Best Buy's (BBY) Buy Rating Reaffirmed at DA Davidson

DA Davidson reiterated their buy rating on shares of Best Buy (NYSE:BBY - Free Report) in a research note published on Monday,Benzinga reports. They currently have a $110.00 price target on the technology retailer's stock.

A number of other equities research analysts have also weighed in on the company. Piper Sandler lowered their price objective on Best Buy from $102.00 to $92.00 and set an "overweight" rating on the stock in a report on Wednesday, March 5th. Evercore ISI dropped their price objective on Best Buy from $95.00 to $80.00 and set an "in-line" rating on the stock in a report on Wednesday, March 5th. Loop Capital reissued a "negative" rating on shares of Best Buy in a report on Wednesday, March 5th. UBS Group set a $105.00 price target on shares of Best Buy in a research note on Wednesday, March 5th. Finally, KeyCorp reissued a "sector weight" rating on shares of Best Buy in a report on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, ten have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Best Buy presently has a consensus rating of "Hold" and a consensus target price of $91.28.

Best Buy Stock Performance

Shares of NYSE BBY traded up $2.34 during midday trading on Monday, reaching $61.97. 3,861,900 shares of the company were exchanged, compared to its average volume of 3,266,844. The stock has a market cap of $13.10 billion, a P/E ratio of 10.59, a PEG ratio of 2.10 and a beta of 1.42. Best Buy has a 1 year low of $54.99 and a 1 year high of $103.71. The stock has a fifty day simple moving average of $74.93 and a 200 day simple moving average of $84.17. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, topping the consensus estimate of $2.40 by $0.18. The business had revenue of $13.95 billion during the quarter, compared to analysts' expectations of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same quarter in the prior year, the business earned $2.72 earnings per share. On average, research analysts forecast that Best Buy will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th were issued a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 6.13%. This is a positive change from Best Buy's previous quarterly dividend of $0.94. The ex-dividend date was Tuesday, March 25th. Best Buy's dividend payout ratio is 88.99%.

Insiders Place Their Bets

In related news, insider Todd G. Hartman sold 4,893 shares of the company's stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $72.65, for a total transaction of $355,476.45. Following the transaction, the insider now owns 32,320 shares of the company's stock, valued at approximately $2,348,048. This represents a 13.15 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Corie S. Barry bought 13,500 shares of the stock in a transaction on Wednesday, March 12th. The stock was purchased at an average cost of $72.92 per share, with a total value of $984,420.00. Following the completion of the purchase, the chief executive officer now directly owns 378,780 shares in the company, valued at $27,620,637.60. This trade represents a 3.70 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 78,355 shares of company stock valued at $5,767,213 in the last ninety days. Insiders own 0.59% of the company's stock.

Institutional Trading of Best Buy

A number of hedge funds have recently added to or reduced their stakes in the business. Rakuten Securities Inc. lifted its holdings in shares of Best Buy by 971.9% during the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock worth $29,000 after acquiring an additional 311 shares during the period. Vermillion Wealth Management Inc. purchased a new position in Best Buy during the fourth quarter worth approximately $31,000. Golden State Wealth Management LLC acquired a new position in shares of Best Buy in the 4th quarter valued at $32,000. Atlas Capital Advisors Inc. grew its stake in shares of Best Buy by 186.9% during the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock valued at $32,000 after buying an additional 243 shares during the period. Finally, Ancora Advisors LLC increased its position in Best Buy by 18,700.0% during the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer's stock worth $32,000 after purchasing an additional 374 shares in 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.