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

BBY Stock traded up $3.62 during mid-day trading on Tuesday, hitting $84.95. 3,663,739 shares of the stock were exchanged, compared to its average volume of 3,235,307. The business has a fifty day moving average price of $73.37 and a 200 day moving average price of $86.17. Best Buy has a 12 month low of $64.29 and a 12 month high of $141.97. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.96 and a quick ratio of 0.24. The stock has a market capitalization of $19.13 billion, a price-to-earnings ratio of 9.59, a PEG ratio of 0.68 and a beta of 1.50.

Best Buy (NYSE:BBY - Get Rating) last released its earnings results on Tuesday, May 24th. The technology retailer reported $1.57 earnings per share for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $10.43 billion. During the same quarter in the previous year, the firm earned $2.23 EPS. The business's quarterly revenue was down 8.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Best Buy will post 6.69 EPS for the current year.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 5th. Shareholders of record on Tuesday, June 14th were paid a $0.88 dividend. This represents a $3.52 annualized dividend and a yield of 4.14%. The ex-dividend date was Monday, June 13th. Best Buy's dividend payout ratio is presently 39.07%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. TheStreet lowered Best Buy from a "b-" rating to a "c+" rating in a report on Tuesday, July 5th. The Goldman Sachs Group restated a "sell" rating and set a $82.00 price objective (down previously from $96.00) on shares of Best Buy in a report on Tuesday, June 7th. DA Davidson increased their price target on Best Buy from $107.00 to $110.00 and gave the stock a "buy" rating in a research note on Wednesday, May 25th. Telsey Advisory Group lowered their target price on shares of Best Buy from $88.00 to $82.00 and set an "outperform" rating on the stock in a report on Thursday, July 28th. Finally, Guggenheim cut their price target on Best Buy from $100.00 to $85.00 and set a "buy" rating for the company in a report on Monday, August 1st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $87.25.

Insider Buying and Selling at Best Buy

In related news, Chairman Richard M. Schulze acquired 250,000 shares of the firm's stock in a transaction dated Wednesday, May 25th. The shares were purchased at an average price of $79.60 per share, for a total transaction of $19,900,000.00. Following the completion of the acquisition, the chairman now owns 20,464,051 shares in the company, valued at $1,628,938,459.60. The purchase was disclosed in a filing with the SEC, which is available at this link. In related news, Chairman Richard M. Schulze purchased 250,000 shares of Best Buy stock in a transaction that occurred on Wednesday, May 25th. The shares were acquired at an average cost of $79.60 per share, for a total transaction of $19,900,000.00. Following the transaction, the chairman now directly owns 20,464,051 shares in the company, valued at $1,628,938,459.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Allison Peterson sold 1,646 shares of the business's stock in a transaction that occurred 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 completion of the sale, the insider now owns 39,030 shares of the company's stock, valued at approximately $3,148,940.40. The disclosure for this sale can be found here. Insiders sold a total of 63,011 shares of company stock worth $5,036,334 over the last three months. Company insiders own 0.44% of the company's stock.