Best Buy (NYSE:BBY) Price Target Raised to $79.00 at Citigroup

Best Buy (NYSE:BBY) had its price target boosted by Citigroup from $60.00 to $79.00 in a research report released on Friday, Marketbeat reports. Citigroup currently has a neutral rating on the technology retailer’s stock.

A number of other equities research analysts also recently issued reports on BBY. JPMorgan Chase & Co. downgraded Best Buy from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $99.00 to $76.00 in a research report on Monday, February 2nd. Guggenheim reissued a “buy” rating and issued a $90.00 price objective on shares of Best Buy in a report on Wednesday, March 4th. Morgan Stanley upped their target price on Best Buy from $72.00 to $80.00 and gave the company an “equal weight” rating in a report on Friday. Jefferies Financial Group increased their price objective on Best Buy from $83.00 to $89.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Evercore increased their price objective on Best Buy from $65.00 to $85.00 in a report on Friday. Six analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $78.60.

Best Buy Stock Up 4.6%

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 business has a 50 day simple moving average of $62.29 and a 200-day simple moving average of $66.88. The stock has a market capitalization of $16.47 billion, a P/E ratio of 14.47, a P/E/G ratio of 1.85 and a beta of 1.22. Best Buy has a 12 month low of $55.10 and a 12 month high of $84.99.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Thursday, May 28th. The technology retailer reported $1.28 EPS for the quarter, beating 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 business had revenue of $8.94 billion during the quarter, compared to analysts’ expectations of $8.82 billion. During the same period last year, the firm earned $1.15 EPS. The company’s quarterly revenue was up 1.9% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, equities analysts anticipate that Best Buy will post 6.5 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 9th. Investors of record on Thursday, June 18th will be paid a $0.96 dividend. This represents a $3.84 annualized dividend and a dividend yield of 4.9%. The ex-dividend date is Thursday, June 18th. Best Buy’s dividend payout ratio (DPR) is presently 76.19%.

Insider Activity

In related news, EVP Jason J. Bonfig sold 6,336 shares of the firm’s stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total value of $405,630.72. Following the completion of the sale, the executive vice president owned 79,137 shares of the company’s stock, valued at $5,066,350.74. This trade represents a 7.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Todd G. Hartman sold 5,339 shares of the firm’s stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total transaction of $341,802.78. Following the completion of the sale, the insider directly owned 44,098 shares of the company’s stock, valued at approximately $2,823,153.96. This represents a 10.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 77,247 shares of company stock valued at $4,945,353. 0.47% of the stock is owned by company insiders.

Hedge Funds Weigh In On Best Buy

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Best Buy by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 24,255,320 shares of the technology retailer’s stock worth $1,623,409,000 after purchasing an additional 307,905 shares in the last quarter. AQR Capital Management LLC grew its stake in Best Buy by 30.9% in the 4th quarter. AQR Capital Management LLC now owns 9,158,839 shares of the technology retailer’s stock valued at $613,001,000 after buying an additional 2,160,968 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Best Buy by 2.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,452,642 shares of the technology retailer’s stock worth $498,805,000 after purchasing an additional 160,713 shares in the last quarter. Invesco Ltd. grew its position in shares of Best Buy by 6.1% during the 4th quarter. Invesco Ltd. now owns 4,732,080 shares of the technology retailer’s stock worth $316,718,000 after purchasing an additional 271,988 shares in the last quarter. Finally, Morgan Stanley grew its position in shares of Best Buy by 19.1% during the 4th quarter. Morgan Stanley now owns 3,778,294 shares of the technology retailer’s stock worth $252,881,000 after purchasing an additional 605,911 shares in the last quarter. 80.96% of the stock is owned by institutional investors.

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.