Truist Financial Boosts Best Buy (NYSE:BBY) Price Target to $107.00

Best Buy (NYSE:BBY) had its target price raised by Truist Financial from $86.00 to $107.00 in a report released on Friday morning, Benzinga reports. They currently have a hold rating on the technology retailer’s stock.

A number of other equities analysts also recently weighed in on BBY. Loop Capital boosted their target price on Best Buy from $100.00 to $110.00 and gave the stock a buy rating in a research note on Friday. Wedbush restated a neutral rating and issued a $85.00 target price on shares of Best Buy in a research note on Tuesday, May 28th. UBS Group upgraded Best Buy from a neutral rating to a buy rating and boosted their target price for the stock from $85.00 to $106.00 in a research note on Monday, June 17th. Bank of America upped their price objective on Best Buy from $70.00 to $80.00 and gave the company an underperform rating in a research note on Friday. Finally, Evercore ISI upped their price objective on Best Buy from $80.00 to $90.00 and gave the company an in-line rating in a research note on Friday, May 31st. One analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, Best Buy has an average rating of Hold and an average price target of $100.94.

Best Buy Stock Performance

Shares of BBY opened at $100.35 on Friday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.33 and a current ratio of 1.01. The stock has a 50 day moving average price of $85.74 and a two-hundred day moving average price of $80.92. The firm has a market capitalization of $21.65 billion, a P/E ratio of 17.57, a P/E/G ratio of 2.76 and a beta of 1.48. Best Buy has a 52 week low of $62.30 and a 52 week high of $103.71.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a return on equity of 47.56% and a net margin of 2.90%. The firm had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. During the same quarter in the previous year, the business earned $1.22 EPS. The company’s revenue was down 3.1% compared to the same quarter last year. Equities analysts forecast that Best Buy will post 6.11 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 dividend of $0.94 per share. The ex-dividend date is Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a yield of 3.75%. Best Buy’s payout ratio is 65.85%.

Insider Buying and Selling at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 1,000,000 shares of the business’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $85.85, for a total transaction of $85,850,000.00. Following the sale, the chairman now owns 15,890,103 shares of the company’s stock, valued at approximately $1,364,165,342.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Chairman Richard M. Schulze sold 88,542 shares of the company’s stock in a transaction on 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 of the company’s stock, valued at $1,200,451,777.25. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Richard M. Schulze sold 1,000,000 shares of the company’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $85.85, for a total transaction of $85,850,000.00. Following the completion of the transaction, the chairman now directly owns 15,890,103 shares in the company, valued at approximately $1,364,165,342.55. The disclosure for this sale can be found here. Insiders have sold 2,383,370 shares of company stock valued at $208,083,276 in the last 90 days. 0.59% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in BBY. Norges Bank bought a new position in shares of Best Buy in the fourth quarter worth $165,164,000. Ninety One UK Ltd bought a new position in Best Buy in the second quarter valued at $121,325,000. Thrivent Financial for Lutherans increased its stake in Best Buy by 4,337.6% in the second quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer’s stock valued at $92,677,000 after acquiring an additional 1,074,718 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Best Buy by 55.7% in the second quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock valued at $241,347,000 after acquiring an additional 1,024,824 shares during the last quarter. Finally, Epoch Investment Partners Inc. increased its stake in Best Buy by 11,586.7% in the fourth quarter. Epoch Investment Partners Inc. now owns 686,128 shares of the technology retailer’s stock valued at $53,710,000 after acquiring an additional 680,257 shares during the last quarter. 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.