Best Buy - BBY Stock Forecast, Price & News

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.

Best Buy Price Performance

NYSE:BBY traded up $1.91 on Thursday, reaching $80.42. 2,060,013 shares of the stock traded hands, compared to its average volume of 3,248,397. Best Buy has a 12 month low of $64.29 and a 12 month high of $141.97. The firm's fifty day simple moving average is $73.35 and its 200 day simple moving average is $86.70. The company has a market cap of $18.11 billion, a price-to-earnings ratio of 8.92, a P/E/G ratio of 0.64 and a beta of 1.50. 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 released its earnings results on Tuesday, May 24th. The technology retailer reported $1.57 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.59 by ($0.02). Best Buy had a net margin of 4.33% and a return on equity of 63.39%. The business had revenue of $10.65 billion during the quarter, compared to analysts' expectations of $10.43 billion. During the same quarter in the previous year, the company earned $2.23 EPS. Best Buy's revenue for the quarter was down 8.5% on a year-over-year basis. As a group, research analysts predict that Best Buy will post 6.69 EPS for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 5th. Shareholders of record on Tuesday, June 14th were given a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 4.38%. The ex-dividend date was Monday, June 13th. Best Buy's payout ratio is 39.07%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on BBY shares. DA Davidson upped their target price on Best Buy from $107.00 to $110.00 and gave the stock a "buy" rating in a research report on Wednesday, May 25th. UBS Group cut their price target on Best Buy from $80.00 to $76.00 and set a "neutral" rating on the stock in a research note on Thursday, July 28th. The Goldman Sachs Group reiterated a "sell" rating and issued a $82.00 price target (down previously from $96.00) on shares of Best Buy in a research note on Tuesday, June 7th. Guggenheim cut their price target on Best Buy from $100.00 to $85.00 and set a "buy" rating on the stock in a research note on Monday, August 1st. Finally, Bank of America cut Best Buy from a "buy" rating to a "neutral" rating in a research note on Tuesday, June 14th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Best Buy presently has a consensus rating of "Hold" and an average price target of $87.25.

Insiders Place Their Bets

In other news, EVP Kathleen Scarlett sold 6,237 shares of the firm's stock in a transaction dated Wednesday, June 1st. The stock was sold at an average price of $80.68, for a total value of $503,201.16. Following the sale, the executive vice president now directly owns 69,538 shares of the company's stock, valued at $5,610,325.84. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO Corie S. Barry sold 4,388 shares of the stock in a transaction dated Tuesday, June 14th. The shares were sold at an average price of $70.00, for a total value of $307,160.00. Following the completion of the sale, the chief executive officer now owns 315,313 shares in the company, valued at $22,071,910. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Kathleen Scarlett sold 6,237 shares of the firm's stock in a transaction dated Wednesday, June 1st. The stock was sold at an average price of $80.68, for a total transaction of $503,201.16. Following the transaction, the executive vice president now owns 69,538 shares of the company's stock, valued at approximately $5,610,325.84. The disclosure for this sale can be found here. Insiders have sold 63,011 shares of company stock valued at $5,036,334 over the last three months. 0.44% of the stock is currently owned by insiders.