Shares of Best Buy Co., Inc. (NYSE:BBY) have been assigned an average recommendation of "Buy" from the twenty-one analysts that are presently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have assigned a buy rating to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $124.47.
A number of research analysts have recently commented on BBY shares. DA Davidson raised shares of Best Buy to a "buy" rating in a research note on Friday, May 28th. Raymond James upped their price target on Best Buy from $130.00 to $135.00 and gave the stock an "outperform" rating in a report on Friday, May 28th. Piper Sandler upped their price target on Best Buy from $140.00 to $144.00 and gave the stock an "overweight" rating in a report on Friday, May 28th. Barclays upped their target price on Best Buy from $121.00 to $135.00 and gave the company an "overweight" rating in a research report on Friday, May 28th. Finally, Citigroup raised Best Buy to a "buy" rating in a research report on Friday, May 28th.
NYSE:BBY opened at $114.36 on Wednesday. The firm has a market cap of $28.64 billion, a P/E ratio of 13.38, a PEG ratio of 1.60 and a beta of 1.52. The company has a quick ratio of 0.58, a current ratio of 1.17 and a debt-to-equity ratio of 0.30. Best Buy has a 52-week low of $95.93 and a 52-week high of $128.57. The stock's fifty day moving average price is $113.21.
Best Buy (NYSE:BBY) last announced its earnings results on Wednesday, May 26th. The technology retailer reported $2.23 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.84. Best Buy had a net margin of 4.44% and a return on equity of 59.67%. The firm had revenue of $11.64 billion during the quarter, compared to the consensus estimate of $10.43 billion. During the same quarter in the previous year, the company posted $0.67 EPS. The firm's revenue for the quarter was up 35.9% on a year-over-year basis. On average, equities analysts forecast that Best Buy will post 8.53 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 8th. Investors of record on Thursday, June 17th were paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date of this dividend was Wednesday, June 16th. Best Buy's payout ratio is 35.40%.
In related news, insider Brian A. Tilzer sold 8,500 shares of the firm's stock in a transaction that occurred on Monday, June 14th. The stock was sold at an average price of $113.12, for a total transaction of $961,520.00. Following the completion of the transaction, the insider now owns 22,830 shares in the company, valued at approximately $2,582,529.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Corie S. Barry sold 4,355 shares of the firm's stock in a transaction that occurred on Monday, June 14th. The stock was sold at an average price of $113.76, for a total value of $495,424.80. Following the transaction, the chief executive officer now owns 207,201 shares of the company's stock, valued at approximately $23,571,185.76. The disclosure for this sale can be found here. Insiders sold a total of 183,090 shares of company stock worth $21,132,591 in the last ninety days. Insiders own 0.36% of the company's stock.
Several hedge funds have recently added to or reduced their stakes in the company. Penserra Capital Management LLC grew its stake in shares of Best Buy by 18.0% during the first quarter. Penserra Capital Management LLC now owns 578 shares of the technology retailer's stock worth $66,000 after purchasing an additional 88 shares during the period. C M Bidwell & Associates Ltd. raised its stake in Best Buy by 4.7% in the first quarter. C M Bidwell & Associates Ltd. now owns 2,055 shares of the technology retailer's stock valued at $236,000 after buying an additional 92 shares during the period. Doheny Asset Management CA raised its stake in Best Buy by 2.7% in the fourth quarter. Doheny Asset Management CA now owns 3,850 shares of the technology retailer's stock valued at $384,000 after buying an additional 100 shares during the period. IHT Wealth Management LLC raised its stake in Best Buy by 3.7% in the first quarter. IHT Wealth Management LLC now owns 3,046 shares of the technology retailer's stock valued at $350,000 after buying an additional 109 shares during the period. Finally, Parallel Advisors LLC raised its stake in Best Buy by 7.3% in the first quarter. Parallel Advisors LLC now owns 1,730 shares of the technology retailer's stock valued at $199,000 after buying an additional 117 shares during the period. Institutional investors own 77.19% of the company's stock.
About Best Buy
Best Buy Co, Inc retails technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing and mobile phones, such as computing covering desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions, networking products, tablets covering e-readers, and wearables, such as smartwatches; and consumer electronics consisting of digital imaging, health and fitness, home theater, portable audio comprising headphones and portable speakers, and smart home products.
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