Best Buy Co., Inc. (NYSE:BBY) Stock Has Average Price Target of $86.15 According to Analysts

Best Buy Co., Inc. (NYSE:BBY) has received an average rating of “Hold” from the twenty-one analysts that are presently covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation, twelve have assigned a hold recommendation, six have issued a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $87.35.

Several brokerages have recently issued reports on BBY. Wall Street Zen raised Best Buy from a “hold” rating to a “buy” rating in a research report on Sunday, October 11th. Barclays lifted their price target on Best Buy from $77.00 to $85.00 and gave the stock a “buy” rating in a research report on Friday, August 28th. Weiss Ratings cut Best Buy from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, October 27th. Evercore set a $100.00 price objective on Best Buy in a research report on Tuesday, October 27th. Finally, Guggenheim raised their price objective on shares of Best Buy from $90.00 to $95.00 and gave the stock a “buy” rating in a research note on Friday, August 28th.

Key Stories Impacting Best Buy

Here are the key news stories impacting Best Buy this week:

• Positive Sentiment: Best Buy’s fresh 52-week high reflects strong recent momentum. One analysis considers whether the stock has room to rise further, while other coverage points to future cash flow and valuation measures as reasons it may still be undervalued. Best Buy hits a fresh high Best Buy stock looks cheap based on future cash flow Is Best Buy undervalued?
• Positive Sentiment: Fresh analyst support and attention to BBY’s value appeal may help reinforce buying interest. Separate coverage also presents Best Buy as a potential dividend-stock candidate. Best Buy gets fresh analyst support Why Best Buy may be a dividend stock
• Neutral Sentiment: Two reports say Best Buy price targets were raised to $95 and $102. The increases signal improved analyst expectations, but both targets are below the recent share price, potentially limiting near-term upside according to those estimates. Price target raised to $95 Price target raised to $102

Insider Transactions at Best Buy

In related 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 completion of the sale, the executive vice president owned 116,173 shares in the company, valued at approximately $10,705,341.95. This trade represents a 49.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 SEC filing for this sale provides additional information. 0.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Best Buy

A number of institutional investors have recently bought and sold shares of BBY. Private Advisor Group LLC bought a new stake in shares of Best Buy in the 3rd quarter valued at approximately $2,263,000. Ieq Capital LLC lifted its position in shares of Best Buy by 161.1% during the 3rd quarter. Ieq Capital LLC now owns 274,980 shares of the technology retailer’s stock worth $23,095,000 after buying an additional 169,673 shares during the period. Focus Advisor Solutions LLC acquired a new stake in Best Buy in the 3rd quarter valued at $4,642,000. Colonial Trust Co SC boosted its stake in Best Buy by 4,062.5% in the 3rd quarter. Colonial Trust Co SC now owns 333 shares of the technology retailer’s stock valued at $29,000 after buying an additional 325 shares in the last quarter. Finally, Checchi Capital Advisers LLC grew its position in Best Buy by 145.0% in the third quarter. Checchi Capital Advisers LLC now owns 8,341 shares of the technology retailer’s stock valued at $736,000 after acquiring an additional 4,936 shares during the period. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Stock Down 2.0%

Shares of BBY stock opened at $104.13 on Wednesday. The stock’s 50 day simple moving average is $92.52 and its 200 day simple moving average is $76.48. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.41 and a current ratio of 1.12. Best Buy has a twelve month low of $55.10 and a twelve month high of $106.83. The company has a market capitalization of $21.84 billion, a price-to-earnings ratio of 17.33, a PEG ratio of 2.66 and a beta of 1.20.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.08. Best Buy had a return on equity of 48.14% and a net margin of 3.01%. The firm had revenue of $9.78 billion during the quarter, compared to analysts’ expectations of $9.59 billion. During the same quarter in the prior year, the business earned $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. As a group, research analysts predict that Best Buy will post 6.81 EPS for the current year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 8th. Stockholders of record on Thursday, September 17th were given a dividend of $0.96 per share. The ex-dividend date of this dividend was Thursday, September 17th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.7%. Best Buy’s dividend payout ratio is currently 63.89%.

About Best Buy

Best Buy is a retailer of consumer technology products and services. Its offerings include computers and mobile devices, televisions and home theater equipment, major appliances, and related accessories, sold through stores and digital channels. The company also provides technology support and installation services through Geek Squad, including help with device setup, repairs, and home technology systems. Best Buy serves customers in the United States and Canada. Founded in 1966 as Sound of Music, the company adopted the Best Buy name in 1983.