Best Buy Co., Inc. (NYSE:BBY) Receives $79.50 Consensus Price Target from Brokerages

Shares of Best Buy Co., Inc. (NYSE:BBY) have earned an average recommendation of “Hold” from the twenty-two research firms that are covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and five have assigned a buy rating to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $79.50.

Several equities analysts have commented on the stock. Wedbush increased their target price on shares of Best Buy from $70.00 to $75.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Guggenheim reiterated a “buy” rating and set a $90.00 price target on shares of Best Buy in a research note on Friday, May 29th. KeyCorp reissued a “sector weight” rating on shares of Best Buy in a report on Monday, June 22nd. Citigroup raised their price objective on Best Buy from $60.00 to $79.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. Finally, Piper Sandler reissued a “neutral” rating and issued a $77.00 price objective on shares of Best Buy in a research note on Thursday, May 28th.

Insider Activity at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 224,705 shares of Best Buy stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $78.10, for a total transaction of $17,549,460.50. Following the sale, the chairman directly owned 10,430,936 shares of the company’s stock, valued at approximately $814,656,101.60. The trade was a 2.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Mathew Watson sold 1,784 shares of the company’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $73.80, for a total transaction of $131,659.20. Following the completion of the sale, the chief accounting officer directly owned 21,630 shares in the company, valued at approximately $1,596,294. The trade was a 7.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,002,134 shares of company stock worth $77,283,527 in the last three months. 0.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Best Buy

Institutional investors have recently made changes to their positions in the stock. Trust Asset Management LLC bought a new position in Best Buy during the second quarter worth about $165,000. Tema ETFs LLC raised its position in shares of Best Buy by 6.5% during the second quarter. Tema ETFs LLC now owns 2,365 shares of the technology retailer’s stock worth $179,000 after purchasing an additional 145 shares during the period. KMG Fiduciary Partners LLC raised its position in shares of Best Buy by 362.2% during the second quarter. KMG Fiduciary Partners LLC now owns 20,098 shares of the technology retailer’s stock worth $1,525,000 after purchasing an additional 15,750 shares during the period. LVM Capital Management Ltd. MI bought a new position in shares of Best Buy during the 2nd quarter valued at about $600,000. Finally, Legacy Wealth Asset Management LLC acquired a new position in shares of Best Buy in the 2nd quarter valued at approximately $235,000. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Stock Performance

BBY opened at $86.19 on Monday. Best Buy has a 1-year low of $55.10 and a 1-year high of $91.26. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 0.40. The business has a 50 day moving average price of $78.41 and a two-hundred day moving average price of $68.81. The company has a market capitalization of $18.17 billion, a price-to-earnings ratio of 15.96, a price-to-earnings-growth ratio of 2.34 and a beta of 1.30.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.23 by $0.05. The company had revenue of $8.94 billion for the quarter, compared to analyst estimates of $8.82 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.Best Buy’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.15 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Research analysts predict that Best Buy will post 6.56 EPS for the current fiscal year.

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Thursday, June 18th were paid a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a yield of 4.5%. The ex-dividend date was Thursday, June 18th. Best Buy’s dividend payout ratio is presently 71.11%.

Best Buy Company Profile

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.