Best Buy Co., Inc. (NYSE:BBY) Given Average Recommendation of “Hold” by Analysts

Best Buy Co., Inc. (NYSE:BBY) has earned a consensus rating of “Hold” from the twenty-two research firms that are presently covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and nine have issued a buy rating on the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $70.80.

Several research firms recently commented on BBY. Jefferies Financial Group cut their price objective on shares of Best Buy from $94.00 to $89.00 and set a “buy” rating for the company in a report on Monday, February 9th. HSBC cut their price objective on shares of Best Buy from $96.00 to $85.00 in a report on Thursday, February 26th. Evercore set a $65.00 price objective on shares of Best Buy in a report on Tuesday, April 14th. Weiss Ratings downgraded shares of Best Buy from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, May 7th. Finally, Wedbush raised their price objective on shares of Best Buy from $7.00 to $8.00 and gave the stock an “outperform” rating in a report on Tuesday, April 28th.

Insiders Place Their Bets

In other Best Buy news, EVP Jason J. Bonfig sold 6,336 shares of the stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total value of $405,630.72. Following the sale, the executive vice president directly owned 79,137 shares in the company, valued at $5,066,350.74. This represents a 7.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Corie S. Barry sold 42,869 shares of the stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total transaction of $2,744,473.38. Following the completion of the sale, the chief executive officer owned 523,138 shares in the company, valued at $33,491,294.76. This represents a 7.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 77,247 shares of company stock worth $4,945,353. Company insiders own 0.59% of the company’s stock.

Institutional Trading of Best Buy

Several institutional investors and hedge funds have recently bought and sold shares of BBY. Torren Management LLC purchased a new stake in Best Buy in the 4th quarter worth approximately $25,000. MV Capital Management Inc. purchased a new stake in Best Buy in the 4th quarter worth approximately $25,000. Palisade Asset Management LLC purchased a new stake in Best Buy in the 3rd quarter worth approximately $25,000. Hillsdale Investment Management Inc. purchased a new stake in Best Buy in the 4th quarter worth approximately $29,000. Finally, Quest 10 Wealth Builders Inc. lifted its stake in Best Buy by 239.2% in the 4th quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer’s stock worth $30,000 after purchasing an additional 311 shares in the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Stock Up 2.5%

Best Buy stock opened at $59.35 on Wednesday. The firm has a 50 day moving average price of $61.93 and a 200-day moving average price of $67.62. The company has a market capitalization of $12.50 billion, a P/E ratio of 11.78, a P/E/G ratio of 1.43 and a beta of 1.22. Best Buy has a twelve month low of $55.10 and a twelve month high of $84.99. The company has a quick ratio of 0.43, a current ratio of 1.11 and a debt-to-equity ratio of 0.39.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Tuesday, March 3rd. The technology retailer reported $2.61 EPS for the quarter, topping the consensus estimate of $2.48 by $0.13. The company had revenue of $13.81 billion during the quarter, compared to the consensus estimate of $13.96 billion. Best Buy had a net margin of 2.56% and a return on equity of 49.17%. Best Buy’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same period last year, the firm earned $2.58 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, equities analysts predict that Best Buy will post 6.5 EPS for the current year.

Best Buy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 24th were paid a $0.96 dividend. The ex-dividend date was Tuesday, March 24th. This represents a $3.84 annualized dividend and a yield of 6.5%. This is a boost from Best Buy’s previous quarterly dividend of $0.95. Best Buy’s dividend payout ratio is currently 76.19%.

Best Buy Company Profile

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.