Best Buy (NYSE:BBY) Hits New 1-Year High – Here’s What Happened

Best Buy Co., Inc. (NYSE:BBY) shares reached a new 52-week high on Friday . The company traded as high as $91.37 and last traded at $90.8930, with a volume of 1630038 shares changing hands. The stock had previously closed at $88.09.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Wells Fargo & Company upped their price objective on shares of Best Buy from $65.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 11th. BNP Paribas Exane lifted their target price on shares of Best Buy from $74.00 to $76.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Truist Financial set a $100.00 target price on Best Buy in a research note on Thursday, August 27th. Barclays boosted their target price on Best Buy from $77.00 to $85.00 and gave the stock a “buy” rating in a research note on Friday, August 28th. Finally, JPMorgan Chase & Co. increased their price target on Best Buy from $76.00 to $84.00 and gave the company a “neutral” rating in a research report on Friday, May 29th. Six investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $85.40.

Best Buy Stock Performance

The company has a market cap of $19.06 billion, a P/E ratio of 15.12, a price-to-earnings-growth ratio of 2.27 and a beta of 1.28. The company’s 50-day moving average is $85.24 and its two-hundred day moving average is $72.82. 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 posted its quarterly earnings data on Thursday, August 27th. The technology retailer reported $1.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.08. The business had revenue of $9.78 billion during the quarter, compared to the consensus estimate of $9.59 billion. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The firm’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same quarter last year, the company posted $1.28 earnings per share. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. Equities analysts predict that Best Buy Co., Inc. will post 6.82 EPS for the current year.

Best Buy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 8th. Investors 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 dividend yield of 4.2%. The ex-dividend date of this dividend is Thursday, September 17th. Best Buy’s payout ratio is 63.89%.

Insider Buying and Selling

In other Best Buy news, Chairman Richard Schulze sold 224,705 shares of the stock in a transaction 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 completion of the transaction, the chairman directly owned 10,430,936 shares of the company’s stock, valued at approximately $814,656,101.60. This represents a 2.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold a total of 500,000 shares of company stock valued at $39,065,226 in the last quarter. 0.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Best Buy

Hedge funds have recently made changes to their positions in the company. Woodline Partners LP raised its stake in Best Buy by 40.1% in the 1st quarter. Woodline Partners LP now owns 16,436 shares of the technology retailer’s stock valued at $1,210,000 after acquiring an additional 4,701 shares during the period. Daiwa Securities Group Inc. lifted its holdings in Best Buy by 4.4% during the second quarter. Daiwa Securities Group Inc. now owns 29,560 shares of the technology retailer’s stock valued at $1,984,000 after purchasing an additional 1,234 shares during the last quarter. Investment Management Corp of Ontario boosted its position in Best Buy by 127.7% during the second quarter. Investment Management Corp of Ontario now owns 12,997 shares of the technology retailer’s stock worth $872,000 after purchasing an additional 7,288 shares during the period. Ieq Capital LLC boosted its position in Best Buy by 155.4% during the second quarter. Ieq Capital LLC now owns 160,568 shares of the technology retailer’s stock worth $10,779,000 after purchasing an additional 97,688 shares during the period. Finally, Alliancebernstein L.P. increased its stake in shares of Best Buy by 32.0% in the second quarter. Alliancebernstein L.P. now owns 313,584 shares of the technology retailer’s stock worth $21,051,000 after purchasing an additional 76,102 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

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.