Best Buy Co., Inc. (NYSE:BBY) Receives Average Rating of "Hold" from Brokerages

Best Buy Co., Inc. (NYSE:BBY - Get Free Report) has earned an average rating of "Hold" from the fifteen brokerages that are covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $84.60.

A number of research firms recently weighed in on BBY. Truist Financial raised their price target on shares of Best Buy from $68.00 to $87.00 and gave the company a "hold" rating in a research report on Friday, March 1st. Telsey Advisory Group raised shares of Best Buy from a "market perform" rating to an "outperform" rating and boosted their price objective for the company from $85.00 to $95.00 in a research note on Wednesday, March 20th. TheStreet raised shares of Best Buy from a "c" rating to a "b-" rating in a research note on Thursday, February 29th. The Goldman Sachs Group boosted their price target on shares of Best Buy from $81.00 to $90.00 and gave the stock a "buy" rating in a research note on Friday, March 1st. Finally, Wedbush upped their price objective on shares of Best Buy from $75.00 to $85.00 and gave the company a "neutral" rating in a research note on Friday, March 1st.

Insider Buying and Selling

In related news, insider Todd G. Hartman sold 3,973 shares of the firm's stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total value of $324,991.40. Following the transaction, the insider now owns 25,912 shares of the company's stock, valued at $2,119,601.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Best Buy news, CFO Matthew M. Bilunas sold 8,258 shares of Best Buy stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total transaction of $675,504.40. Following the transaction, the chief financial officer now owns 90,694 shares of the company's stock, valued at $7,418,769.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Todd G. Hartman sold 3,973 shares of Best Buy stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total transaction of $324,991.40. Following the transaction, the insider now directly owns 25,912 shares in the company, valued at approximately $2,119,601.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 52,023 shares of company stock valued at $4,253,900. 0.56% of the stock is owned by insiders.

Hedge Funds Weigh In On Best Buy

Several hedge funds have recently modified their holdings of BBY. CWM LLC increased its position in Best Buy by 12.1% in the third quarter. CWM LLC now owns 3,064 shares of the technology retailer's stock worth $213,000 after purchasing an additional 330 shares during the last quarter. AdvisorNet Financial Inc lifted its stake in Best Buy by 52.9% in the third quarter. AdvisorNet Financial Inc now owns 1,385 shares of the technology retailer's stock worth $96,000 after acquiring an additional 479 shares during the period. IFP Advisors Inc lifted its stake in Best Buy by 15.8% in the third quarter. IFP Advisors Inc now owns 2,904 shares of the technology retailer's stock worth $202,000 after acquiring an additional 397 shares during the period. Ritholtz Wealth Management lifted its position in shares of Best Buy by 16.0% during the third quarter. Ritholtz Wealth Management now owns 9,130 shares of the technology retailer's stock valued at $634,000 after buying an additional 1,256 shares during the last quarter. Finally, HB Wealth Management LLC increased its holdings in shares of Best Buy by 4.1% during the third quarter. HB Wealth Management LLC now owns 4,552 shares of the technology retailer's stock valued at $316,000 after acquiring an additional 180 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company's stock.

Best Buy Stock Performance

Shares of BBY stock traded down $0.07 on Tuesday, reaching $75.05. The stock had a trading volume of 2,411,838 shares, compared to its average volume of 2,994,010. Best Buy has a 12 month low of $62.30 and a 12 month high of $86.11. The firm has a market capitalization of $16.16 billion, a price-to-earnings ratio of 13.19, a P/E/G ratio of 1.99 and a beta of 1.49. The firm's 50-day moving average is $77.98 and its two-hundred day moving average is $74.07. The company has a quick ratio of 0.37, a current ratio of 1.00 and a debt-to-equity ratio of 0.38.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings data on Thursday, February 29th. The technology retailer reported $2.72 EPS for the quarter, beating the consensus estimate of $2.51 by $0.21. Best Buy had a net margin of 2.86% and a return on equity of 48.45%. The business had revenue of $14.65 billion during the quarter, compared to the consensus estimate of $14.58 billion. During the same quarter in the prior year, the firm earned $2.61 EPS. The firm's revenue was down .6% compared to the same quarter last year. On average, research analysts expect that Best Buy will post 6.03 EPS for the current fiscal year.

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Thursday, March 21st were paid a $0.94 dividend. The ex-dividend date was Wednesday, March 20th. This is a positive change from Best Buy's previous quarterly dividend of $0.92. This represents a $3.76 dividend on an annualized basis and a dividend yield of 5.01%. Best Buy's payout ratio is currently 66.08%.

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.