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

Key Points

• Best Buy Co., Inc. has received an average rating of "Hold" from twenty research firms, with one analyst rating it as a sell, eleven as hold, and eight as buy. The average 1-year price target is approximately $85.72.
• Chairman Richard M. Schulze sold 729,201 shares of the company's stock for over $53 million, resulting in a significant decrease of 78.81% in his holdings.
• Best Buy declared a quarterly dividend of $0.95 per share, which translates to an annual yield of 5.5% and a payout ratio of 92.91%.

Best Buy Co., Inc. (NYSE:BBY - Get Free Report) has received an average rating of "Hold" from the twenty research firms that are presently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eight have given a buy rating to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $85.7222.

Several equities research analysts recently commented on the stock. UBS Group cut their target price on shares of Best Buy from $95.00 to $90.00 and set a "buy" rating on the stock in a research report on Friday, May 30th. Wells Fargo & Company cut their target price on shares of Best Buy from $75.00 to $67.00 and set an "equal weight" rating on the stock in a research report on Friday, May 30th. Telsey Advisory Group reiterated an "outperform" rating and set a $90.00 target price on shares of Best Buy in a research report on Friday, May 30th. Guggenheim reiterated a "buy" rating and set a $90.00 target price on shares of Best Buy in a research report on Tuesday, June 10th. Finally, Piper Sandler restated a "neutral" rating and issued a $75.00 price target (down previously from $82.00) on shares of Best Buy in a research report on Monday, July 14th.

Insider Buying and Selling

In other Best Buy news, Chairman Richard M. Schulze sold 729,201 shares of the business's stock in a transaction on Monday, June 9th. The shares were sold at an average price of $72.95, for a total transaction of $53,195,212.95. Following the completion of the sale, the chairman owned 196,100 shares in the company, valued at approximately $14,305,495. The trade was a 78.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.59% of the company's stock.

Institutional Trading of Best Buy

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Mariner LLC increased its stake in Best Buy by 0.3% during the 4th quarter. Mariner LLC now owns 43,215 shares of the technology retailer's stock valued at $3,708,000 after purchasing an additional 129 shares in the last quarter. LRI Investments LLC increased its stake in Best Buy by 36.3% during the 4th quarter. LRI Investments LLC now owns 529 shares of the technology retailer's stock valued at $45,000 after purchasing an additional 141 shares in the last quarter. Prosperity Consulting Group LLC increased its stake in Best Buy by 6.4% during the 4th quarter. Prosperity Consulting Group LLC now owns 2,404 shares of the technology retailer's stock valued at $206,000 after purchasing an additional 145 shares in the last quarter. Community Bank & Trust Waco Texas increased its stake in Best Buy by 0.5% during the 1st quarter. Community Bank & Trust Waco Texas now owns 30,970 shares of the technology retailer's stock valued at $2,280,000 after purchasing an additional 145 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB increased its stake in Best Buy by 25.6% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 721 shares of the technology retailer's stock valued at $53,000 after purchasing an additional 147 shares in the last quarter. Institutional investors own 80.96% of the company's stock.

Best Buy Trading Up 2.1%

BBY opened at $68.98 on Monday. The company's 50 day moving average is $69.15 and its 200-day moving average is $72.64. The company has a current ratio of 1.02, a quick ratio of 0.32 and a debt-to-equity ratio of 0.42. Best Buy has a 1-year low of $54.99 and a 1-year high of $103.71. The company has a market cap of $14.58 billion, a P/E ratio of 16.87, a PEG ratio of 1.82 and a beta of 1.21.

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

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 10th. Shareholders of record on Thursday, June 19th were paid a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a yield of 5.5%. The ex-dividend date was Wednesday, June 18th. Best Buy's payout ratio is 92.91%.

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.

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