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 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, home theater, portable audio comprising headphones and portable speakers, and smart home products. The company's stores also offer appliances, such as dishwashers, laundry, ovens, refrigerators, blenders, coffee makers, and vacuums; entertainment products consisting of drones, peripherals, movies, music, and toys, as well as gaming hardware and software, and virtual reality and other software products; and other products, such as baby, food and beverage, luggage, outdoor living, and sporting goods. In addition, it provides consultation, delivery, design, health-related, installation, memberships, repair, set-up, technical support, and warranty-related services. The company offers its products through stores and websites under the Best Buy, Best Buy Ads, Best Buy Business, Best Buy Health, CST, Current Health, Geek Squad, Lively, Magnolia, Best Buy Mobile, Pacific Kitchen, Home, and Yardbird, as well as domain names bestbuy.com, currenthealth.com, lively.com, yardbird.com, and bestbuy.ca. As of January 30, 2022, it had 1,144 stores. The company was formerly known as Sound of Music, Inc. The company was incorporated in 1966 and is headquartered in Richfield, Minnesota.
Wall Street Analyst Weigh In
BBY has been the topic of a number of research analyst reports. Telsey Advisory Group lowered their target price on Best Buy from $88.00 to $82.00 and set an "outperform" rating on the stock in a report on Thursday, July 28th. TheStreet downgraded Best Buy from a "b-" rating to a "c+" rating in a report on Tuesday, July 5th. Piper Sandler dropped their price objective on Best Buy from $91.00 to $84.00 and set an "overweight" rating for the company in a research note on Monday, August 8th. The Goldman Sachs Group reissued a "sell" rating and set a $82.00 price target (down from $96.00) on shares of Best Buy in a report on Tuesday, June 7th. Finally, Guggenheim reduced their target price on Best Buy from $100.00 to $85.00 and set a "buy" rating on the stock in a report on Monday, August 1st. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $87.25.
Best Buy Stock Performance
Shares of Best Buy stock traded up $0.16 during trading hours on Thursday, reaching $82.42. 1,285,339 shares of the stock traded hands, compared to its average volume of 3,219,548. The company has a 50 day moving average price of $73.60 and a 200 day moving average price of $86.14. The firm has a market capitalization of $18.56 billion, a price-to-earnings ratio of 9.13, a P/E/G ratio of 0.74 and a beta of 1.50. Best Buy has a one year low of $64.29 and a one year high of $141.97. The company has a quick ratio of 0.24, a current ratio of 0.96 and a debt-to-equity ratio of 0.42.
Best Buy (NYSE:BBY - Get Rating) last issued its quarterly earnings data on Tuesday, May 24th. The technology retailer reported $1.57 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.59 by ($0.02). Best Buy had a return on equity of 63.39% and a net margin of 4.33%. The firm had revenue of $10.65 billion for the quarter, compared to analysts' expectations of $10.43 billion. During the same period last year, the company earned $2.23 earnings per share. The firm's revenue was down 8.5% on a year-over-year basis. On average, equities research analysts expect that Best Buy will post 6.5 earnings per share for the current fiscal year.
Best Buy Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Tuesday, July 5th. Investors of record on Tuesday, June 14th were paid a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a yield of 4.27%. The ex-dividend date of this dividend was Monday, June 13th. Best Buy's dividend payout ratio (DPR) is presently 39.07%.
Insider Activity
In other news, insider Allison Peterson sold 1,646 shares of the stock in a transaction on Wednesday, June 1st. The shares were sold at an average price of $80.68, for a total value of $132,799.28. Following the sale, the insider now owns 39,030 shares in the company, valued at $3,148,940.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Allison Peterson sold 1,646 shares of the company's stock in a transaction dated Wednesday, June 1st. The shares were sold at an average price of $80.68, for a total transaction of $132,799.28. Following the completion of the transaction, the insider now owns 39,030 shares in the company, valued at approximately $3,148,940.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Chairman Richard M. Schulze purchased 250,000 shares of the stock in a transaction dated Wednesday, May 25th. The stock was purchased at an average cost of $79.60 per share, for a total transaction of $19,900,000.00. Following the completion of the purchase, the chairman now directly owns 20,464,051 shares of the company's stock, valued at $1,628,938,459.60. The disclosure for this purchase can be found here. Insiders have sold 63,011 shares of company stock valued at $5,036,334 over the last ninety days. 0.44% of the stock is currently owned by insiders.
