Best Buy Co., Inc. (NYSE:BBY) Receives Average Recommendation of "Hold" from Analysts

Best Buy Co., Inc. (NYSE:BBY - Get Free Report) has received an average recommendation of "Hold" from the twenty analysts that are covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, ten have issued a hold recommendation and nine have issued a buy recommendation on the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $86.11.

Several research analysts have recently weighed in on the stock. Piper Sandler lowered their price objective on shares of Best Buy from $92.00 to $82.00 and set an "overweight" rating on the stock in a research note on Friday, May 30th. Barclays decreased their price objective on shares of Best Buy from $89.00 to $74.00 and set an "equal weight" rating on the stock in a report on Friday, May 30th. Guggenheim reiterated a "buy" rating and issued a $90.00 price target on shares of Best Buy in a research note on Tuesday, June 10th. Loop Capital decreased their price objective on Best Buy from $90.00 to $80.00 and set a "buy" rating on the stock in a report on Friday, May 30th. Finally, Jefferies Financial Group decreased their price target on shares of Best Buy from $106.00 to $92.00 and set a "buy" rating on the stock in a research note on Tuesday, March 4th.

Best Buy Stock Performance

Shares of BBY stock opened at $67.58 on Friday. The company has a quick ratio of 0.32, a current ratio of 1.02 and a debt-to-equity ratio of 0.42. Best Buy has a 12 month low of $54.99 and a 12 month high of $103.71. The company's fifty day simple moving average is $68.62 and its 200-day simple moving average is $76.87. The firm has a market cap of $14.28 billion, a PE ratio of 16.52, a P/E/G ratio of 1.78 and a beta of 1.25.

Best Buy (NYSE:BBY - Get Free Report) last released its earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.06. The business had revenue of $8.77 billion for the quarter, compared to analyst estimates of $8.77 billion. Best Buy had a return on equity of 46.40% and a net margin of 2.13%. Best Buy's revenue was down .9% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.20 earnings per share. Equities research analysts expect that Best Buy will post 6.18 EPS for the current fiscal year.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Thursday, June 19th will be paid a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a dividend yield of 5.62%. The ex-dividend date of this dividend is Wednesday, June 18th. Best Buy's payout ratio is currently 92.91%.

Insider Transactions at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 729,201 shares of the firm's stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $72.95, for a total value of $53,195,212.95. Following the completion of the sale, the chairman now owns 196,100 shares of the company's stock, valued at approximately $14,305,495. This trade represents a 78.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Matthew M. Bilunas sold 51,000 shares of the company's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $74.20, for a total value of $3,784,200.00. Following the transaction, the chief financial officer now directly owns 55,856 shares in the company, valued at $4,144,515.20. The trade was a 47.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.47% of the stock is owned by company insiders.

Institutional Trading of Best Buy

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its stake in shares of Best Buy by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer's stock valued at $1,971,908,000 after buying an additional 191,161 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Best Buy by 6.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 6,968,973 shares of the technology retailer's stock worth $512,986,000 after acquiring an additional 408,605 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Best Buy in the 4th quarter worth about $514,483,000. Geode Capital Management LLC lifted its position in Best Buy by 4.9% in the 4th quarter. Geode Capital Management LLC now owns 5,092,820 shares of the technology retailer's stock valued at $436,210,000 after acquiring an additional 239,840 shares in the last quarter. Finally, Invesco Ltd. lifted its position in Best Buy by 6.4% in the 1st quarter. Invesco Ltd. now owns 3,926,787 shares of the technology retailer's stock valued at $289,051,000 after acquiring an additional 234,669 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

Best Buy Company Profile

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.

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