Best Buy Co., Inc. (NYSE:BBY) Receives $101.72 Average Price Target from Brokerages

Best Buy Co., Inc. (NYSE:BBY) has been assigned a consensus recommendation of “Moderate Buy” from the nineteen ratings firms that are presently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, seven have issued a hold recommendation, ten have given a buy recommendation and one has assigned a strong buy recommendation 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.

A number of brokerages have weighed in on BBY. UBS Group decreased their price objective on shares of Best Buy from $123.00 to $115.00 and set a “buy” rating for the company in a research report on Wednesday, November 27th. Telsey Advisory Group reduced their price target on Best Buy from $115.00 to $110.00 and set an “outperform” rating for the company in a report on Tuesday, November 26th. Barclays dropped their price objective on Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a report on Thursday, January 9th. Guggenheim reduced their target price on Best Buy from $110.00 to $105.00 and set a “buy” rating for the company in a research note on Friday, November 29th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Best Buy from $111.00 to $117.00 and gave the company an “overweight” rating in a research note on Friday, November 22nd.

Best Buy Stock Down 1.0 %

Best Buy stock opened at $84.80 on Thursday. The business’s 50-day moving average price is $86.49 and its 200 day moving average price is $90.14. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The firm 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 52 week low of $69.29 and a 52 week high of $103.71.

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

Best Buy Announces Dividend

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

Insiders Place Their Bets

In related news, CFO Matthew M. Bilunas sold 69,166 shares of the firm’s stock in a transaction dated 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 completion of the sale, the chief financial officer now directly owns 92,070 shares in the company, valued at approximately $8,052,442.20. This trade represents a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.59% of the stock is currently owned by corporate insiders.

Institutional Trading of Best Buy

A number of hedge funds and other institutional investors have recently made changes to their positions in BBY. Charles Schwab Investment Management Inc. lifted its holdings in Best Buy by 4.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,164,953 shares of the technology retailer’s stock valued at $636,840,000 after acquiring an additional 241,988 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Best Buy by 2.5% in the 3rd quarter. Geode Capital Management LLC now owns 4,852,980 shares of the technology retailer’s stock valued at $499,954,000 after purchasing an additional 120,185 shares during the last quarter. Raymond James & Associates grew its holdings in shares of Best Buy by 1.8% during the 3rd quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer’s stock worth $355,374,000 after purchasing an additional 62,452 shares during the period. Eagle Asset Management Inc. increased its position in shares of Best Buy by 3.3% during the 3rd quarter. Eagle Asset Management Inc. now owns 1,388,151 shares of the technology retailer’s stock worth $143,396,000 after purchasing an additional 44,693 shares during the last quarter. Finally, AQR Capital Management LLC raised its holdings in Best Buy by 55.4% in the 2nd quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock valued at $116,252,000 after buying an additional 491,781 shares during the period. Institutional investors and hedge funds 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.