Best Buy’s (BBY) Neutral Rating Reiterated at DA Davidson

DA Davidson reissued their neutral rating on shares of Best Buy (NYSE:BBY) in a report released on Tuesday, Marketbeat reports. The firm currently has a $95.00 price objective on the technology retailer’s stock.

BBY has been the subject of a number of other research reports. Evercore increased their target price on shares of Best Buy from $65.00 to $85.00 in a research report on Friday, May 29th. UBS Group restated a “neutral” rating and issued a $90.00 price target (up from $86.00) on shares of Best Buy in a research report on Friday, August 28th. Truist Financial set a $100.00 price target on shares of Best Buy in a research report on Thursday, August 27th. Jefferies Financial Group lowered shares of Best Buy from a “buy” rating to a “hold” rating and reduced their price objective for the company from $89.00 to $85.00 in a research note on Wednesday, August 5th. Finally, Piper Sandler increased their price objective on shares of Best Buy from $77.00 to $85.00 and gave the stock a “neutral” rating in a research report on Thursday, August 20th. Six analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $85.40.

Best Buy Stock Up 0.1%

Shares of BBY opened at $88.14 on Tuesday. The stock’s 50-day moving average price is $84.98 and its two-hundred day moving average price is $72.69. Best Buy has a 12 month low of $55.10 and a 12 month high of $91.26. The company has a market capitalization of $18.49 billion, a PE ratio of 14.67, a PEG ratio of 2.20 and a beta of 1.28. The company has a current ratio of 1.12, a quick ratio of 0.41 and a debt-to-equity ratio of 0.36.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.08. Best Buy had a return on equity of 48.14% and a net margin of 3.01%.The company had revenue of $9.78 billion during the quarter, compared to analysts’ expectations of $9.59 billion. During the same quarter in the prior year, the firm posted $1.28 earnings per share. The business’s quarterly revenue was up 3.6% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. On average, analysts anticipate that Best Buy will post 6.82 EPS for the current year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 8th. Shareholders of record on Thursday, September 17th will be issued a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date is Thursday, September 17th. Best Buy’s payout ratio is presently 63.89%.

Insider Transactions at Best Buy

In other Best Buy news, Chairman Richard Schulze sold 224,705 shares of the stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $78.10, for a total transaction of $17,549,460.50. Following the transaction, the chairman directly owned 10,430,936 shares in the company, valued at approximately $814,656,101.60. This represents a 2.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 500,000 shares of company stock valued at $39,065,226 over the last quarter. 0.50% of the stock is currently owned by insiders.

Institutional Trading of Best Buy

Several hedge funds have recently modified their holdings of the stock. Tema ETFs LLC boosted its holdings in Best Buy by 6.5% in the second quarter. Tema ETFs LLC now owns 2,365 shares of the technology retailer’s stock valued at $179,000 after purchasing an additional 145 shares during the last quarter. Krane Funds Advisors LLC raised its stake in shares of Best Buy by 3.0% during the 4th quarter. Krane Funds Advisors LLC now owns 5,163 shares of the technology retailer’s stock valued at $346,000 after buying an additional 151 shares during the last quarter. B. Metzler seel. Sohn & Co. AG lifted its holdings in shares of Best Buy by 1.0% in the 2nd quarter. B. Metzler seel. Sohn & Co. AG now owns 14,613 shares of the technology retailer’s stock valued at $1,109,000 after buying an additional 151 shares during the period. Applied Finance Capital Management LLC lifted its holdings in shares of Best Buy by 3.8% in the 4th quarter. Applied Finance Capital Management LLC now owns 4,270 shares of the technology retailer’s stock valued at $286,000 after buying an additional 157 shares during the period. Finally, UMB Bank n.a. boosted its stake in shares of Best Buy by 6.2% in the fourth quarter. UMB Bank n.a. now owns 3,158 shares of the technology retailer’s stock worth $211,000 after buying an additional 185 shares during the last quarter. Institutional investors own 80.96% of the company’s stock.

About Best Buy

Best Buy Co, Inc is a specialty retailer of technology products and services operating under the Best Buy brand. The company sells consumer electronics, computers, mobile phones, appliances, entertainment products, smart-home equipment, and related accessories through its retail stores, websites, and other sales channels.

Best Buy also provides technology support, installation, repair, and consultation services through Geek Squad. Its offerings include assistance with device setup, home theater installation, computer and appliance support, and technology solutions for consumers and small businesses.