Analysts Set Best Buy Co., Inc. (NYSE:BBY) Target Price at $81.69

Best Buy Co., Inc. (NYSE:BBY) has been given a consensus rating of “Hold” by the twenty brokerages that are covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, ten have assigned a hold recommendation and nine have issued a buy recommendation on the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $81.6875.

Several analysts have issued reports on the company. Truist Financial boosted their price target on Best Buy from $69.00 to $72.00 and gave the company a “hold” rating in a report on Friday, August 29th. Argus reaffirmed a “hold” rating on shares of Best Buy in a research note on Tuesday, September 16th. Citigroup reaffirmed a “buy” rating on shares of Best Buy in a research note on Thursday, August 28th. Wells Fargo & Company upped their price objective on Best Buy from $67.00 to $75.00 and gave the stock a “buy” rating in a research note on Friday, August 29th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Best Buy in a research note on Wednesday, October 8th.

Insider Transactions at Best Buy

In other news, CAO Mathew Watson sold 3,715 shares of the company’s stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $74.07, for a total value of $275,170.05. Following the completion of the transaction, the chief accounting officer 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. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman Richard M. Schulze sold 500,000 shares of the company’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 of the company’s stock, valued at approximately $1,009,316,450.32. This trade represents a 3.85% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,027,669 shares of company stock valued at $82,189,066. Corporate insiders own 0.59% of the company’s stock.

Hedge Funds Weigh In On Best Buy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sage Private Wealth Group LLC boosted its stake in Best Buy by 3.1% during the third quarter. Sage Private Wealth Group LLC now owns 4,109 shares of the technology retailer’s stock valued at $311,000 after buying an additional 123 shares during the last quarter. LVW Advisors LLC boosted its stake in Best Buy by 3.9% during the third quarter. LVW Advisors LLC now owns 3,633 shares of the technology retailer’s stock valued at $275,000 after buying an additional 137 shares during the last quarter. Harbor Capital Advisors Inc. boosted its stake in Best Buy by 69.3% during the third quarter. Harbor Capital Advisors Inc. now owns 337 shares of the technology retailer’s stock valued at $25,000 after buying an additional 138 shares during the last quarter. Panagora Asset Management Inc. boosted its stake in Best Buy by 1.5% during the second quarter. Panagora Asset Management Inc. now owns 9,513 shares of the technology retailer’s stock valued at $639,000 after buying an additional 144 shares during the last quarter. Finally, Community Bank & Trust Waco Texas boosted its stake in Best Buy by 0.5% during the first quarter. Community Bank & Trust Waco Texas now owns 30,970 shares of the technology retailer’s stock valued at $2,280,000 after buying an additional 145 shares during the last quarter. 80.96% of the stock is owned by institutional investors.

Best Buy Stock Performance

NYSE:BBY opened at $82.89 on Friday. The stock has a 50-day simple moving average of $76.11 and a two-hundred day simple moving average of $71.21. Best Buy has a 52-week low of $54.99 and a 52-week high of $95.49. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.36 and a current ratio of 1.04. The firm has a market capitalization of $17.42 billion, a PE ratio of 22.90, a P/E/G ratio of 2.19 and a beta of 1.23.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, August 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.22 by $0.06. Best Buy had a return on equity of 47.32% and a net margin of 1.87%.The business had revenue of $9.44 billion during the quarter, compared to analyst estimates of $9.23 billion. During the same quarter in the previous year, the company posted $1.34 earnings per share. Best Buy’s revenue for the quarter was up 1.6% on a year-over-year basis. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. Analysts forecast that Best Buy will post 6.18 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 9th. Stockholders of record on Thursday, September 18th were paid a $0.95 dividend. The ex-dividend date of this dividend was Thursday, September 18th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 4.6%. Best Buy’s dividend payout ratio is 104.97%.

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.