Best Buy Co., Inc. (NYSE:BBY) Given Average Rating of "Hold" by Brokerages

Shares of Best Buy Co., Inc. (NYSE:BBY - Get Free Report) have been given an average rating of "Hold" by the twenty ratings firms that are covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have issued a buy rating on the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $86.11.

BBY has been the subject of a number of research reports. Telsey Advisory Group reaffirmed an "outperform" rating and issued a $90.00 price objective on shares of Best Buy in a research note on Friday, May 30th. Wells Fargo & Company dropped their price objective on shares of Best Buy from $75.00 to $67.00 and set an "equal weight" rating on the stock in a research note on Friday, May 30th. Morgan Stanley reduced their price objective on shares of Best Buy from $100.00 to $85.00 and set an "equal weight" rating for the company in a research note on Wednesday, March 5th. Jefferies Financial Group cut their price target on Best Buy from $106.00 to $92.00 and set a "buy" rating on the stock in a report on Tuesday, March 4th. Finally, Truist Financial raised their price objective on Best Buy from $64.00 to $69.00 and gave the company a "hold" rating in a research report on Friday, May 30th.

Best Buy Price Performance

Shares of NYSE:BBY traded down $0.79 during trading on Friday, hitting $68.05. 2,837,610 shares of the company's stock were exchanged, compared to its average volume of 3,323,252. The business's 50-day simple moving average is $68.87 and its 200 day simple moving average is $76.58. The company has a market cap of $14.38 billion, a price-to-earnings ratio of 16.64, a PEG ratio of 1.75 and a beta of 1.25. Best Buy has a 52-week low of $54.99 and a 52-week high of $103.71. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.02 and a quick ratio of 0.32.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings results on Thursday, May 29th. The technology retailer reported $1.15 EPS for the quarter, beating analysts' consensus estimates of $1.09 by $0.06. Best Buy had a net margin of 2.13% and a return on equity of 46.40%. The firm had revenue of $8.77 billion during the quarter, compared to the consensus estimate of $8.77 billion. During the same quarter last year, the firm earned $1.20 EPS. The firm's revenue for the quarter was down .9% compared to the same quarter last year. As a group, equities analysts predict that Best Buy will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Shareholders of record on Thursday, June 19th will be given a dividend of $0.95 per share. The ex-dividend date is Wednesday, June 18th. This represents a $3.80 dividend on an annualized basis and a yield of 5.58%. Best Buy's dividend payout ratio is currently 92.91%.

Insider Activity at Best Buy

In related news, Chairman Richard M. Schulze sold 729,201 shares of the firm's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $72.95, for a total transaction of $53,195,212.95. Following the sale, the chairman now directly owns 196,100 shares of the company's stock, valued at $14,305,495. This trade represents a 78.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.59% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in BBY. Raymond James Financial Inc. acquired a new stake in shares of Best Buy in the fourth quarter valued at approximately $514,483,000. Norges Bank purchased a new stake in Best Buy in the 4th quarter valued at $178,015,000. Pacer Advisors Inc. increased its stake in shares of Best Buy by 3,890.0% in the 1st quarter. Pacer Advisors Inc. now owns 1,023,677 shares of the technology retailer's stock worth $75,353,000 after acquiring an additional 998,021 shares during the last quarter. Northern Trust Corp increased its stake in shares of Best Buy by 31.3% in the 4th quarter. Northern Trust Corp now owns 2,942,832 shares of the technology retailer's stock worth $252,495,000 after acquiring an additional 701,287 shares during the last quarter. Finally, AQR Capital Management LLC boosted its position in shares of Best Buy by 36.5% during the 1st quarter. AQR Capital Management LLC now owns 2,510,476 shares of the technology retailer's stock valued at $181,357,000 after acquiring an additional 671,408 shares during the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

About Best Buy

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.