Brokerages Set Best Buy Co., Inc. (NYSE:BBY) Price Target at $91.28

Best Buy Co., Inc. (NYSE:BBY) has received an average recommendation of “Hold” from the twenty research firms that are currently covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $91.28.

A number of equities analysts have recently weighed in on BBY shares. Bank of America lowered their price target on shares of Best Buy from $80.00 to $75.00 and set an “underperform” rating on the stock in a research note on Wednesday, March 5th. Loop Capital reissued a “negative” rating on shares of Best Buy in a research note on Wednesday, March 5th. Guggenheim reduced their price target on shares of Best Buy from $105.00 to $90.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. Wells Fargo & Company lowered their target price on Best Buy from $89.00 to $85.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 5th. Finally, Truist Financial cut their price target on Best Buy from $81.00 to $64.00 and set a “hold” rating on the stock in a research note on Tuesday, April 8th.

Insider Buying and Selling at Best Buy

In other news, CEO Corie S. Barry acquired 13,500 shares of the stock in a transaction on Wednesday, March 12th. The stock was acquired at an average cost of $72.92 per share, for a total transaction of $984,420.00. Following the completion of the transaction, the chief executive officer now directly owns 378,780 shares in the company, valued at approximately $27,620,637.60. This trade represents a 3.70 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Mathew Watson sold 3,182 shares of Best Buy stock in a transaction on Friday, March 14th. The shares were sold at an average price of $71.29, for a total value of $226,844.78. Following the completion of the transaction, the chief accounting officer now owns 19,218 shares in the company, valued at approximately $1,370,051.22. The trade was a 14.21 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 78,355 shares of company stock valued at $5,767,213 in the last three months. Corporate insiders own 0.47% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Pinnacle Bancorp Inc. grew its holdings in shares of Best Buy by 108.5% during the 1st quarter. Pinnacle Bancorp Inc. now owns 342 shares of the technology retailer’s stock valued at $25,000 after purchasing an additional 178 shares during the last quarter. Rakuten Securities Inc. boosted its holdings in shares of Best Buy by 971.9% during the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock valued at $29,000 after acquiring an additional 311 shares in the last quarter. Vermillion Wealth Management Inc. bought a new stake in Best Buy during the 4th quarter worth $31,000. Golden State Wealth Management LLC acquired a new position in Best Buy in the 4th quarter worth about $32,000. Finally, Atlas Capital Advisors Inc. grew its holdings in Best Buy by 186.9% during the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer’s stock worth $32,000 after acquiring an additional 243 shares during the last quarter. Institutional investors own 80.96% of the company’s stock.

Best Buy Price Performance

Shares of NYSE BBY opened at $68.85 on Friday. The stock’s 50-day simple moving average is $68.31 and its 200-day simple moving average is $81.00. Best Buy has a fifty-two week low of $54.99 and a fifty-two week high of $103.71. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The firm has a market capitalization of $14.57 billion, a PE ratio of 11.77, a price-to-earnings-growth ratio of 2.10 and a beta of 1.27.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.40 by $0.18. The firm had revenue of $13.95 billion for the quarter, compared to analyst estimates of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same quarter last year, the company posted $2.72 earnings per share. As a group, equities research analysts forecast that Best Buy will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th were paid a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a yield of 5.52%. The ex-dividend date was Tuesday, March 25th. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s dividend payout ratio (DPR) is 88.99%.

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.