Brokerages Set Best Buy Co., Inc. (NYSE:BBY) Target Price at $79.05

Shares of Best Buy Co., Inc. (NYSE:BBY) have earned an average recommendation of “Hold” from the twenty-two brokerages that are covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a sell recommendation, fourteen have issued a hold recommendation and six have given a buy recommendation to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $79.05.

A number of research analysts have commented on BBY shares. HSBC dropped their price objective on shares of Best Buy from $96.00 to $85.00 in a research note on Thursday, February 26th. Daiwa Securities Group raised their price target on Best Buy from $68.00 to $77.00 and gave the stock a “neutral” rating in a report on Tuesday, June 2nd. Telsey Advisory Group set a $90.00 price objective on Best Buy and gave the company an “outperform” rating in a research note on Friday, May 29th. JPMorgan Chase & Co. increased their price objective on Best Buy from $76.00 to $84.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Finally, Citigroup lifted their target price on Best Buy from $60.00 to $79.00 and gave the company a “neutral” rating in a research note on Friday, May 29th.

Insider Activity at Best Buy

In related news, Chairman Richard M. Schulze sold 500,350 shares of the stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $76.12, for a total transaction of $38,086,642.00. Following the completion of the transaction, the chairman directly owned 10,930,586 shares of the company’s stock, valued at $832,036,206.32. This represents a 4.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Corie S. Barry sold 42,869 shares of the firm’s stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $64.02, for a total transaction of $2,744,473.38. Following the completion of the sale, the chief executive officer owned 523,138 shares of the company’s stock, valued at approximately $33,491,294.76. The trade was a 7.57% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 579,381 shares of company stock worth $43,163,654 in the last 90 days. Corporate insiders own 0.47% of the company’s stock.

Institutional Trading of Best Buy

Several hedge funds have recently modified their holdings of the business. Woodline Partners LP lifted its holdings in Best Buy by 40.1% in the first quarter. Woodline Partners LP now owns 16,436 shares of the technology retailer’s stock valued at $1,210,000 after acquiring an additional 4,701 shares during the period. Daiwa Securities Group Inc. grew its stake in shares of Best Buy by 4.4% during the 2nd quarter. Daiwa Securities Group Inc. now owns 29,560 shares of the technology retailer’s stock worth $1,984,000 after purchasing an additional 1,234 shares during the period. Investment Management Corp of Ontario increased its holdings in shares of Best Buy by 127.7% in the 2nd quarter. Investment Management Corp of Ontario now owns 12,997 shares of the technology retailer’s stock valued at $872,000 after purchasing an additional 7,288 shares in the last quarter. Ieq Capital LLC lifted its stake in shares of Best Buy by 155.4% in the second quarter. Ieq Capital LLC now owns 160,568 shares of the technology retailer’s stock valued at $10,779,000 after purchasing an additional 97,688 shares during the period. Finally, Alliancebernstein L.P. lifted its stake in shares of Best Buy by 32.0% in the second quarter. Alliancebernstein L.P. now owns 313,584 shares of the technology retailer’s stock valued at $21,051,000 after purchasing an additional 76,102 shares during the period. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Price Performance

Shares of NYSE BBY opened at $77.17 on Friday. The stock has a market cap of $16.26 billion, a P/E ratio of 14.29, a P/E/G ratio of 2.01 and a beta of 1.30. Best Buy has a twelve month low of $55.10 and a twelve month high of $84.99. The stock has a 50 day moving average of $64.23 and a two-hundred day moving average of $66.68. The company has a current ratio of 1.12, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.23 by $0.05. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The business had revenue of $8.94 billion for the quarter, compared to analyst estimates of $8.82 billion. During the same period last year, the firm posted $1.15 earnings per share. The company’s revenue for the quarter was up 1.9% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, research analysts forecast that Best Buy will post 6.56 earnings per share for the current year.

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th will be paid a $0.96 dividend. This represents a $3.84 annualized dividend and a yield of 5.0%. The ex-dividend date of this dividend is Thursday, June 18th. Best Buy’s payout ratio is currently 71.11%.

Best Buy Company Profile

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.