Best Buy (NYSE:BBY) Given “Buy” Rating at DA Davidson

DA Davidson reiterated their buy rating on shares of Best Buy (NYSE:BBY) in a research note issued to investors on Friday morning,Benzinga reports. They currently have a $78.00 target price on the technology retailer’s stock.

Several other equities analysts have also weighed in on the stock. UBS Group reaffirmed a “neutral” rating and set a $86.00 target price (up from $85.00) on shares of Best Buy in a report on Friday. KeyCorp restated a “sector weight” rating on shares of Best Buy in a research report on Wednesday, March 4th. The Goldman Sachs Group upped their price objective on shares of Best Buy from $59.00 to $62.00 and gave the stock a “sell” rating in a research report on Friday. Wells Fargo & Company upped their price objective on shares of Best Buy from $60.00 to $65.00 and gave the stock an “equal weight” rating in a research report on Thursday. Finally, Loop Capital upped their price objective on shares of Best Buy from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Friday. Six equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $78.60.

Best Buy Price Performance

NYSE:BBY opened at $78.16 on Friday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 0.43. The firm has a market cap of $16.47 billion, a price-to-earnings ratio of 14.47, a price-to-earnings-growth ratio of 1.85 and a beta of 1.22. The company has a 50 day moving average price of $62.29 and a 200-day moving average price of $66.88. Best Buy has a 1-year low of $55.10 and a 1-year high of $84.99.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.06. The firm had revenue of $8.94 billion during the quarter, compared to analyst estimates of $8.82 billion. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The business’s quarterly revenue was up 1.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.15 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Equities research analysts forecast that Best Buy will post 6.5 EPS for the current year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 9th. Stockholders of record on Thursday, June 18th will be issued a dividend of $0.96 per share. The ex-dividend date of this dividend is Thursday, June 18th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.9%. Best Buy’s dividend payout ratio is presently 76.19%.

Insider Buying and Selling at Best Buy

In other Best Buy news, CEO Corie S. Barry sold 42,869 shares of the company’s stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $64.02, for a total value of $2,744,473.38. Following the transaction, the chief executive officer owned 523,138 shares of the company’s stock, valued at $33,491,294.76. This represents a 7.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Jason J. Bonfig sold 6,336 shares of the company’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 $405,630.72. Following the completion of the transaction, the executive vice president directly owned 79,137 shares in the company, valued at $5,066,350.74. The trade was a 7.41% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 77,247 shares of company stock valued at $4,945,353. 0.47% of the stock is owned by company insiders.

Institutional Trading of Best Buy

Hedge funds have recently made changes to their positions in the business. Huntington National Bank grew its position in Best Buy by 12.0% in the 3rd quarter. Huntington National Bank now owns 1,298 shares of the technology retailer’s stock valued at $98,000 after buying an additional 139 shares during the last quarter. Krane Funds Advisors LLC lifted its holdings in Best Buy by 3.0% in the fourth quarter. Krane Funds Advisors LLC now owns 5,163 shares of the technology retailer’s stock valued at $346,000 after acquiring an additional 151 shares during the period. Linden Thomas Advisory Services LLC lifted its holdings in Best Buy by 0.9% in the fourth quarter. Linden Thomas Advisory Services LLC now owns 16,637 shares of the technology retailer’s stock valued at $1,114,000 after acquiring an additional 152 shares during the period. Applied Finance Capital Management LLC lifted its holdings in Best Buy by 3.8% in the fourth quarter. Applied Finance Capital Management LLC now owns 4,270 shares of the technology retailer’s stock valued at $286,000 after acquiring an additional 157 shares during the period. Finally, International Private Wealth Advisors LLC lifted its holdings in Best Buy by 5.2% in the fourth quarter. International Private Wealth Advisors LLC now owns 3,345 shares of the technology retailer’s stock valued at $224,000 after acquiring an additional 165 shares during the period. Institutional investors and hedge funds own 80.96% of the company’s stock.

More Best Buy News

Here are the key news stories impacting Best Buy this week:

• Positive Sentiment: Best Buy reported Q1 adjusted EPS of $1.28, above estimates of $1.22, and revenue of $8.94 billion, also ahead of forecasts, with comparable sales rising 2.0%. Best Buy Q1 Earnings Beat Estimates, Comparable Sales Rise 2%
• Positive Sentiment: The company reaffirmed its full-year guidance and highlighted improving margins and stronger demand in gaming, computing, and cellphones, suggesting the turnaround is gaining traction. Best Buy Reports First Quarter Results
• Positive Sentiment: Several analyst firms raised price targets after the earnings release, including Jefferies, Loop Capital, Guggenheim, Morgan Stanley, Citigroup, and others, indicating improving sentiment around the stock. Analyst rating updates
• Positive Sentiment: Retail-industry news also pointed to selective consumer spending still favoring value-focused names like Best Buy, adding to the rally. Retail Rally Sends Kohl’s, Best Buy, Dollar Tree Up As Much As 18%
• Neutral Sentiment: DA Davidson reaffirmed its buy rating but set a $78 price target, which is roughly in line with the current share price and does not materially change the valuation debate. DA Davidson rating reaffirmation
• Neutral Sentiment: Best Buy also announced a quarterly dividend of $0.96 per share, reinforcing its income appeal for investors. Dividend announcement

About Best Buy

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.