Best Buy (NYSE:BBY) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Best Buy (NYSE:BBY) from a hold rating to a buy rating in a research note published on Sunday,Wall Street Zen reports.

Other equities analysts have also recently issued reports about the company. Wells Fargo & Company upped their price objective on Best Buy from $65.00 to $85.00 and gave the company an “equal weight” rating in a research report on Tuesday, August 11th. KeyCorp reissued a “sector weight” rating on shares of Best Buy in a report on Monday, June 22nd. Evercore raised their target price on Best Buy from $85.00 to $90.00 in a research report on Tuesday, September 29th. Wedbush reaffirmed a “buy” rating on shares of Best Buy in a research report on Monday, August 24th. Finally, Jefferies Financial Group lowered shares of Best Buy from a “buy” rating to a “hold” rating and reduced their price target for the company from $89.00 to $85.00 in a research report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Best Buy presently has a consensus rating of “Hold” and an average target price of $85.65.

Best Buy Stock Up 1.2%

BBY stock opened at $88.02 on Friday. The business has a 50 day moving average of $87.59 and a 200 day moving average of $76.98. The firm has a market cap of $18.46 billion, a PE ratio of 12.87, a price-to-earnings-growth ratio of 2.17 and a beta of 1.26. Best Buy has a twelve month low of $55.10 and a twelve month high of $96.53. The company has a quick ratio of 0.41, a current ratio of 1.12 and a debt-to-equity ratio of 0.36.

Best Buy (NYSE:BBY) last released its earnings results on Thursday, August 27th. The technology retailer reported $1.47 EPS for the quarter, topping the consensus estimate of $1.39 by $0.08. The business had revenue of $9.78 billion for the quarter, compared to the consensus estimate of $9.59 billion. Best Buy had a return on equity of 48.14% and a net margin of 3.01%. The company’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.28 earnings per share. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. On average, research analysts forecast that Best Buy will post 6.81 EPS for the current fiscal year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 8th. Investors of record on Thursday, September 17th were paid a dividend of $0.96 per share. The ex-dividend date was Thursday, September 17th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.4%. Best Buy’s payout ratio is 63.89%.

Insider Activity at Best Buy

In other Best Buy news, EVP Kathleen Scarlett sold 116,062 shares of the firm’s stock in a transaction that occurred on Wednesday, September 23rd. The shares were sold at an average price of $92.15, for a total transaction of $10,695,113.30. Following the sale, the executive vice president owned 116,173 shares in the company, valued at approximately $10,705,341.95. This trade represents a 49.98% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Richard Schulze sold 300,000 shares of Best Buy stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $92.51, for a total transaction of $27,753,000.00. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.50% of the company’s stock.

Institutional Trading of Best Buy

Institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. bought a new stake in shares of Best Buy during the second quarter valued at approximately $1,932,812,000. Bank of New York Mellon Corp bought a new position in Best Buy in the second quarter worth approximately $174,893,000. Deutsche Bank AG purchased a new position in Best Buy during the 2nd quarter worth $116,003,000. Legal & General Group Plc purchased a new position in Best Buy during the 2nd quarter worth $83,427,000. Finally, Hsbc Holdings PLC bought a new stake in Best Buy during the 2nd quarter valued at $79,627,000. 80.96% of the stock is currently owned by institutional investors.

Best Buy Company Profile

Best Buy Co, Inc (NYSE: BBY) is a specialty retailer of technology products and services. The company sells consumer electronics, computers and tablets, mobile phones, appliances, entertainment products, smart-home devices, gaming equipment and related accessories through its stores and digital platforms.

Best Buy also provides technology services through Geek Squad, including product installation, setup, repair, troubleshooting and technical support. Its operations include retail stores, e-commerce, delivery and fulfillment services, as well as membership and protection offerings.