Best Buy (NYSE:BBY) Price Target Raised to $82.00

Best Buy (NYSE:BBY) had its price objective upped by Morgan Stanley from $75.00 to $82.00 in a research note published on Wednesday morning, Marketbeat reports. Morgan Stanley currently has an equal weight rating on the technology retailer’s stock.

Several other equities analysts have also recently issued reports on the stock. Citigroup lifted their price objective on shares of Best Buy from $73.00 to $82.00 and gave the stock a “neutral” rating in a research note on Friday, November 7th. JPMorgan Chase & Co. lifted their price target on shares of Best Buy from $89.00 to $97.00 and gave the stock an “overweight” rating in a research report on Friday, November 14th. Piper Sandler upped their price target on Best Buy from $75.00 to $76.00 and gave the company a “neutral” rating in a report on Wednesday. Truist Financial raised their price objective on Best Buy from $72.00 to $79.00 and gave the stock a “hold” rating in a research note on Friday, November 7th. Finally, BNP Paribas Exane cut their target price on Best Buy from $69.00 to $68.00 and set a “neutral” rating on the stock in a research report on Wednesday. Eight equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $84.28.

Best Buy Stock Down 2.0%

Shares of BBY stock opened at $79.40 on Wednesday. Best Buy has a 1 year low of $54.99 and a 1 year high of $91.72. 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 business’s fifty day moving average is $77.97 and its 200-day moving average is $73.41. The stock has a market cap of $16.68 billion, a PE ratio of 21.93, a price-to-earnings-growth ratio of 2.21 and a beta of 1.25.

Best Buy (NYSE:BBY) last announced its earnings results on Tuesday, November 25th. The technology retailer reported $1.40 earnings per share for the quarter, beating the consensus estimate of $1.31 by $0.09. Best Buy had a return on equity of 47.32% and a net margin of 1.87%.The business had revenue of $9.67 billion during the quarter, compared to analysts’ expectations of $9.57 billion. During the same quarter last year, the business posted $1.26 earnings per share. The company’s quarterly revenue was up 2.4% on a year-over-year basis. Best Buy has set its FY 2026 guidance at 6.250-6.350 EPS. Equities analysts expect that Best Buy will post 6.18 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 6th. Investors of record on Tuesday, December 16th will be given a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a yield of 4.8%. The ex-dividend date of this dividend is Tuesday, December 16th. Best Buy’s dividend payout ratio (DPR) is presently 125.83%.

Insiders Place Their Bets

In related news, Chairman Richard M. Schulze sold 500,000 shares of the business’s stock in a transaction that occurred on 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 sale, the chairman directly owned 12,486,904 shares in the company, valued at approximately $1,009,316,450.32. The trade was a 3.85% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Mathew Watson sold 2,018 shares of the company’s stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $76.76, for a total transaction of $154,901.68. Following the sale, the chief accounting officer directly owned 20,132 shares of the company’s stock, valued at approximately $1,545,332.32. This represents a 9.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,733,111 shares of company stock worth $141,293,157 in the last 90 days. 0.47% of the stock is owned by insiders.

Hedge Funds Weigh In On Best Buy

Institutional investors and hedge funds have recently bought and sold shares of the stock. IFM Investors Pty Ltd lifted its stake in shares of Best Buy by 6.6% in the second quarter. IFM Investors Pty Ltd now owns 48,919 shares of the technology retailer’s stock valued at $3,284,000 after buying an additional 3,040 shares during the period. Alberta Investment Management Corp raised its holdings in Best Buy by 25.6% in the 1st quarter. Alberta Investment Management Corp now owns 32,900 shares of the technology retailer’s stock valued at $2,422,000 after acquiring an additional 6,700 shares in the last quarter. Focus Partners Advisor Solutions LLC lifted its position in shares of Best Buy by 191.9% in the 1st quarter. Focus Partners Advisor Solutions LLC now owns 10,714 shares of the technology retailer’s stock worth $789,000 after acquiring an additional 7,043 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Best Buy during the 1st quarter worth approximately $370,000. Finally, Conning Inc. increased its position in shares of Best Buy by 5.4% during the second quarter. Conning Inc. now owns 479,055 shares of the technology retailer’s stock valued at $32,159,000 after purchasing an additional 24,741 shares during the period. Institutional investors own 80.96% of the company’s stock.

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.