Best Buy’s (BBY) Buy Rating Reaffirmed at Guggenheim

Guggenheim reaffirmed their buy rating on shares of Best Buy (NYSE:BBY) in a research note published on Wednesday,Benzinga reports. Guggenheim currently has a $90.00 price objective on the technology retailer’s stock.

Several other research firms also recently commented on BBY. Wells Fargo & Company raised their price objective on Best Buy from $67.00 to $75.00 and gave the stock a “buy” rating in a report on Friday, August 29th. Weiss Ratings restated a “hold (c)” rating on shares of Best Buy in a research note on Wednesday, October 8th. Evercore ISI increased their target price on shares of Best Buy from $80.00 to $85.00 and gave the stock an “in-line” rating in a report on Wednesday. UBS Group raised their target price on shares of Best Buy from $93.00 to $96.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, JPMorgan Chase & Co. upped their price target on shares of Best Buy from $89.00 to $97.00 and gave the stock an “overweight” rating in a research report on Friday, November 14th. Eight equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $84.41.

Best Buy Stock Performance

Shares of Best Buy stock opened at $80.90 on Wednesday. Best Buy has a 52 week low of $54.99 and a 52 week high of $91.72. The company has a market capitalization of $17.00 billion, a PE ratio of 22.35, a price-to-earnings-growth ratio of 2.21 and a beta of 1.25. The stock’s fifty day moving average is $77.68 and its two-hundred day moving average is $73.32. 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 (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.09. The firm had revenue of $9.67 billion during the quarter, compared to analyst estimates of $9.57 billion. Best Buy had a net margin of 1.87% and a return on equity of 47.32%. The business’s revenue was up 2.4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.26 earnings per share. Best Buy has set its FY 2026 guidance at 6.250-6.350 EPS. As a group, analysts expect that Best Buy will post 6.18 earnings per share for the current year.

Best Buy Announces Dividend

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

Insider Buying and Selling

In other news, Chairman Richard M. Schulze sold 500,000 shares of the firm’s stock in a transaction dated Monday, October 20th. The stock was sold at an average price of $80.83, for a total value of $40,415,000.00. Following the completion of the transaction, the chairman directly owned 12,486,904 shares in the company, valued at $1,009,316,450.32. This trade represents a 3.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Mathew Watson sold 3,715 shares of the firm’s stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $74.07, for a total transaction of $275,170.05. Following the transaction, the chief accounting officer directly owned 22,150 shares of the company’s stock, valued at $1,640,650.50. This represents a 14.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,736,826 shares of company stock worth $141,568,327 in the last 90 days. 0.47% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Best Buy

Several institutional investors and hedge funds have recently modified their holdings of the stock. Harbor Capital Advisors Inc. boosted its position in Best Buy by 69.3% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 337 shares of the technology retailer’s stock worth $25,000 after purchasing an additional 138 shares in the last quarter. Palisade Asset Management LLC acquired a new position in shares of Best Buy during the 3rd quarter worth approximately $25,000. Oliver Lagore Vanvalin Investment Group purchased a new position in shares of Best Buy during the 2nd quarter valued at approximately $26,000. Root Financial Partners LLC acquired a new stake in Best Buy in the 3rd quarter valued at $32,000. Finally, CYBER HORNET ETFs LLC acquired a new position in Best Buy during the second quarter worth $33,000. 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.