Best Buy Co., Inc. (NYSE:BBY) Receives Consensus Rating of “Hold” from Brokerages

Best Buy Co., Inc. (NYSE:BBY) has earned a consensus recommendation of “Hold” from the twenty-two research firms that are covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and six have given a buy rating to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $79.50.

Several equities analysts recently weighed in on BBY shares. Wedbush lifted their target price on Best Buy from $70.00 to $75.00 and gave the company a “neutral” rating in a research report on Friday, May 29th. The Goldman Sachs Group upped their price target on Best Buy from $59.00 to $62.00 and gave the stock a “sell” rating in a research report on Friday, May 29th. Wall Street Zen raised Best Buy from a “hold” rating to a “buy” rating in a research note on Saturday, June 20th. Jefferies Financial Group lifted their price objective on Best Buy from $83.00 to $89.00 and gave the company a “buy” rating in a research report on Thursday, May 28th. Finally, Truist Financial boosted their price objective on Best Buy from $66.00 to $81.00 and gave the company a “hold” rating in a research note on Friday, May 29th.

Best Buy Stock Up 1.7%

BBY opened at $77.19 on Thursday. The company has a current ratio of 1.12, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38. Best Buy has a 1-year low of $55.10 and a 1-year high of $84.99. The company has a market capitalization of $16.27 billion, a PE ratio of 14.29, a PEG ratio of 2.02 and a beta of 1.30. The firm’s 50 day simple moving average is $67.67 and its two-hundred day simple moving average is $66.70.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.23 by $0.05. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The business had revenue of $8.94 billion for the quarter, compared to analysts’ expectations of $8.82 billion. During the same quarter last year, the company posted $1.15 EPS. The company’s 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. As a group, equities analysts forecast that Best Buy will post 6.56 EPS for the current year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th will be paid a dividend of $0.96 per share. The ex-dividend date is Thursday, June 18th. This represents a $3.84 dividend on an annualized basis and a yield of 5.0%. Best Buy’s dividend payout ratio (DPR) is presently 71.11%.

Insider Activity at Best Buy

In other news, Chairman Richard M. Schulze sold 500,350 shares of the firm’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $76.12, for a total transaction of $38,086,642.00. Following the sale, the chairman directly owned 10,930,586 shares in the company, valued at $832,036,206.32. This trade represents a 4.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Mathew Watson sold 1,784 shares of the firm’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $73.80, for a total transaction of $131,659.20. Following the sale, the chief accounting officer owned 21,630 shares in the company, valued at $1,596,294. The trade was a 7.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,002,134 shares of company stock worth $77,283,527 in the last ninety days. Insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Best Buy

A number of institutional investors have recently bought and sold shares of the business. Palisade Asset Management LLC purchased a new stake in shares of Best Buy in the third quarter worth about $25,000. MV Capital Management Inc. purchased a new position in Best Buy during the 4th quarter valued at approximately $25,000. Torren Management LLC bought a new stake in Best Buy in the 4th quarter worth approximately $25,000. Hillsdale Investment Management Inc. bought a new stake in Best Buy in the 4th quarter worth approximately $29,000. Finally, Quest 10 Wealth Builders Inc. raised its holdings in shares of Best Buy by 239.2% during the 4th quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer’s stock worth $30,000 after acquiring an additional 311 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

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.