Best Buy (NYSE:BBY) Given New $95.00 Price Target at Wells Fargo & Company

Best Buy (NYSE:BBY) had its target price raised by Wells Fargo & Company from $85.00 to $95.00 in a research note released on Friday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the technology retailer’s stock.

Other research analysts also recently issued research reports about the stock. UBS Group reiterated 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. The Goldman Sachs Group increased their price objective on shares of Best Buy from $62.00 to $71.00 and gave the stock a “sell” rating in a report on Friday, August 28th. Barclays raised their price objective on shares of Best Buy from $77.00 to $85.00 and gave the company a “buy” rating in a research report on Friday, August 28th. Evercore set a $100.00 target price on shares of Best Buy in a research note on Tuesday, October 27th. Finally, Citigroup upped their target price on shares of Best Buy from $79.00 to $88.00 and gave the stock a “neutral” rating in a research report on Thursday, August 13th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Best Buy has a consensus rating of “Hold” and an average target price of $87.35.

Best Buy Price Performance

NYSE:BBY traded up $0.18 on Friday, reaching $99.58. The stock had a trading volume of 2,739,735 shares, compared to its average volume of 2,866,252. The company has a quick ratio of 0.41, a current ratio of 1.12 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $20.89 billion, a P/E ratio of 16.57, a price-to-earnings-growth ratio of 2.40 and a beta of 1.20. Best Buy has a 1-year low of $55.10 and a 1-year high of $103.54. The stock has a fifty day moving average price of $91.57 and a 200-day moving average price of $76.10.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, August 27th. The technology retailer reported $1.47 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.08. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The company had revenue of $9.78 billion during the quarter, compared to analyst estimates of $9.59 billion. During the same quarter last year, the business posted $1.28 earnings per share. The company’s revenue was up 3.6% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. Research analysts forecast that Best Buy will post 6.81 EPS for the current year.

Best Buy Announces Dividend

The company also recently declared 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. This represents a $3.84 annualized dividend and a dividend yield of 3.9%. The ex-dividend date of this dividend was Thursday, September 17th. Best Buy’s dividend payout ratio is 63.89%.

Insider Activity

In related news, Chairman Richard Schulze sold 300,000 shares of Best Buy stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $92.51, for a total value of $27,753,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Kathleen Scarlett sold 116,062 shares of the business’s stock in a transaction dated Wednesday, September 23rd. The stock was sold at an average price of $92.15, for a total value of $10,695,113.30. Following the sale, 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 SEC filing for this sale provides additional information. 0.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Best Buy

Several institutional investors have recently modified their holdings of BBY. Asset Dedication LLC acquired a new position in Best Buy in the third quarter valued at approximately $27,000. Clark Wealth Partners acquired a new stake in Best Buy during the 3rd quarter worth $29,000. Entrust Financial LLC bought a new stake in shares of Best Buy during the 3rd quarter valued at $31,000. Ashurst Perkins Coie Trust Co raised its position in shares of Best Buy by 75.1% during the 3rd quarter. Ashurst Perkins Coie Trust Co now owns 394 shares of the technology retailer’s stock valued at $35,000 after acquiring an additional 169 shares during the last quarter. Finally, Aberdeen Wealth Management LLC acquired a new position in shares of Best Buy in the 2nd quarter valued at $38,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Company Profile

Best Buy Co, Inc is a specialty retailer of technology products and services headquartered in Richfield, Minnesota. The company sells consumer electronics, computing and mobile products, entertainment products, appliances, furniture, and related accessories through its retail stores, websites, and other sales channels.

Best Buy also provides technology-related services, including product installation, repair, technical support, delivery, and in-home consultation. Its services are offered through brands and operations such as Geek Squad, while the company also provides membership and protection programs designed to support customers after purchase.

The company serves customers primarily in the United States and Canada.