Analysts Set Best Buy Co., Inc. (NYSE:BBY) Price Target at $101.72

Best Buy Co., Inc. (NYSE:BBY) has been assigned an average rating of “Moderate Buy” from the nineteen analysts that are covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $101.72.

Several brokerages recently issued reports on BBY. JPMorgan Chase & Co. increased their price objective on Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a research note on Friday, November 22nd. Truist Financial dropped their price target on Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a research report on Wednesday, November 27th. Loop Capital restated a “buy” rating and issued a $100.00 price objective on shares of Best Buy in a report on Wednesday, December 18th. Barclays dropped their target price on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a report on Thursday, January 9th. Finally, Guggenheim reduced their price target on shares of Best Buy from $110.00 to $105.00 and set a “buy” rating for the company in a report on Friday, November 29th.

Best Buy Stock Down 1.0 %

NYSE:BBY opened at $84.80 on Thursday. The stock has a fifty day simple moving average of $86.49 and a 200-day simple moving average of $90.14. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The company has a market cap of $18.13 billion, a price-to-earnings ratio of 14.50, a price-to-earnings-growth ratio of 2.11 and a beta of 1.43. Best Buy has a twelve month low of $69.29 and a twelve month high of $103.71.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.04). The company had revenue of $9.45 billion for the quarter, compared to the consensus estimate of $9.63 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The company’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.29 EPS. Analysts anticipate that Best Buy will post 6.18 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th were paid a dividend of $0.94 per share. The ex-dividend date of this dividend was Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.43%. Best Buy’s payout ratio is 64.27%.

Insider Activity

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the transaction, the chief financial officer now owns 92,070 shares in the company, valued at approximately $8,052,442.20. This represents a 42.90 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.59% of the company’s stock.

Hedge Funds Weigh In On Best Buy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BBY. Trust Co. of Vermont raised its stake in shares of Best Buy by 1,200.0% in the fourth quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer’s stock worth $36,000 after purchasing an additional 384 shares during the last quarter. Harbor Capital Advisors Inc. acquired a new position in Best Buy in the 3rd quarter worth approximately $40,000. LRI Investments LLC raised its position in Best Buy by 632.1% during the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock worth $40,000 after buying an additional 335 shares during the last quarter. Brooklyn Investment Group acquired a new stake in Best Buy during the 3rd quarter valued at approximately $44,000. Finally, Richardson Financial Services Inc. boosted its holdings in shares of Best Buy by 71.9% in the 4th quarter. Richardson Financial Services Inc. now owns 550 shares of the technology retailer’s stock valued at $47,000 after acquiring an additional 230 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

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.