Best Buy (NYSE:BBY) Given "Buy" Rating at Guggenheim

Guggenheim reaffirmed their buy rating on shares of Best Buy (NYSE:BBY - Free Report) in a research report report published on Friday morning,Benzinga reports. They currently have a $90.00 target price on the technology retailer's stock.

Several other brokerages have also recently commented on BBY. 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 report on Friday. Evercore ISI lowered their price objective on Best Buy from $95.00 to $80.00 and set an "in-line" rating for the company in a research report on Wednesday, March 5th. UBS Group cut their target price on Best Buy from $95.00 to $90.00 and set a "buy" rating on the stock in a research note on Friday. Loop Capital reissued a "negative" rating on shares of Best Buy in a research note on Wednesday, March 5th. Finally, Jefferies Financial Group cut their target price on Best Buy from $106.00 to $92.00 and set a "buy" rating on the stock in a research note on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Best Buy has a consensus rating of "Hold" and a consensus price target of $86.11.

Best Buy Stock Performance

Shares of BBY stock traded down $0.07 during trading hours on Friday, reaching $66.25. 6,438,698 shares of the company's stock were exchanged, compared to its average volume of 3,346,222. 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 $14.02 billion, a P/E ratio of 11.32, a P/E/G ratio of 2.10 and a beta of 1.27. The business has a fifty day moving average price of $67.25 and a 200-day moving average price of $78.85. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37.

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 the consensus estimate of $1.09 by $0.06. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business had revenue of $8.77 billion for the quarter, compared to analyst estimates of $8.77 billion. During the same quarter in the previous year, the firm earned $1.20 EPS. Best Buy's quarterly revenue was down .9% on a year-over-year basis. Analysts predict that Best Buy will post 6.18 EPS for the current fiscal year.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Thursday, June 19th will be given a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.74%. The ex-dividend date of this dividend is Wednesday, June 18th. Best Buy's dividend payout ratio is currently 88.99%.

Insider Transactions at Best Buy

In related news, EVP Kathleen Scarlett sold 6,847 shares of the stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $72.65, for a total transaction of $497,434.55. Following the completion of the transaction, the executive vice president now directly owns 87,389 shares in the company, valued at approximately $6,348,810.85. This trade represents a 7.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Todd G. Hartman sold 4,893 shares of the stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $72.65, for a total value 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. The trade was a 13.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 78,355 shares of company stock valued at $5,767,213 over the last 90 days. 0.47% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of 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 buying an additional 191,161 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Best Buy by 6.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 6,968,973 shares of the technology retailer's stock valued at $512,986,000 after purchasing an additional 408,605 shares in the last quarter. Raymond James Financial Inc. bought a new position in Best Buy in the fourth quarter valued at approximately $514,483,000. Geode Capital Management LLC grew its stake in Best Buy by 4.9% in the fourth quarter. Geode Capital Management LLC now owns 5,092,820 shares of the technology retailer's stock valued at $436,210,000 after purchasing an additional 239,840 shares in the last quarter. Finally, Invesco Ltd. grew its stake in Best Buy by 6.4% in the first quarter. Invesco Ltd. now owns 3,926,787 shares of the technology retailer's stock valued at $289,051,000 after purchasing an additional 234,669 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

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.