Best Buy (NYSE:BBY) Sets New 12-Month Low – What’s Next?

Best Buy Co., Inc. (NYSE:BBY)’s stock price hit a new 52-week low on Monday . The stock traded as low as $59.73 and last traded at $59.8560, with a volume of 754932 shares changing hands. The stock had previously closed at $60.45.

Analyst Ratings Changes

Several brokerages have commented on BBY. HSBC dropped their price target on Best Buy from $96.00 to $85.00 in a research report on Thursday, February 26th. Weiss Ratings restated a “hold (c)” rating on shares of Best Buy in a research note on Wednesday, January 21st. Daiwa Securities Group dropped their target price on shares of Best Buy from $80.00 to $68.00 and set a “neutral” rating on the stock in a research report on Thursday, March 5th. Morgan Stanley reduced their price target on shares of Best Buy from $76.00 to $72.00 and set an “equal weight” rating for the company in a report on Wednesday, March 4th. Finally, Evercore set a $65.00 price target on shares of Best Buy in a research report on Tuesday, April 14th. Nine equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Best Buy currently has a consensus rating of “Hold” and a consensus target price of $71.75.

Best Buy Price Performance

The company has a market cap of $12.27 billion, a price-to-earnings ratio of 11.64, a price-to-earnings-growth ratio of 1.46 and a beta of 1.35. The company has a current ratio of 1.11, a quick ratio of 0.43 and a debt-to-equity ratio of 0.39. The company has a fifty day moving average price of $63.60 and a two-hundred day moving average price of $69.73.

Best Buy (NYSE:BBY) last issued its earnings results 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 firm had revenue of $13.81 billion during the quarter, compared to analysts’ expectations of $13.96 billion. Best Buy had a return on equity of 49.17% and a net margin of 2.56%.Best Buy’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same period last year, the business earned $2.58 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, equities research analysts anticipate that Best Buy Co., Inc. will post 6.5 EPS for the current fiscal year.

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 14th. Stockholders of record on Tuesday, March 24th were given a dividend of $0.96 per share. This is an increase from Best Buy’s previous quarterly dividend of $0.95. The ex-dividend date was Tuesday, March 24th. This represents a $3.84 annualized dividend and a dividend yield of 6.5%. Best Buy’s dividend payout ratio (DPR) is presently 76.19%.

Insider Transactions at Best Buy

In other news, CEO Corie S. Barry sold 42,869 shares of the company’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 value of $2,744,473.38. Following the sale, the chief executive officer directly owned 523,138 shares in the company, valued at approximately $33,491,294.76. This represents a 7.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Todd G. Hartman sold 5,339 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 value of $341,802.78. Following the completion of the transaction, the insider directly owned 44,098 shares of the company’s stock, valued at approximately $2,823,153.96. The trade was a 10.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 77,247 shares of company stock valued at $4,945,353. Corporate insiders own 0.47% of the company’s stock.

Institutional Trading of Best Buy

A number of large investors have recently bought and sold shares of the stock. Palisade Asset Management LLC acquired a new stake in shares of Best Buy in the 3rd quarter valued at $25,000. Harbor Capital Advisors Inc. increased its position in shares of Best Buy by 69.3% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 337 shares of the technology retailer’s stock worth $25,000 after purchasing an additional 138 shares in the last quarter. MV Capital Management Inc. acquired a new stake in shares of Best Buy during the 4th quarter worth about $25,000. Torren Management LLC bought a new position in Best Buy during the 4th quarter valued at about $25,000. Finally, Root Financial Partners LLC acquired a new position in Best Buy in the third quarter valued at about $32,000. 80.96% of the stock is currently owned by institutional investors.

About Best Buy

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.