Best Buy Co., Inc. (NYSE:BBY) Stock Has Consensus Price Target of $85.65

Shares of Best Buy Co., Inc. (NYSE:BBY) have been given a consensus rating of “Hold” by the twenty-one ratings firms that are currently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $85.65.

BBY has been the topic of several research analyst reports. Telsey Advisory Group raised their target price on shares of Best Buy from $90.00 to $95.00 and gave the stock an “outperform” rating in a report on Tuesday, August 4th. UBS Group reaffirmed a “neutral” rating and set a $90.00 price target (up from $86.00) on shares of Best Buy in a research report on Friday, August 28th. Wells Fargo & Company increased their target price on shares of Best Buy from $65.00 to $85.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 11th. Wall Street Zen upgraded shares of Best Buy from a “hold” rating to a “buy” rating in a research note on Sunday. Finally, Piper Sandler increased their price objective on shares of Best Buy from $77.00 to $85.00 and gave the stock a “neutral” rating in a research note on Thursday, August 20th.

Insider Transactions at Best Buy

In other news, EVP Kathleen Scarlett sold 116,062 shares of the stock in a transaction dated Wednesday, September 23rd. The shares were sold at an average price of $92.15, for a total value of $10,695,113.30. Following the transaction, the executive vice president directly owned 116,173 shares of the company’s stock, valued at $10,705,341.95. This represents a 49.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Richard M. Schulze sold 300,000 shares of the firm’s stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $92.51, for a total transaction of $27,753,000.00. The SEC filing for this sale provides additional information. Company insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Best Buy

Institutional investors and hedge funds have recently modified their holdings of the business. Mather Group LLC. lifted its position in shares of Best Buy by 564.4% during the third quarter. Mather Group LLC. now owns 10,026 shares of the technology retailer’s stock valued at $885,000 after buying an additional 8,517 shares during the last quarter. First Pacific Financial purchased a new stake in shares of Best Buy during the 3rd quarter valued at $116,000. Fortitude Family Office LLC boosted its position in shares of Best Buy by 2,323.2% in the 3rd quarter. Fortitude Family Office LLC now owns 3,756 shares of the technology retailer’s stock worth $331,000 after purchasing an additional 3,601 shares in the last quarter. Strategy Asset Managers LLC acquired a new position in Best Buy during the 3rd quarter valued at about $495,000. Finally, Triumph Capital Management boosted its holdings in Best Buy by 167.7% in the third quarter. Triumph Capital Management now owns 937 shares of the technology retailer’s stock worth $83,000 after acquiring an additional 587 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Price Performance

Shares of BBY opened at $88.98 on Friday. The company has a current ratio of 1.12, a quick ratio of 0.41 and a debt-to-equity ratio of 0.36. The stock has a market cap of $18.66 billion, a P/E ratio of 14.81, a price-to-earnings-growth ratio of 2.20 and a beta of 1.26. The stock’s 50-day moving average price is $87.68 and its two-hundred day moving average price is $77.16. Best Buy has a 1 year low of $55.10 and a 1 year high of $96.53.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, August 27th. The technology retailer reported $1.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.08. The firm had revenue of $9.78 billion during the quarter, compared to analysts’ expectations of $9.59 billion. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The business’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same quarter in the previous 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, equities analysts predict that Best Buy will post 6.81 earnings per share for the current year.

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 8th. Stockholders of record on Thursday, September 17th were paid a dividend of $0.96 per share. The ex-dividend date was Thursday, September 17th. This represents a $3.84 annualized dividend and a dividend yield of 4.3%. Best Buy’s payout ratio is currently 63.89%.

Best Buy Company Profile

Best Buy Co, Inc (NYSE: BBY) is a specialty retailer of technology products and services. The company sells consumer electronics, computers and tablets, mobile phones, appliances, entertainment products, smart-home devices, gaming equipment and related accessories through its stores and digital platforms.

Best Buy also provides technology services through Geek Squad, including product installation, setup, repair, troubleshooting and technical support. Its operations include retail stores, e-commerce, delivery and fulfillment services, as well as membership and protection offerings.