Evercore ISI Boosts Best Buy (NYSE:BBY) Price Target to $94.00

Best Buy (NYSE:BBY) had its target price boosted by Evercore ISI from $90.00 to $94.00 in a research report sent to investors on Friday morning, Benzinga reports. The firm currently has an in-line rating on the technology retailer’s stock.

A number of other research firms have also recently commented on BBY. Citigroup raised Best Buy from a sell rating to a buy rating and upped their target price for the company from $67.00 to $100.00 in a research note on Monday, June 3rd. Truist Financial boosted their target price on shares of Best Buy from $86.00 to $107.00 and gave the company a hold rating in a research note on Friday. Loop Capital boosted their price target on Best Buy from $100.00 to $110.00 and gave the company a buy rating in a report on Friday. Wedbush restated a neutral rating and set a $85.00 price objective on shares of Best Buy in a report on Tuesday, May 28th. Finally, Bank of America boosted their price target on shares of Best Buy from $70.00 to $80.00 and gave the company an underperform rating in a report on Friday. One investment 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. Based on data from MarketBeat.com, Best Buy has an average rating of Hold and a consensus target price of $100.94.

Best Buy Trading Up 0.2 %

Shares of NYSE BBY opened at $100.40 on Friday. The stock has a market capitalization of $21.66 billion, a P/E ratio of 17.58, a PEG ratio of 3.20 and a beta of 1.48. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.33. The business’s 50 day moving average is $86.16 and its two-hundred day moving average is $81.37. Best Buy has a 1-year low of $62.30 and a 1-year high of $103.71.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The business had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.23 billion. During the same quarter in the previous year, the business posted $1.22 earnings per share. The business’s revenue was down 3.1% compared to the same quarter last year. As a group, research analysts expect that Best Buy will post 6.27 EPS for the current year.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 10th. Investors of record on Thursday, September 19th will be given 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 yield of 3.75%. Best Buy’s dividend payout ratio is currently 65.85%.

Insider Buying and Selling

In other news, EVP Jason J. Bonfig sold 3,500 shares of the company’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $83.02, for a total value of $290,570.00. Following the sale, the executive vice president now owns 50,714 shares in the company, valued at $4,210,276.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Best Buy news, EVP Jason J. Bonfig sold 3,500 shares of the stock in a transaction 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 directly owns 50,714 shares of the company’s stock, valued at $4,210,276.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Richard M. Schulze sold 600,000 shares of the stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $88.29, for a total transaction of $52,974,000.00. Following the completion of the sale, the chairman now owns 14,002,853 shares of the company’s stock, valued at $1,236,311,891.37. The disclosure for this sale can be found here. Insiders sold a total of 1,383,370 shares of company stock valued at $122,233,276 over the last 90 days. Insiders own 0.59% of the company’s stock.

Institutional Investors Weigh In On Best Buy

Institutional investors have recently made changes to their positions in the stock. International Assets Investment Management LLC acquired a new stake in Best Buy during the 4th quarter worth approximately $5,760,000. GAMMA Investing LLC purchased a new stake in Best Buy in the fourth quarter valued at approximately $51,000. Atria Wealth Solutions Inc. raised its holdings in shares of Best Buy by 98.0% in the fourth quarter. Atria Wealth Solutions Inc. now owns 13,062 shares of the technology retailer’s stock valued at $1,032,000 after buying an additional 6,465 shares during the last quarter. Van ECK Associates Corp grew its stake in shares of Best Buy by 3.1% in the 4th quarter. Van ECK Associates Corp now owns 97,173 shares of the technology retailer’s stock valued at $7,607,000 after purchasing an additional 2,891 shares during the last quarter. Finally, Natixis Advisors L.P. increased its stake in Best Buy by 23.3% in the 4th quarter. Natixis Advisors L.P. now owns 101,340 shares of the technology retailer’s stock valued at $7,932,000 after buying an additional 19,119 shares during the period. 80.96% of the stock is currently owned by institutional investors and hedge funds.

About Best Buy

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.