Best Buy (NYSE:BBY) Price Target Raised to $74.00

Best Buy (NYSE:BBY) had its price objective upped by BNP Paribas Exane from $68.00 to $74.00 in a report issued on Wednesday morning, MarketBeat Ratings reports. They currently have a neutral rating on the technology retailer’s stock.

A number of other brokerages have also recently commented on BBY. Jefferies Financial Group decreased their target price on Best Buy from $94.00 to $89.00 and set a “buy” rating on the stock in a report on Monday, February 9th. Guggenheim reaffirmed a “buy” rating and issued a $90.00 price objective on shares of Best Buy in a research note on Wednesday. UBS Group boosted their price objective on Best Buy from $93.00 to $96.00 and gave the company a “buy” rating in a research note on Wednesday, November 26th. Citigroup reduced their target price on shares of Best Buy from $82.00 to $67.00 and set a “neutral” rating for the company in a report on Friday, February 13th. Finally, HSBC dropped their price target on shares of Best Buy from $96.00 to $85.00 in a research report on Thursday, February 26th. Nine investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $76.20.

Best Buy Price Performance

Shares of NYSE:BBY opened at $66.48 on Wednesday. The company has a quick ratio of 0.26, a current ratio of 1.11 and a debt-to-equity ratio of 0.39. The stock has a market capitalization of $13.90 billion, a PE ratio of 13.19, a price-to-earnings-growth ratio of 1.63 and a beta of 1.46. The firm’s 50 day moving average price is $66.63 and its 200-day moving average price is $72.77. Best Buy has a twelve month low of $54.99 and a twelve month high of $84.99.

Best Buy (NYSE:BBY) last announced its earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.48 by $0.13. Best Buy had a net margin of 2.56% and a return on equity of 49.17%. The company had revenue of $13.81 billion during the quarter, compared to analyst estimates of $13.96 billion. During the same period in the previous year, the business posted $2.58 earnings per share. The firm’s quarterly revenue was down 1.0% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Equities research analysts expect that Best Buy will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 14th. Investors of record on Tuesday, March 24th will be given a dividend of $0.96 per share. This is a positive change from Best Buy’s previous quarterly dividend of $0.95. This represents a $3.84 dividend on an annualized basis and a dividend yield of 5.8%. The ex-dividend date is Tuesday, March 24th. Best Buy’s dividend payout ratio (DPR) is currently 75.40%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in shares of Best Buy by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 24,255,320 shares of the technology retailer’s stock worth $1,623,409,000 after buying an additional 307,905 shares in the last quarter. State Street Corp grew its holdings in Best Buy by 3.8% during the 2nd quarter. State Street Corp now owns 13,631,429 shares of the technology retailer’s stock valued at $927,753,000 after buying an additional 496,215 shares in the last quarter. AQR Capital Management LLC increased its stake in Best Buy by 30.9% in the 4th quarter. AQR Capital Management LLC now owns 9,158,839 shares of the technology retailer’s stock worth $613,001,000 after acquiring an additional 2,160,968 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Best Buy by 2.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,452,642 shares of the technology retailer’s stock worth $498,805,000 after acquiring an additional 160,713 shares in the last quarter. Finally, Invesco Ltd. boosted its position in shares of Best Buy by 6.1% during the 4th quarter. Invesco Ltd. now owns 4,732,080 shares of the technology retailer’s stock valued at $316,718,000 after acquiring an additional 271,988 shares during the last quarter. Institutional investors own 80.96% of the company’s stock.

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.