Best Buy (NYSE:BBY) Given New $90.00 Price Target at Evercore

Best Buy (NYSE:BBY) had its price objective upped by Evercore from $85.00 to $90.00 in a report published on Tuesday morning.

BBY has been the subject of several other reports. Piper Sandler lifted their price objective on shares of Best Buy from $77.00 to $85.00 and gave the company a “neutral” rating in a research note on Thursday, August 20th. Wall Street Zen raised shares of Best Buy from a “hold” rating to a “buy” rating in a report on Saturday, August 29th. UBS Group restated a “neutral” rating and set a $90.00 target price (up from $86.00) on shares of Best Buy in a research report on Friday, August 28th. Wells Fargo & Company upped their price target on shares of Best Buy from $65.00 to $85.00 and gave the company an “equal weight” rating in a report on Tuesday, August 11th. Finally, Jefferies Financial Group downgraded Best Buy from a “buy” rating to a “hold” rating and cut their price target for the stock from $89.00 to $85.00 in a research report on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twelve have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Best Buy currently has an average rating of “Hold” and a consensus target price of $85.65.

Best Buy Trading Down 1.2%

Shares of NYSE:BBY opened at $88.81 on Tuesday. 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 has a 52-week low of $55.10 and a 52-week high of $96.53. The stock has a market cap of $18.63 billion, a price-to-earnings ratio of 14.78, a PEG ratio of 2.24 and a beta of 1.28. The business has a 50-day moving average price of $87.58 and a 200-day moving average price of $75.26.

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

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 8th. Shareholders of record on Thursday, September 17th will be paid a dividend of $0.96 per share. The ex-dividend date of this dividend is Thursday, September 17th. This represents a $3.84 dividend on an annualized basis and a yield of 4.3%. Best Buy’s payout ratio is 63.89%.

Insider Activity

In related news, EVP Kathleen Scarlett sold 116,062 shares of the company’s stock in a transaction dated Wednesday, September 23rd. The shares were sold at an average price of $92.15, for a total value of $10,695,113.30. Following the completion of the sale, the executive vice president owned 116,173 shares of the company’s stock, valued at approximately $10,705,341.95. This represents a 49.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Chairman Richard Schulze sold 300,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $92.51, for a total transaction of $27,753,000.00. The SEC filing for this sale provides additional information. Insiders own 0.50% of the company’s stock.

Institutional Trading of Best Buy

Several institutional investors have recently added to or reduced their stakes in the stock. QRG Capital Management Inc. boosted its position in shares of Best Buy by 15.9% during the second quarter. QRG Capital Management Inc. now owns 7,305 shares of the technology retailer’s stock worth $554,000 after buying an additional 1,001 shares during the period. Envestnet Portfolio Solutions Inc. lifted its stake in Best Buy by 4.4% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 21,987 shares of the technology retailer’s stock worth $1,668,000 after acquiring an additional 924 shares in the last quarter. Andra AP fonden acquired a new position in Best Buy during the 2nd quarter worth about $1,322,000. Sequoia Financial Advisors LLC boosted its holdings in Best Buy by 18.1% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 12,049 shares of the technology retailer’s stock valued at $914,000 after acquiring an additional 1,845 shares during the period. Finally, Cidel Asset Management Inc. grew its position in Best Buy by 7.7% in the 2nd quarter. Cidel Asset Management Inc. now owns 6,502 shares of the technology retailer’s stock valued at $493,000 after acquiring an additional 466 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

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.