Best Buy (NYSE:BBY) Lifted to “Buy” at StockNews.com

StockNews.com upgraded shares of Best Buy (NYSE:BBY) from a hold rating to a buy rating in a research note issued to investors on Wednesday morning.

Other analysts have also recently issued research reports about the company. BNP Paribas raised Best Buy to a strong-buy rating in a research report on Thursday, August 29th. Barclays lifted their price target on Best Buy from $81.00 to $95.00 and gave the company an equal weight rating in a report on Friday, August 30th. Bank of America boosted their price target on Best Buy from $70.00 to $80.00 and gave the company an underperform rating in a research note on Friday, August 30th. Truist Financial raised their price objective on shares of Best Buy from $86.00 to $107.00 and gave the company a hold rating in a research report on Friday, August 30th. Finally, Piper Sandler reissued 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 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 issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $102.41.

Best Buy Stock Performance

Shares of BBY stock opened at $99.56 on Wednesday. The company has a market capitalization of $21.48 billion, a price-to-earnings ratio of 17.44, a P/E/G ratio of 2.56 and a beta of 1.46. Best Buy has a 1-year low of $62.30 and a 1-year high of $103.71. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. The stock’s fifty day simple moving average is $92.55 and its 200-day simple moving average is $85.00.

Best Buy (NYSE:BBY) last issued its earnings results 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. The company had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The firm’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.22 EPS. On average, sell-side analysts predict that Best Buy will post 6.28 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th will be issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 3.78%. The ex-dividend date of this dividend is Thursday, September 19th. Best Buy’s dividend payout ratio (DPR) is currently 65.85%.

Insider Transactions at Best Buy

In other news, EVP Jason J. Bonfig sold 3,500 shares of the firm’s stock in a transaction 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 sale, the executive vice president now owns 50,714 shares in the company, valued at approximately $4,210,276.28. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, EVP Jason J. Bonfig sold 3,500 shares of the stock in a transaction dated 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 sale, the executive vice president now owns 50,714 shares in the company, valued at approximately $4,210,276.28. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Richard M. Schulze sold 88,542 shares of the business’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total value of $7,813,831.50. Following the transaction, the chairman now owns 13,602,853 shares in the company, valued at $1,200,451,777.25. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,383,370 shares of company stock worth $122,233,276 over the last three months. 0.59% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Bank of Nova Scotia lifted its holdings in shares of Best Buy by 32.2% during the 4th quarter. Bank of Nova Scotia now owns 25,393 shares of the technology retailer’s stock worth $1,988,000 after acquiring an additional 6,187 shares during the period. Eagle Asset Management Inc. bought a new position in Best Buy during the fourth quarter worth about $862,000. Rafferty Asset Management LLC lifted its stake in Best Buy by 10.8% during the fourth quarter. Rafferty Asset Management LLC now owns 24,433 shares of the technology retailer’s stock worth $1,913,000 after purchasing an additional 2,377 shares during the period. CIBC Private Wealth Group LLC acquired a new stake in Best Buy during the fourth quarter valued at approximately $644,000. Finally, Royal London Asset Management Ltd. grew its stake in shares of Best Buy by 5.2% in the 4th quarter. Royal London Asset Management Ltd. now owns 78,100 shares of the technology retailer’s stock valued at $6,114,000 after purchasing an additional 3,832 shares during the period. 80.96% of the stock is currently owned by institutional investors and hedge funds.

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.