Best Buy (NYSE:BBY) Stock Price Target Raised at Citigroup

Best Buy (NYSE:BBY) had its price objective increased by Citigroup from $88.00 to $102.00 in a research report sent to investors on Friday,Benzinga reports. Citigroup currently has a neutral rating on the technology retailer’s stock.

BBY has been the subject of several other research reports. Bank of America initiated coverage on Best Buy in a report on Monday, August 3rd. They set an “underperform” rating and a $80.00 price target for the company. Telsey Advisory Group lifted their price objective on shares of Best Buy from $90.00 to $95.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 4th. Loop Capital downgraded shares of Best Buy from a “buy” rating to a “hold” rating and set a $82.00 price objective on the stock. in a report on Monday, July 13th. Wedbush reissued a “buy” rating on shares of Best Buy in a research report on Monday, August 24th. Finally, Weiss Ratings cut shares of Best Buy from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, October 27th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Best Buy has a consensus rating of “Hold” and an average price target of $87.35.

Best Buy Stock Performance

Best Buy stock traded up $0.18 during midday trading on Friday, reaching $99.58. 2,739,735 shares of the company’s stock were exchanged, compared to its average volume of 2,866,252. The stock’s 50-day simple moving average is $91.57 and its 200 day simple moving average is $76.10. The firm has a market cap of $20.89 billion, a price-to-earnings ratio of 16.57, a P/E/G ratio of 2.40 and a beta of 1.20. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.41 and a current ratio of 1.12. Best Buy has a 52 week low of $55.10 and a 52 week high of $103.54.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, August 27th. The technology retailer reported $1.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.08. The firm had revenue of $9.78 billion for the quarter, compared to analyst estimates of $9.59 billion. Best Buy had a return on equity of 48.14% and a net margin of 3.01%. The business’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.28 earnings per share. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. On average, analysts expect that Best Buy will post 6.81 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 8th. Shareholders of record on Thursday, September 17th were issued a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date of this dividend was Thursday, September 17th. Best Buy’s dividend payout ratio is currently 63.89%.

Insiders Place Their Bets

In other news, Chairman Richard M. Schulze sold 300,000 shares of Best Buy stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $92.51, for a total transaction of $27,753,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Kathleen Scarlett sold 116,062 shares of the business’s stock in a transaction dated Wednesday, September 23rd. The shares were sold at an average price of $92.15, for a total transaction of $10,695,113.30. Following the completion of the sale, the executive vice president directly owned 116,173 shares of the company’s stock, valued at approximately $10,705,341.95. The trade was a 49.98% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Best Buy

Several institutional investors and hedge funds have recently modified their holdings of the business. Bernicke Wealth Management Ltd. bought a new stake in Best Buy in the 3rd quarter valued at about $271,000. Aberdeen Group plc increased its holdings in shares of Best Buy by 75.5% during the third quarter. Aberdeen Group plc now owns 320,901 shares of the technology retailer’s stock worth $28,316,000 after purchasing an additional 138,034 shares during the period. Allworth Financial LP increased its holdings in shares of Best Buy by 49.7% during the third quarter. Allworth Financial LP now owns 14,567 shares of the technology retailer’s stock worth $1,285,000 after purchasing an additional 4,834 shares during the period. Fisher Asset Management LLC bought a new position in shares of Best Buy during the third quarter worth approximately $302,000. Finally, Private Advisory Group LLC acquired a new stake in shares of Best Buy in the third quarter valued at approximately $912,000. 80.96% of the stock is currently owned by institutional investors and hedge funds.

About Best Buy

Best Buy Co, Inc is a specialty retailer of technology products and services headquartered in Richfield, Minnesota. The company sells consumer electronics, computing and mobile products, entertainment products, appliances, furniture, and related accessories through its retail stores, websites, and other sales channels.

Best Buy also provides technology-related services, including product installation, repair, technical support, delivery, and in-home consultation. Its services are offered through brands and operations such as Geek Squad, while the company also provides membership and protection programs designed to support customers after purchase.

The company serves customers primarily in the United States and Canada.