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

Best Buy Co., Inc. (NYSE:BBY - Get Free Report) has been given a consensus rating of "Hold" by the twenty ratings firms that are presently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, eleven have given a hold recommendation and eight have given a buy recommendation to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $85.72.

Several equities analysts have weighed in on BBY shares. Truist Financial raised their price target on Best Buy from $64.00 to $69.00 and gave the stock a "hold" rating in a research report on Friday, May 30th. Citigroup reaffirmed a "neutral" rating and set a $70.00 price target (down from $93.00) on shares of Best Buy in a research note on Thursday, April 3rd. Guggenheim reaffirmed a "buy" rating and set a $90.00 price target on shares of Best Buy in a research note on Tuesday, June 10th. Telsey Advisory Group restated an "outperform" rating and set a $90.00 target price on shares of Best Buy in a research report on Friday, May 30th. Finally, Wedbush decreased their target price on shares of Best Buy from $75.00 to $70.00 and set a "neutral" rating on the stock in a research report on Friday, May 30th.

Best Buy Price Performance

Shares of NYSE:BBY traded up $0.79 on Thursday, reaching $67.64. 3,058,434 shares of the company were exchanged, compared to its average volume of 3,350,631. 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 firm has a market cap of $14.30 billion, a price-to-earnings ratio of 16.54, a price-to-earnings-growth ratio of 1.82 and a beta of 1.24. The company has a 50-day moving average of $70.47 and a 200-day moving average of $74.80.

Best Buy (NYSE:BBY - Get Free Report) last issued its earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share 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 company had revenue of $8.77 billion for the quarter, compared to analyst estimates of $8.77 billion. During the same period in the prior year, the business posted $1.20 earnings per share. The firm's revenue for the quarter was down .9% compared to the same quarter last year. Equities analysts forecast that Best Buy will post 6.18 earnings per share for the current fiscal year.

Best Buy Announces Dividend

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

Insider Activity at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 729,201 shares of the stock in a transaction that occurred on 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 transaction, the chairman owned 196,100 shares of the company's stock, valued at $14,305,495. This trade represents a 78.81% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.47% of the company's stock.

Hedge Funds Weigh In On Best Buy

Large investors have recently added to or reduced their stakes in the company. Stevens Capital Management LP lifted its holdings in Best Buy by 228.7% in the fourth quarter. Stevens Capital Management LP now owns 22,625 shares of the technology retailer's stock worth $1,941,000 after acquiring an additional 15,741 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Best Buy by 20.5% in the 4th quarter. Invesco Ltd. now owns 3,692,118 shares of the technology retailer's stock worth $316,784,000 after purchasing an additional 629,180 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Best Buy by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer's stock worth $1,971,908,000 after purchasing an additional 191,161 shares during the last quarter. APG Asset Management N.V. bought a new stake in shares of Best Buy in the 4th quarter worth approximately $9,073,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in Best Buy by 7.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 200,960 shares of the technology retailer's stock valued at $14,560,000 after buying an additional 13,378 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors.

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.