Guggenheim Reaffirms "Buy" Rating for Best Buy (NYSE:BBY)

Guggenheim reiterated their buy rating on shares of Best Buy (NYSE:BBY - Free Report) in a research note published on Tuesday morning,Benzinga reports. The brokerage currently has a $90.00 price target on the technology retailer's stock.

Other research analysts have also recently issued research reports about the company. Wells Fargo & Company decreased their target price on 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. Citigroup reiterated a "neutral" rating and set a $70.00 price objective (down from $93.00) on shares of Best Buy in a research report on Thursday, April 3rd. Truist Financial boosted their target price on shares of Best Buy from $64.00 to $69.00 and gave the stock a "hold" rating in a research note on Friday, May 30th. Jefferies Financial Group cut their price objective 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, DA Davidson reissued a "buy" rating and set a $110.00 price target on shares of Best Buy in a research note on Monday, April 14th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $86.11.

Best Buy Stock Performance

NYSE:BBY traded down $2.39 during mid-day trading on Tuesday, hitting $72.52. 2,084,805 shares of the stock were exchanged, compared to its average volume of 3,331,423. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The firm's 50-day simple moving average is $67.07 and its 200 day simple moving average is $77.98. Best Buy has a fifty-two week low of $54.99 and a fifty-two week high of $103.71. The stock has a market capitalization of $15.35 billion, a price-to-earnings ratio of 12.40, a price-to-earnings-growth ratio of 2.10 and a beta of 1.25.

Best Buy (NYSE:BBY - Get Free Report) last posted 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. The business had revenue of $8.77 billion during the quarter, compared to the consensus estimate of $8.77 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. Best Buy's revenue for the quarter was down .9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.20 earnings per share. As a group, equities analysts anticipate that Best Buy will post 6.18 EPS for the current fiscal year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Thursday, June 19th will be paid a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.24%. The ex-dividend date of this dividend is Wednesday, June 18th. Best Buy's dividend payout ratio (DPR) is 92.91%.

Insider Activity at Best Buy

In other news, CAO Mathew Watson sold 3,182 shares of the company's stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $71.29, for a total transaction of $226,844.78. Following the sale, the chief accounting officer now directly owns 19,218 shares in the company, valued at approximately $1,370,051.22. This represents a 14.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Matthew M. Bilunas sold 9,482 shares of the firm's stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $72.65, for a total transaction of $688,867.30. Following the completion of the sale, the chief financial officer now directly owns 106,856 shares of the company's stock, valued at approximately $7,763,088.40. The trade was a 8.15% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 78,355 shares of company stock valued at $5,767,213. 0.47% of the stock is owned by company insiders.

Institutional Investors Weigh In On Best Buy

A number of large investors have recently bought and sold shares of the company. Stevens Capital Management LP increased its stake in shares of Best Buy by 228.7% in the 4th quarter. Stevens Capital Management LP now owns 22,625 shares of the technology retailer's stock valued at $1,941,000 after purchasing an additional 15,741 shares in the last quarter. Invesco Ltd. increased its stake 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 acquiring an additional 629,180 shares during the last quarter. Vanguard Group Inc. increased its position in Best Buy by 0.8% during the fourth 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. Pinnacle Financial Partners Inc acquired a new position in Best Buy in the 4th quarter valued at about $3,293,000. Finally, APG Asset Management N.V. acquired a new stake in shares of Best Buy during the 4th quarter worth approximately $9,073,000. Hedge funds and other institutional investors own 80.96% of the company's stock.

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.