Best Buy Co., Inc. (NYSE:BBY) Receives $89.33 Consensus PT from Brokerages

Shares of Best Buy Co., Inc. (NYSE:BBY) have been given an average recommendation of “Moderate Buy” by the twenty analysts that are currently covering the stock, Marketbeat reports. One analyst has rated the stock with a sell rating, nine have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $86.11.

BBY has been the topic of several recent analyst reports. Wedbush reduced their price target on Best Buy from $75.00 to $70.00 and set a “neutral” rating on the stock in a report on Friday, May 30th. JPMorgan Chase & Co. reduced their price target on Best Buy from $115.00 to $110.00 and set an “overweight” rating on the stock in a report on Wednesday, March 5th. Evercore ISI reduced their price target on Best Buy from $95.00 to $80.00 and set an “in-line” rating on the stock in a report on Wednesday, March 5th. Wells Fargo & Company reduced their price target on Best Buy from $75.00 to $67.00 and set an “equal weight” rating on the stock in a report on Friday, May 30th. Finally, Morgan Stanley reduced their price target on Best Buy from $100.00 to $85.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 5th.

Best Buy Price Performance

NYSE:BBY opened at $69.81 on Wednesday. The firm has a market capitalization of $14.78 billion, a price-to-earnings ratio of 11.93, a PEG ratio of 2.10 and a beta of 1.25. Best Buy has a 1 year low of $54.99 and a 1 year high of $103.71. The business has a 50 day simple moving average of $67.02 and a 200-day simple moving average of $78.53. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, May 29th. The technology retailer reported $1.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.06. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business had revenue of $8.77 billion during the quarter, compared to analyst estimates of $8.77 billion. During the same period last year, the company earned $1.20 EPS. The company’s revenue for the quarter was down .9% on a year-over-year basis. Equities analysts forecast that Best Buy will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Thursday, June 19th will be given a $0.95 dividend. This represents a $3.80 annualized dividend and a dividend yield of 5.44%. The ex-dividend date of this dividend is Wednesday, June 18th. Best Buy’s payout ratio is 92.91%.

Insider Transactions at Best Buy

In related news, CEO Corie S. Barry purchased 13,500 shares of Best Buy stock in a transaction dated Wednesday, March 12th. The stock was purchased at an average cost of $72.92 per share, with a total value of $984,420.00. Following the transaction, the chief executive officer now owns 378,780 shares in the company, valued at approximately $27,620,637.60. The trade was a 3.70% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Matthew M. Bilunas sold 51,000 shares of the business’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $74.20, for a total value of $3,784,200.00. Following the completion of the transaction, the chief financial officer now directly owns 55,856 shares of the company’s stock, valued at approximately $4,144,515.20. The trade was a 47.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 78,355 shares of company stock valued at $5,767,213. Corporate insiders own 0.59% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in BBY. Janney Montgomery Scott LLC boosted its position in shares of Best Buy by 60.4% in the 4th quarter. Janney Montgomery Scott LLC now owns 16,670 shares of the technology retailer’s stock worth $1,430,000 after purchasing an additional 6,274 shares in the last quarter. Exchange Traded Concepts LLC boosted its position in shares of Best Buy by 45.7% in the 4th quarter. Exchange Traded Concepts LLC now owns 3,497 shares of the technology retailer’s stock worth $300,000 after purchasing an additional 1,097 shares in the last quarter. Pacer Advisors Inc. boosted its position in shares of Best Buy by 76.1% in the 4th quarter. Pacer Advisors Inc. now owns 25,656 shares of the technology retailer’s stock worth $2,201,000 after purchasing an additional 11,090 shares in the last quarter. Lebenthal Global Advisors LLC boosted its position in shares of Best Buy by 68.7% in the 4th quarter. Lebenthal Global Advisors LLC now owns 6,495 shares of the technology retailer’s stock worth $557,000 after purchasing an additional 2,645 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. boosted its position in shares of Best Buy by 33.7% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 603,735 shares of the technology retailer’s stock worth $51,800,000 after purchasing an additional 152,126 shares in the last quarter. 80.96% of the stock is owned by 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.