Best Buy (NYSE:BBY) Receives Hold Rating from Truist Financial

Truist Financial reaffirmed their hold rating on shares of Best Buy (NYSE:BBY) in a report published on Monday, Benzinga reports. Truist Financial currently has a $86.00 price target on the technology retailer’s stock.

Other equities analysts have also recently issued reports about the company. Citigroup upgraded Best Buy from a sell rating to a buy rating and increased their target price for the stock from $67.00 to $100.00 in a report on Monday, June 3rd. Telsey Advisory Group reissued an outperform rating and issued a $95.00 price objective on shares of Best Buy in a report on Thursday, May 30th. DA Davidson raised their target price on Best Buy from $90.00 to $95.00 and gave the stock a buy rating in a research note on Friday, May 31st. Jefferies Financial Group cut their target price on Best Buy from $95.00 to $94.00 and set a buy rating for the company in a research note on Monday, April 8th. Finally, Wedbush reiterated a neutral rating and set a $85.00 price target on shares of Best Buy in a research report on Tuesday, May 28th. Seven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $90.87.

Best Buy Stock Performance

Best Buy stock opened at $82.28 on Monday. Best Buy has a 12-month low of $62.30 and a 12-month high of $93.72. The company has a quick ratio of 0.33, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The business’s 50-day moving average price is $79.74 and its two-hundred day moving average price is $77.76. The stock has a market cap of $17.75 billion, a PE ratio of 14.41, a P/E/G ratio of 2.72 and a beta of 1.49.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, May 30th. The technology retailer reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.12. The company had revenue of $8.85 billion for the quarter, compared to analysts’ expectations of $8.96 billion. Best Buy had a return on equity of 47.56% and a net margin of 2.90%. The business’s quarterly revenue was down 6.5% compared to the same quarter last year. During the same period in the previous year, the business posted $1.15 earnings per share. As a group, analysts expect that Best Buy will post 6.11 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Thursday, June 20th will be paid a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 4.57%. The ex-dividend date of this dividend is Thursday, June 20th. Best Buy’s dividend payout ratio is currently 65.85%.

Insider Activity at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 1,000,000 shares of the company’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $80.21, for a total value of $80,210,000.00. Following the completion of the sale, the chairman now owns 8,850 shares in the company, valued at $709,858.50. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, Chairman Richard M. Schulze sold 1,000,000 shares of the stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $80.21, for a total transaction of $80,210,000.00. Following the completion of the transaction, the chairman now directly owns 8,850 shares of the company’s stock, valued at $709,858.50. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CAO Mathew Watson sold 3,520 shares of the stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $82.43, for a total value of $290,153.60. Following the transaction, the chief accounting officer now directly owns 22,118 shares of the company’s stock, valued at $1,823,186.74. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,004,149 shares of company stock worth $166,397,807. 0.59% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Bfsg LLC acquired a new stake in shares of Best Buy in the 4th quarter worth $25,000. Rise Advisors LLC boosted its holdings in shares of Best Buy by 69.5% during the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after purchasing an additional 132 shares during the last quarter. Palisade Asset Management LLC acquired a new position in shares of Best Buy during the 1st quarter worth approximately $27,000. Naples Money Management LLC acquired a new position in Best Buy in the fourth quarter valued at approximately $27,000. Finally, Access Investment Management LLC acquired a new position in Best Buy in the fourth quarter valued at approximately $27,000. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

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.