Best Buy (NYSE:BBY) Given New $99.00 Price Target at JPMorgan Chase & Co.

Best Buy (NYSE:BBY) had its price target lifted by JPMorgan Chase & Co. from $97.00 to $99.00 in a research report sent to investors on Tuesday morning,MarketScreener reports.

A number of other brokerages have also issued reports on BBY. Truist Financial lifted their price target on Best Buy from $79.00 to $84.00 and gave the company a “hold” rating in a research report on Wednesday. Piper Sandler boosted their price target on shares of Best Buy from $75.00 to $76.00 and gave the stock a “neutral” rating in a research report on Wednesday. Argus restated a “hold” rating on shares of Best Buy in a research report on Tuesday, September 16th. Barclays increased their target price on shares of Best Buy from $74.00 to $81.00 and gave the company an “equal weight” rating in a research note on Tuesday. Finally, Telsey Advisory Group increased their price objective on Best Buy from $90.00 to $95.00 and gave the company an “outperform” rating in a research report on Wednesday. Eight equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Best Buy currently has a consensus rating of “Hold” and a consensus price target of $84.53.

Best Buy Stock Performance

Shares of BBY stock opened at $80.90 on Tuesday. The company has a market cap of $17.00 billion, a P/E ratio of 22.35, a PEG ratio of 2.21 and a beta of 1.25. The business has a 50 day moving average of $77.68 and a two-hundred day moving average of $73.32. Best Buy has a 52 week low of $54.99 and a 52 week high of $91.72. The company has a quick ratio of 0.36, a current ratio of 1.04 and a debt-to-equity ratio of 0.43.

Best Buy (NYSE:BBY) last issued its earnings results on Tuesday, November 25th. The technology retailer reported $1.40 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.09. Best Buy had a return on equity of 47.32% and a net margin of 1.87%.The firm had revenue of $9.67 billion for the quarter, compared to analyst estimates of $9.57 billion. During the same period last year, the company earned $1.26 earnings per share. The firm’s revenue for the quarter was up 2.4% on a year-over-year basis. Best Buy has set its FY 2026 guidance at 6.250-6.350 EPS. As a group, analysts anticipate that Best Buy will post 6.18 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 6th. Investors of record on Tuesday, December 16th will be paid a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date of this dividend is Tuesday, December 16th. Best Buy’s payout ratio is 104.97%.

Insider Buying and Selling

In other news, Chairman Richard M. Schulze sold 74,553 shares of the business’s stock in a transaction on Thursday, October 30th. The shares were sold at an average price of $84.31, for a total value of $6,285,563.43. Following the completion of the transaction, the chairman owned 11,451,911 shares of the company’s stock, valued at $965,510,616.41. The trade was a 0.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Mathew Watson sold 2,018 shares of Best Buy stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $76.76, for a total value of $154,901.68. Following the transaction, the chief accounting officer owned 20,132 shares in the company, valued at approximately $1,545,332.32. This represents a 9.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,736,826 shares of company stock worth $141,568,327 over the last quarter. 0.47% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Best Buy

Several hedge funds have recently made changes to their positions in BBY. Sage Private Wealth Group LLC increased its stake in Best Buy by 3.1% in the 3rd quarter. Sage Private Wealth Group LLC now owns 4,109 shares of the technology retailer’s stock valued at $311,000 after buying an additional 123 shares during the last quarter. LVW Advisors LLC boosted its holdings in shares of Best Buy by 3.9% during the 3rd quarter. LVW Advisors LLC now owns 3,633 shares of the technology retailer’s stock worth $275,000 after buying an additional 137 shares during the period. Harbor Capital Advisors Inc. grew its position in shares of Best Buy by 69.3% in the third quarter. Harbor Capital Advisors Inc. now owns 337 shares of the technology retailer’s stock valued at $25,000 after purchasing an additional 138 shares during the last quarter. Huntington National Bank increased its position in Best Buy by 12.0% during the 3rd quarter. Huntington National Bank now owns 1,298 shares of the technology retailer’s stock worth $98,000 after buying an additional 139 shares during the period. Finally, Panagora Asset Management Inc. increased its stake in shares of Best Buy by 1.5% in the 2nd quarter. Panagora Asset Management Inc. now owns 9,513 shares of the technology retailer’s stock valued at $639,000 after purchasing an additional 144 shares during the last quarter. 80.96% of the stock is owned by institutional investors.

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.