Best Buy Co., Inc. (NYSE:BBY) Receives $93.50 Average Target Price from Analysts

Shares of Best Buy Co., Inc. (NYSE:BBY) have received a consensus rating of “Hold” from the twenty brokerages that are covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $93.50.

BBY has been the subject of a number of research analyst reports. Evercore ISI lowered their price target on Best Buy from $95.00 to $80.00 and set an “in-line” rating for the company in a report on Wednesday, March 5th. Barclays lowered their price target on Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a report on Thursday, January 9th. Loop Capital reaffirmed a “negative” rating on shares of Best Buy in a report on Wednesday, March 5th. Jefferies Financial Group lowered their price target on Best Buy from $106.00 to $92.00 and set a “buy” rating for the company in a report on Tuesday, March 4th. Finally, KeyCorp reaffirmed a “sector weight” rating on shares of Best Buy in a report on Wednesday, March 5th.

Best Buy Stock Performance

Shares of Best Buy stock opened at $73.10 on Friday. Best Buy has a one year low of $69.29 and a one year high of $103.71. The company has a market cap of $15.63 billion, a PE ratio of 12.50, a P/E/G ratio of 2.10 and a beta of 1.43. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The business has a 50-day simple moving average of $83.96 and a 200-day simple moving average of $89.58.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.40 by $0.18. The firm had revenue of $13.95 billion during the quarter, compared to the consensus estimate of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same period in the prior year, the company posted $2.72 earnings per share. On average, equities research analysts forecast that Best Buy will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be paid a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a dividend yield of 5.20%. The ex-dividend date of this dividend is Tuesday, March 25th. This is a boost from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s dividend payout ratio is 88.99%.

Insider Transactions at Best Buy

In related news, CEO Corie S. Barry purchased 13,500 shares of the business’s stock in a transaction dated Wednesday, March 12th. The stock was acquired at an average price of $72.92 per share, for a total transaction of $984,420.00. Following the completion of the purchase, the chief executive officer now directly owns 378,780 shares of the company’s stock, valued at $27,620,637.60. This trade represents a 3.70 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.59% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. IFP Advisors Inc raised its position in Best Buy by 5.2% in the fourth quarter. IFP Advisors Inc now owns 2,538 shares of the technology retailer’s stock worth $218,000 after acquiring an additional 125 shares in the last quarter. Mariner LLC raised its position in Best Buy by 0.3% in the fourth quarter. Mariner LLC now owns 43,215 shares of the technology retailer’s stock worth $3,708,000 after acquiring an additional 129 shares in the last quarter. LRI Investments LLC raised its position in Best Buy by 36.3% in the fourth quarter. LRI Investments LLC now owns 529 shares of the technology retailer’s stock worth $45,000 after acquiring an additional 141 shares in the last quarter. Rothschild Investment LLC raised its position in Best Buy by 19.7% in the fourth quarter. Rothschild Investment LLC now owns 861 shares of the technology retailer’s stock worth $74,000 after acquiring an additional 142 shares in the last quarter. Finally, Independent Advisor Alliance raised its position in Best Buy by 5.0% in the fourth quarter. Independent Advisor Alliance now owns 3,002 shares of the technology retailer’s stock worth $258,000 after acquiring an additional 142 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

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.