Best Buy (NYSE:BBY) Sets New 52-Week High – Here’s What Happened

Best Buy Co., Inc. (NYSE:BBY) shares hit a new 52-week high during trading on Thursday . The company traded as high as $95.85 and last traded at $95.2830, with a volume of 241193 shares trading hands. The stock had previously closed at $92.45.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Loop Capital downgraded Best Buy from a “buy” rating to a “hold” rating and set a $82.00 target price for the company. in a research report on Monday, July 13th. UBS Group reaffirmed a “neutral” rating and issued a $90.00 target price (up from $86.00) on shares of Best Buy in a research note on Friday, August 28th. Guggenheim lifted their price target on shares of Best Buy from $90.00 to $95.00 and gave the stock a “buy” rating in a research report on Friday, August 28th. Jefferies Financial Group cut shares of Best Buy from a “buy” rating to a “hold” rating and reduced their price objective for the company from $89.00 to $85.00 in a research note on Wednesday, August 5th. Finally, BNP Paribas Exane lifted their target price on shares of Best Buy from $74.00 to $76.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Six analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $85.40.

Best Buy Price Performance

The company has a 50 day moving average of $86.14 and a 200 day moving average of $73.54. 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 firm has a market cap of $19.89 billion, a price-to-earnings ratio of 15.74, a P/E/G ratio of 2.33 and a beta of 1.28.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.08. Best Buy had a return on equity of 48.14% and a net margin of 3.01%.The company had revenue of $9.78 billion during the quarter, compared to the consensus estimate of $9.59 billion. During the same period in the prior year, the company earned $1.28 earnings per share. The company’s revenue for the quarter was up 3.6% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. Equities research analysts predict that Best Buy Co., Inc. will post 6.82 EPS for the current fiscal year.

Best Buy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 8th. Shareholders of record on Thursday, September 17th will be paid a $0.96 dividend. The ex-dividend date of this dividend is Thursday, September 17th. This represents a $3.84 dividend on an annualized basis and a yield of 4.0%. Best Buy’s payout ratio is presently 63.89%.

Insider Buying and Selling

In related news, Chairman Richard Schulze sold 224,705 shares of the company’s stock in a transaction on Friday, June 26th. The shares were sold at an average price of $78.10, for a total value of $17,549,460.50. Following the completion of the transaction, the chairman directly owned 10,430,936 shares of the company’s stock, valued at approximately $814,656,101.60. This represents a 2.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.50% of the company’s stock.

Institutional Trading of Best Buy

A number of institutional investors have recently modified their holdings of the company. HighTower Advisors LLC grew its stake in shares of Best Buy by 250.6% in the 4th quarter. HighTower Advisors LLC now owns 101,292 shares of the technology retailer’s stock worth $6,779,000 after acquiring an additional 72,398 shares in the last quarter. Genus Capital Management Inc. bought a new stake in Best Buy during the 4th quarter worth approximately $1,656,000. Meeder Asset Management Inc. bought a new stake in shares of Best Buy during the 2nd quarter valued at about $1,224,000. BlackRock Inc. purchased a new stake in Best Buy during the second quarter valued at about $1,932,812,000. Finally, Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new position in Best Buy during the fourth quarter valued at approximately $1,830,000. 80.96% of the stock is currently owned by institutional investors.

Best Buy Company Profile

Best Buy Co, Inc is a specialty retailer of technology products and services operating under the Best Buy brand. The company sells consumer electronics, computers, mobile phones, appliances, entertainment products, smart-home equipment, and related accessories through its retail stores, websites, and other sales channels.

Best Buy also provides technology support, installation, repair, and consultation services through Geek Squad. Its offerings include assistance with device setup, home theater installation, computer and appliance support, and technology solutions for consumers and small businesses.