Best Buy Co., Inc. (NYSE:BBY) Receives Average Rating of “Hold” from Brokerages

Shares of Best Buy Co., Inc. (NYSE:BBY) have received an average recommendation of “Hold” from the twenty-two analysts that are presently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, twelve have assigned a hold recommendation and nine have assigned a buy recommendation to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $76.20.

A number of research analysts have recently commented on the stock. Jefferies Financial Group reduced their price target on shares of Best Buy from $94.00 to $89.00 and set a “buy” rating for the company in a research report on Monday, February 9th. The Goldman Sachs Group lowered their price objective on Best Buy from $93.00 to $76.00 and set a “buy” rating on the stock in a research report on Wednesday, March 4th. Truist Financial dropped their price objective on Best Buy from $73.00 to $66.00 and set a “hold” rating for the company in a research note on Tuesday, March 3rd. Weiss Ratings restated a “hold (c)” rating on shares of Best Buy in a research report on Wednesday, January 21st. Finally, JPMorgan Chase & Co. lowered Best Buy from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $99.00 to $76.00 in a research note on Monday, February 2nd.

Best Buy Trading Up 1.5%

Shares of BBY opened at $63.92 on Tuesday. Best Buy has a twelve month low of $54.99 and a twelve month high of $84.99. The stock has a market cap of $13.37 billion, a PE ratio of 12.68, a P/E/G ratio of 1.55 and a beta of 1.46. The company has a quick ratio of 0.43, a current ratio of 1.11 and a debt-to-equity ratio of 0.39. The business’s 50-day moving average price is $64.92 and its 200-day moving average price is $71.41.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Tuesday, March 3rd. The technology retailer reported $2.61 EPS for the quarter, beating the consensus estimate of $2.48 by $0.13. The company had revenue of $13.81 billion during the quarter, compared to analysts’ expectations 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 quarter in the previous year, the company earned $2.58 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, equities analysts forecast that Best Buy will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 14th. Investors of record on Tuesday, March 24th will be given a $0.96 dividend. This represents a $3.84 annualized dividend and a dividend yield of 6.0%. This is a positive change from Best Buy’s previous quarterly dividend of $0.95. The ex-dividend date is Tuesday, March 24th. Best Buy’s dividend payout ratio (DPR) is currently 76.19%.

Insiders Place Their Bets

In other Best Buy news, EVP Kathleen Scarlett sold 8,049 shares of Best Buy stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total transaction of $515,296.98. Following the completion of the sale, the executive vice president directly owned 102,669 shares in the company, valued at $6,572,869.38. The trade was a 7.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Jason J. Bonfig sold 6,336 shares of the business’s 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 $405,630.72. Following the completion of the transaction, the executive vice president directly owned 79,137 shares of the company’s stock, valued at approximately $5,066,350.74. This represents a 7.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 77,247 shares of company stock valued at $4,945,353 over the last three months. Corporate insiders own 0.59% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Woodline Partners LP boosted its holdings in shares of Best Buy by 40.1% in the 1st quarter. Woodline Partners LP now owns 16,436 shares of the technology retailer’s stock worth $1,210,000 after purchasing an additional 4,701 shares in the last quarter. Cetera Investment Advisers lifted its position in Best Buy by 7.8% in the 2nd quarter. Cetera Investment Advisers now owns 78,840 shares of the technology retailer’s stock worth $5,293,000 after buying an additional 5,701 shares during the last quarter. Prudential PLC bought a new stake in Best Buy in the 2nd quarter worth approximately $500,000. Handelsbanken Fonder AB boosted its stake in Best Buy by 1.4% in the second quarter. Handelsbanken Fonder AB now owns 35,400 shares of the technology retailer’s stock worth $2,376,000 after buying an additional 481 shares in the last quarter. Finally, Swiss National Bank boosted its stake in Best Buy by 6.1% in the second quarter. Swiss National Bank now owns 607,800 shares of the technology retailer’s stock worth $40,802,000 after buying an additional 34,900 shares in 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.