Best Buy (NYSE:BBY) Price Target Raised to $85.00

Best Buy (NYSE:BBY) had its price objective raised by Evercore ISI from $80.00 to $85.00 in a research note issued to investors on Wednesday,Benzinga reports. They currently have an in-line rating on the technology retailer’s stock.

A number of other equities research analysts have also commented on BBY. Barclays upped their target price on Best Buy from $74.00 to $81.00 and gave the company an “equal weight” rating in a research report on Tuesday. Argus restated a “hold” rating on shares of Best Buy in a research note on Tuesday, September 16th. UBS Group increased their price objective on shares of Best Buy from $93.00 to $96.00 and gave the stock a “buy” rating in a research note on Wednesday. Jefferies Financial Group decreased their target price on shares of Best Buy from $95.00 to $94.00 and set a “buy” rating for the company in a research report on Tuesday. Finally, Truist Financial upped their price target on shares of Best Buy from $72.00 to $79.00 and gave the company a “hold” rating in a report on Friday, November 7th. Eight investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Best Buy has an average rating of “Hold” and a consensus target price of $84.28.

Best Buy Trading Down 2.0%

NYSE BBY opened at $79.40 on Wednesday. Best Buy has a 52 week low of $54.99 and a 52 week high of $91.72. The company has a 50 day moving average price of $77.97 and a 200 day moving average price of $73.41. The company has a quick ratio of 0.36, a current ratio of 1.04 and a debt-to-equity ratio of 0.43. The firm 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 released its quarterly earnings results on Tuesday, November 25th. The technology retailer reported $1.40 EPS for the quarter, beating analysts’ consensus estimates of $1.31 by $0.09. The company had revenue of $9.67 billion during the quarter, compared to analysts’ expectations of $9.57 billion. Best Buy had a return on equity of 47.32% and a net margin of 1.87%.The firm’s revenue was up 2.4% compared to the same quarter last year. During the same period last year, the business posted $1.26 earnings per share. Best Buy has set its FY 2026 guidance at 6.250-6.350 EPS. As a group, sell-side analysts forecast that Best Buy will post 6.18 EPS for the current fiscal year.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 6th. Shareholders of record on Tuesday, December 16th will be issued a dividend of $0.95 per share. The ex-dividend date of this dividend is Tuesday, December 16th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 4.8%. Best Buy’s dividend payout ratio is presently 125.83%.

Insider Buying and Selling at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 500,000 shares of the firm’s stock in a transaction 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 transaction, the chairman owned 12,486,904 shares in the company, valued at approximately $1,009,316,450.32. This trade represents a 3.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Mathew Watson sold 2,018 shares of the firm’s stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $76.76, for a total transaction of $154,901.68. Following the completion of the transaction, the chief accounting officer directly owned 20,132 shares in the company, valued at approximately $1,545,332.32. This represents a 9.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 1,733,111 shares of company stock valued at $141,293,157. 0.47% of the stock is owned by corporate insiders.

Institutional Trading of Best Buy

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Palisade Asset Management LLC purchased a new stake in shares of Best Buy during the 3rd quarter valued at approximately $25,000. Harbor Capital Advisors Inc. grew its position in Best Buy by 69.3% in the third quarter. Harbor Capital Advisors Inc. now owns 337 shares of the technology retailer’s stock worth $25,000 after acquiring an additional 138 shares during the period. Oliver Lagore Vanvalin Investment Group acquired a new stake in Best Buy during the second quarter worth $26,000. Root Financial Partners LLC purchased a new stake in Best Buy in the third quarter valued at $32,000. Finally, CYBER HORNET ETFs LLC acquired a new position in shares of Best Buy in the 2nd quarter valued at $33,000. Institutional investors and hedge funds 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.