Best Buy (BBY) Stock Forecast, Price & News

15 Wall Street equities research analysts have issued "buy," "hold," and "sell" ratings for Best Buy in the last twelve months. There are currently 1 sell rating, 3 hold ratings and 11 buy ratings for the stock. The consensus among Wall Street equities research analysts is that investors should "moderate buy" BBY shares.
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15 brokerages have issued 12 month price objectives for Best Buy's stock. Their BBY share price forecasts range from $69.00 to $91.00. On average, they expect the company's share price to reach $80.67 in the next year. This suggests a possible upside of 15.6% from the stock's current price.
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Best Buy's stock was trading at $80.21 at the beginning of the year. Since then, BBY stock has decreased by 13.0% and is now trading at $69.79.
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Best Buy saw a decrease in short interest in August. As of August 31st, there was short interest totaling 10,040,000 shares, a decrease of 6.3% from the August 15th total of 10,720,000 shares. Based on an average trading volume of 2,290,000 shares, the days-to-cover ratio is currently 4.4 days. Approximately 5.2% of the shares of the company are sold short.
View Best Buy's Short Interest.

The company is scheduled to release its next quarterly earnings announcement on Tuesday, November 28th 2023.
View our BBY earnings forecast.

Best Buy Co., Inc. (NYSE:BBY) announced its quarterly earnings data on Tuesday, August, 29th. The technology retailer reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.06 by $0.16. The technology retailer had revenue of $9.58 billion for the quarter, compared to the consensus estimate of $9.52 billion. Best Buy had a trailing twelve-month return on equity of 49.40% and a net margin of 2.91%. The firm's revenue for the quarter was down 7.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.54 earnings per share.
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Best Buy declared a quarterly dividend on Tuesday, August 29th. Stockholders of record on Tuesday, September 19th will be given a dividend of $0.92 per share on Tuesday, October 10th. This represents a $3.68 annualized dividend and a yield of 5.27%. The ex-dividend date is Monday, September 18th.
Read our dividend analysis for BBY.

ETFs with the largest weight of Best Buy (NYSE:BBY) stock in their portfolio include Invesco S&P Ultra Dividend Revenue ETF (RDIV), WBI Power Factor High Dividend ETF (WBIY), The Acquirers Fund (ZIG), ALPS Sector Dividend Dogs ETF (SDOG), AAM S&P 500 High Dividend Value ETF (SPDV), Invesco S&P 500 Equal Weight Consumer Discretionary ETF (RCD), Invesco S&P 500 Equal Weight Consumer Discretionary ETF (RSPD) and Invesco High Yield Equity Dividend Achievers ETF (PEY).

Best Buy (NYSE:BBY) pays an annual dividend of $3.68 per share and currently has a dividend yield of 5.31%. BBY has a dividend yield higher than 75% of all dividend-paying stocks, making it a leading dividend payer. The company has been increasing its dividend for 20 consecutive years, indicating the company has a strong committment to maintain and grow its dividend. The dividend payout ratio is 63.34%. This payout ratio is at a healthy, sustainable level, below 75%. Based on earnings estimates, BBY will have a dividend payout ratio of 53.88% next year. This indicates that the company will be able to sustain or increase its dividend.
Read our dividend analysis for BBY.

Best Buy updated its FY 2024 earnings guidance on Tuesday, August, 29th. The company provided earnings per share (EPS) guidance of $6.00-$6.40 for the period, compared to the consensus estimate of $6.08. The company issued revenue guidance of $43.80 billion-$44.50 billion, compared to the consensus revenue estimate of $44.30 billion.

1,251 employees have rated Best Buy Chief Executive Officer Corie Barry on Glassdoor.com. Corie Barry has an approval rating of 75% among the company's employees.

Based on aggregate information from My MarketBeat watchlists, some companies that other Best Buy investors own include NVIDIA (NVDA), Intel (INTC), Home Depot (HD), Advanced Micro Devices (AMD), Cisco Systems (CSCO), Micron Technology (MU), Bank of America (BAC), Walt Disney (DIS), QUALCOMM (QCOM) and Alibaba Group (BABA).

Best Buy trades on the New York Stock Exchange (NYSE) under the ticker symbol "BBY."

Best Buy's stock is owned by a variety of institutional and retail investors. Top institutional shareholders include BlackRock Inc. (9.35%), State Street Corp (4.62%), Charles Schwab Investment Management Inc. (2.02%), Geode Capital Management LLC (1.95%), Dimensional Fund Advisors LP (1.22%) and Northern Trust Corp (1.19%). Insiders that own company stock include Allison Peterson, Brian A Tilzer, Corie S Barry, Corie S Barry, Damien Harmon, Deborah Disanzo Eldracher, Jason J Bonfig, Kathleen Scarlett, Mario Jesus Marte, Mathew Watson, Matthew M Bilunas, Matthew M Bilunas, Rajendra M Mohan, Rajendra M Mohan, Richard M Schulze, Robert L Bass and Todd G Hartman.
View institutional ownership trends.

Shares of BBY stock can be purchased through any online brokerage account. Popular online brokerages with access to the U.S. stock market include WeBull, Vanguard Brokerage Services, TD Ameritrade, E*TRADE, Robinhood, Fidelity, and Charles Schwab.
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One share of BBY stock can currently be purchased for approximately $69.79.

Best Buy (NYSE:BBY) has a market capitalization of $15.19 billion and generates $46.30 billion in revenue each year. The technology retailer earns $1.42 billion in net income (profit) each year or $5.81 on an earnings per share basis.

The company employs 90,000 workers across the globe.

Best Buy's mailing address is 7601 PENN AVE SOUTH, RICHFIELD MN, 55423. The official website for the company is www.bestbuy.com. The technology retailer can be reached via phone at (612) 291-1000, via email at investorrelations@bestbuy.com, or via fax at 612-292-4001.