Best Buy (NYSE:BBY) Given New $62.00 Price Target at The Goldman Sachs Group

Best Buy (NYSE:BBY) had its target price increased by The Goldman Sachs Group from $59.00 to $62.00 in a research note published on Friday,MarketScreener reports. The Goldman Sachs Group currently has a sell rating on the technology retailer’s stock.

Several other equities research analysts have also weighed in on the company. BNP Paribas Exane increased their target price on Best Buy from $74.00 to $76.00 and gave the stock a “neutral” rating in a research report on Friday. Daiwa Securities Group dropped their target price on Best Buy from $80.00 to $68.00 and set a “neutral” rating on the stock in a research report on Thursday, March 5th. Citigroup increased their target price on Best Buy from $60.00 to $79.00 and gave the stock a “neutral” rating in a research report on Friday. Wells Fargo & Company dropped their target price on Best Buy from $70.00 to $60.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 14th. Finally, Truist Financial increased their target price on Best Buy from $66.00 to $81.00 and gave the stock a “hold” rating in a research report on Friday. Six research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Best Buy currently has a consensus rating of “Hold” and a consensus target price of $78.60.

Best Buy Stock Performance

Shares of BBY opened at $78.16 on Friday. The business’s fifty day moving average price is $62.29 and its 200 day moving average price is $66.88. Best Buy has a 12-month low of $55.10 and a 12-month high of $84.99. The stock has a market capitalization of $16.47 billion, a PE ratio of 14.47, a price-to-earnings-growth ratio of 1.85 and a beta of 1.22. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 0.43.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.06. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The firm had revenue of $8.94 billion for the quarter, compared to analysts’ expectations of $8.82 billion. During the same period last year, the business posted $1.15 earnings per share. The firm’s revenue for the quarter was up 1.9% on a year-over-year basis. 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 declared 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. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date of this dividend is Thursday, June 18th. Best Buy’s dividend payout ratio (DPR) is 76.19%.

Insider Activity at Best Buy

In other news, CFO Matthew M. Bilunas sold 11,356 shares of the firm’s stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total transaction of $727,011.12. Following the transaction, the chief financial officer directly owned 76,884 shares of the company’s stock, valued at approximately $4,922,113.68. This trade represents a 12.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Todd G. Hartman sold 5,339 shares of the firm’s stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total value of $341,802.78. Following the transaction, the insider directly owned 44,098 shares in the company, valued at $2,823,153.96. This trade represents a 10.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 77,247 shares of company stock valued at $4,945,353. 0.47% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Torren Management LLC acquired a new position in shares of Best Buy during the fourth quarter valued at $25,000. MV Capital Management Inc. acquired a new position in shares of Best Buy during the fourth quarter valued at $25,000. Palisade Asset Management LLC acquired a new position in shares of Best Buy during the third quarter valued at $25,000. Hillsdale Investment Management Inc. acquired a new position in shares of Best Buy during the fourth quarter valued at $29,000. Finally, Quest 10 Wealth Builders Inc. increased its holdings in shares of Best Buy by 239.2% during the fourth quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer’s stock valued at $30,000 after purchasing an additional 311 shares during the period. 80.96% of the stock is owned by institutional investors and hedge funds.

Key Stories Impacting Best Buy

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

Best Buy Company Profile

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.