Best Buy Co., Inc. (NYSE:BBY) Given Average Recommendation of “Hold” by Brokerages

Best Buy Co., Inc. (NYSE:BBY) has been given a consensus recommendation of “Hold” by the fifteen brokerages that are covering the company, MarketBeat reports. One analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating on the company. The average 1-year price target among analysts that have covered the stock in the last year is $84.60.

A number of equities analysts have weighed in on the company. Truist Financial boosted their price target on Best Buy from $68.00 to $87.00 and gave the stock a “hold” rating in a research report on Friday, March 1st. The Goldman Sachs Group upped their target price on Best Buy from $81.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, March 1st. TheStreet raised Best Buy from a “c” rating to a “b-” rating in a research report on Thursday, February 29th. Jefferies Financial Group decreased their target price on Best Buy from $95.00 to $94.00 and set a “buy” rating on the stock in a research report on Monday, April 8th. Finally, UBS Group upped their target price on Best Buy from $82.00 to $85.00 and gave the company a “neutral” rating in a research report on Friday, March 1st.

Best Buy Price Performance

Shares of NYSE BBY opened at $75.13 on Tuesday. The business’s 50 day moving average price is $77.94 and its two-hundred day moving average price is $74.03. The company has a market cap of $16.18 billion, a PE ratio of 13.20, a price-to-earnings-growth ratio of 1.99 and a beta of 1.49. The company has a quick ratio of 0.37, a current ratio of 1.00 and a debt-to-equity ratio of 0.38. Best Buy has a twelve month low of $62.30 and a twelve month high of $86.11.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, February 29th. The technology retailer reported $2.72 earnings per share for the quarter, topping analysts’ consensus estimates of $2.51 by $0.21. The firm had revenue of $14.65 billion for the quarter, compared to the consensus estimate of $14.58 billion. Best Buy had a return on equity of 48.45% and a net margin of 2.86%. The business’s revenue was down .6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.61 earnings per share. On average, analysts predict that Best Buy will post 6.03 EPS for the current year.

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Thursday, March 21st were paid a $0.94 dividend. This is a boost from Best Buy’s previous quarterly dividend of $0.92. This represents a $3.76 annualized dividend and a dividend yield of 5.00%. The ex-dividend date of this dividend was Wednesday, March 20th. Best Buy’s payout ratio is 66.08%.

Insider Activity at Best Buy

In other Best Buy news, CEO Corie S. Barry sold 28,042 shares of the firm’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total value of $2,293,835.60. Following the sale, the chief executive officer now owns 429,159 shares of the company’s stock, valued at approximately $35,105,206.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Corie S. Barry sold 366 shares of Best Buy stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $75.76, for a total value of $27,728.16. Following the transaction, the chief executive officer now owns 431,231 shares in the company, valued at approximately $32,670,060.56. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Corie S. Barry sold 28,042 shares of Best Buy stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total value of $2,293,835.60. Following the completion of the transaction, the chief executive officer now owns 429,159 shares in the company, valued at approximately $35,105,206.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 52,023 shares of company stock worth $4,253,900. Company insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Best Buy

Hedge funds and other institutional investors have recently modified their holdings of the business. Bfsg LLC bought a new position in shares of Best Buy in the 4th quarter valued at $25,000. Rise Advisors LLC increased its stake in shares of Best Buy by 69.5% in the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock valued at $26,000 after purchasing an additional 132 shares during the last quarter. Naples Money Management LLC bought a new position in shares of Best Buy in the 4th quarter valued at $27,000. Access Investment Management LLC bought a new stake in Best Buy during the 4th quarter worth $27,000. Finally, Cary Street Partners Investment Advisory LLC grew its position in Best Buy by 549.1% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 357 shares of the technology retailer’s stock worth $25,000 after acquiring an additional 302 shares during the last quarter. Institutional investors own 80.96% of the company’s stock.

About Best Buy

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.