Best Buy (NYSE:BBY) Price Target Raised to $84.00 at JPMorgan Chase & Co.

Best Buy (NYSE:BBY) had its target price raised by JPMorgan Chase & Co. from $76.00 to $84.00 in a research report report published on Friday morning, Marketbeat reports. JPMorgan Chase & Co. currently has a neutral rating on the technology retailer’s stock.

Other equities analysts have also recently issued reports about the stock. HSBC decreased their price target on shares of Best Buy from $96.00 to $85.00 in a research note on Thursday, February 26th. DA Davidson set a $78.00 price target on shares of Best Buy in a research note on Thursday, March 5th. KeyCorp reaffirmed a “sector weight” rating on shares of Best Buy in a research note on Wednesday, March 4th. Weiss Ratings cut shares of Best Buy from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, May 7th. Finally, Guggenheim reaffirmed a “buy” rating and set a $90.00 price target on shares of Best Buy in a research note on Wednesday, March 4th. Six equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $78.60.

Best Buy Stock Performance

Shares of BBY stock opened at $78.16 on Friday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.43 and a current ratio of 1.12. The company has a market capitalization of $16.47 billion, a P/E ratio of 14.47, a price-to-earnings-growth ratio of 1.85 and a beta of 1.22. The company’s 50 day moving average price is $62.29 and its two-hundred day moving average price is $66.88. Best Buy has a 52 week low of $55.10 and a 52 week high of $84.99.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, May 28th. The technology retailer reported $1.28 EPS for the quarter, topping the consensus estimate of $1.22 by $0.06. The firm had revenue of $8.94 billion for the quarter, compared to the consensus estimate 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 last year, the company posted $1.15 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, analysts expect that Best Buy will post 6.5 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The company 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. The ex-dividend date of this dividend is Thursday, June 18th. This represents a $3.84 annualized dividend and a dividend yield of 4.9%. Best Buy’s dividend payout ratio (DPR) is currently 76.19%.

Insiders Place Their Bets

In related news, CEO Corie S. Barry sold 42,869 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 $2,744,473.38. Following the completion of the transaction, the chief executive officer directly owned 523,138 shares of the company’s stock, valued at approximately $33,491,294.76. This trade represents a 7.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Matthew M. Bilunas sold 11,356 shares of Best Buy 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 SEC filing for this sale provides additional information. Insiders sold 77,247 shares of company stock valued at $4,945,353 in the last ninety days. 0.47% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Best Buy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Torren Management LLC bought a new position in Best Buy during the fourth quarter worth $25,000. MV Capital Management Inc. bought a new position in Best Buy during the fourth quarter worth $25,000. Palisade Asset Management LLC bought a new position in Best Buy during the third quarter worth $25,000. Hillsdale Investment Management Inc. bought a new position in Best Buy during the fourth quarter worth $29,000. Finally, Quest 10 Wealth Builders Inc. boosted its position in Best Buy by 239.2% during the fourth quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer’s stock worth $30,000 after purchasing an additional 311 shares during the period. 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

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.