Brokerages Set Best Buy Co., Inc. (NYSE:BBY) Target Price at $84.60

Best Buy Co., Inc. (NYSE:BBY) has earned a consensus recommendation of “Hold” from the fifteen analysts that are presently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating on the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $84.60.

Several equities analysts recently weighed in on the company. Citigroup boosted their price objective on Best Buy from $67.00 to $76.00 and gave the stock a “sell” rating in a research report on Friday, March 1st. Morgan Stanley upped their price target on Best Buy from $80.00 to $82.00 and gave the stock an “equal weight” rating in a report on Friday, March 1st. Truist Financial lifted their target price on shares of Best Buy from $68.00 to $87.00 and gave the company a “hold” rating in a research report on Friday, March 1st. Jefferies Financial Group lowered their target price on shares of Best Buy from $95.00 to $94.00 and set a “buy” rating on the stock in a research note on Monday, April 8th. Finally, JPMorgan Chase & Co. upgraded shares of Best Buy from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $89.00 to $101.00 in a research note on Friday, March 22nd.

Best Buy Stock Down 0.1 %

BBY opened at $75.00 on Tuesday. Best Buy has a twelve month low of $62.30 and a twelve month high of $86.11. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.37 and a current ratio of 1.00. The business has a 50 day moving average price of $78.04 and a 200 day moving average price of $74.20. The firm has a market cap of $16.15 billion, a P/E ratio of 13.18, a price-to-earnings-growth ratio of 1.96 and a beta of 1.49.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, February 29th. The technology retailer reported $2.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.51 by $0.21. The business had revenue of $14.65 billion during the quarter, compared to the consensus estimate of $14.58 billion. Best Buy had a net margin of 2.86% and a return on equity of 48.45%. Best Buy’s quarterly revenue was down .6% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.61 EPS. Research analysts forecast that Best Buy will post 6.03 EPS for the current year.

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Thursday, March 21st were paid a dividend of $0.94 per share. This is a boost from Best Buy’s previous quarterly dividend of $0.92. This represents a $3.76 annualized dividend and a dividend yield of 5.01%. The ex-dividend date was Wednesday, March 20th. Best Buy’s dividend payout ratio is 66.08%.

Insider Buying and Selling at Best Buy

In other news, CAO Mathew Watson sold 2,505 shares of the company’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total transaction of $204,909.00. Following the transaction, the chief accounting officer now owns 25,638 shares of the company’s stock, valued at $2,097,188.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Best Buy news, insider Todd G. Hartman sold 3,973 shares of Best Buy stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total transaction of $324,991.40. Following the completion of the sale, the insider now owns 25,912 shares of the company’s stock, valued at approximately $2,119,601.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Mathew Watson sold 2,505 shares of the firm’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total value of $204,909.00. Following the completion of the transaction, the chief accounting officer now owns 25,638 shares in the company, valued at $2,097,188.40. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 52,023 shares of company stock worth $4,253,900. Insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Best Buy

Several hedge funds have recently added to or reduced their stakes in the stock. CWM LLC raised its position in shares of Best Buy by 12.1% in the 3rd quarter. CWM LLC now owns 3,064 shares of the technology retailer’s stock valued at $213,000 after acquiring an additional 330 shares during the period. AdvisorNet Financial Inc boosted its position in shares of Best Buy by 52.9% during the third quarter. AdvisorNet Financial Inc now owns 1,385 shares of the technology retailer’s stock worth $96,000 after purchasing an additional 479 shares in the last quarter. IFP Advisors Inc grew its holdings in shares of Best Buy by 15.8% in the 3rd quarter. IFP Advisors Inc now owns 2,904 shares of the technology retailer’s stock valued at $202,000 after buying an additional 397 shares during the period. Ritholtz Wealth Management increased its position in shares of Best Buy by 16.0% in the 3rd quarter. Ritholtz Wealth Management now owns 9,130 shares of the technology retailer’s stock valued at $634,000 after buying an additional 1,256 shares in the last quarter. Finally, HB Wealth Management LLC raised its stake in Best Buy by 4.1% during the 3rd quarter. HB Wealth Management LLC now owns 4,552 shares of the technology retailer’s stock worth $316,000 after buying an additional 180 shares during the period. 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.