Best Buy (NYSE:BBY) PT Raised to $116.00 at The Goldman Sachs Group

Best Buy (NYSE:BBY) had its target price boosted by The Goldman Sachs Group from $95.00 to $116.00 in a research note issued to investors on Tuesday morning, Benzinga reports. The Goldman Sachs Group currently has a buy rating on the technology retailer’s stock.

A number of other brokerages have also recently commented on BBY. Wedbush upped their price target on shares of Best Buy from $85.00 to $95.00 and gave the company a neutral rating in a research report on Friday, August 30th. Loop Capital increased their price target on Best Buy from $100.00 to $110.00 and gave the stock a buy rating in a report on Friday, August 30th. Barclays boosted their target price on shares of Best Buy from $81.00 to $95.00 and gave the company an equal weight rating in a research report on Friday, August 30th. Telsey Advisory Group increased their price objective on shares of Best Buy from $95.00 to $115.00 and gave the stock an outperform rating in a research report on Friday, August 30th. Finally, Piper Sandler reaffirmed an overweight rating and issued a $114.00 target price (up from $100.00) on shares of Best Buy in a research report on Friday, August 30th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of Hold and an average target price of $102.56.

Best Buy Stock Up 0.5 %

NYSE:BBY opened at $100.94 on Tuesday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.33. Best Buy has a one year low of $62.30 and a one year high of $103.71. The firm’s 50 day simple moving average is $86.45 and its 200 day simple moving average is $81.57. The company has a market cap of $21.77 billion, a PE ratio of 17.68, a P/E/G ratio of 3.20 and a beta of 1.48.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.18. The business had revenue of $9.29 billion during the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. Best Buy’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same period last year, the company earned $1.22 EPS. On average, research analysts anticipate that Best Buy will post 6.27 earnings per share for the current year.

Best Buy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 10th. Investors of record on Thursday, September 19th will be issued a $0.94 dividend. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.72%. Best Buy’s dividend payout ratio (DPR) is presently 65.85%.

Insider Activity at Best Buy

In related news, EVP Jason J. Bonfig sold 3,500 shares of the firm’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $83.02, for a total value of $290,570.00. Following the completion of the transaction, the executive vice president now directly owns 50,714 shares of the company’s stock, valued at approximately $4,210,276.28. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Chairman Richard M. Schulze sold 88,542 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $88.25, for a total value of $7,813,831.50. Following the completion of the sale, the chairman now owns 13,602,853 shares in the company, valued at approximately $1,200,451,777.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Jason J. Bonfig sold 3,500 shares of the stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $83.02, for a total transaction of $290,570.00. Following the transaction, the executive vice president now owns 50,714 shares in the company, valued at $4,210,276.28. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,383,370 shares of company stock worth $122,233,276. Company insiders own 0.59% of the company’s stock.

Institutional Investors Weigh In On Best Buy

Institutional investors have recently bought and sold shares of the stock. Tobam boosted its position in Best Buy by 15.6% during the 2nd quarter. Tobam now owns 895 shares of the technology retailer’s stock valued at $75,000 after buying an additional 121 shares during the period. LVW Advisors LLC grew its stake in shares of Best Buy by 2.3% in the second quarter. LVW Advisors LLC now owns 5,716 shares of the technology retailer’s stock worth $482,000 after purchasing an additional 130 shares during the last quarter. Rise Advisors LLC increased its holdings in Best Buy by 69.5% during the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock valued at $26,000 after purchasing an additional 132 shares during the period. MCF Advisors LLC raised its position in Best Buy by 2.7% during the 1st quarter. MCF Advisors LLC now owns 5,087 shares of the technology retailer’s stock valued at $422,000 after purchasing an additional 134 shares during the last quarter. Finally, Continuum Advisory LLC lifted its holdings in Best Buy by 34.7% in the 2nd quarter. Continuum Advisory LLC now owns 578 shares of the technology retailer’s stock worth $49,000 after buying an additional 149 shares during the period. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Company Profile

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.