth Group LLC purchased a new stake in Best Buy in the fourth quarter valued at $644,000. Finally, Royal London Asset Management Ltd. lifted its stake in shares of Best Buy by 5.2% in the 4th quarter. Royal London Asset Management Ltd. now owns 78,100 shares of the technology retailer’s stock valued at $6,114,000 after purchasing an additional 3,832 shares during the last quarter. Institutional investors and hedge funds 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.