Wells Fargo & Company Raises Best Buy (NYSE:BBY) Price Target to $95.00

Best Buy (NYSE:BBY) had its target price hoisted by Wells Fargo & Company from $80.00 to $95.00 in a report published on Friday, Benzinga reports. The brokerage currently has an equal weight rating on the technology retailer’s stock.

A number of other research analysts also recently issued reports on the stock. JPMorgan Chase & Co. raised their price target on shares of Best Buy from $101.00 to $111.00 and gave the stock an overweight rating in a research report on Friday. Telsey Advisory Group lifted their price objective on shares of Best Buy from $95.00 to $115.00 and gave the company an outperform rating in a research report on Friday. Wedbush lifted their price objective on shares of Best Buy from $85.00 to $95.00 and gave the company a neutral rating in a research report on Friday. Loop Capital lifted their price objective on shares of Best Buy from $100.00 to $110.00 and gave the company a buy rating in a research report on Friday. Finally, UBS Group lifted their price objective on shares of Best Buy from $106.00 to $123.00 and gave the company a buy rating in a research report on Friday. One research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Best Buy presently has an average rating of Hold and an average price target of $100.94.

Best Buy Trading Up 0.2 %

Best Buy stock opened at $100.35 on Friday. The firm’s 50-day moving average is $85.74 and its 200-day moving average is $80.92. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.33 and a current ratio of 1.01. Best Buy has a 1 year low of $62.30 and a 1 year high of $103.71. The company has a market cap of $21.65 billion, a P/E ratio of 17.57, a PEG ratio of 2.76 and a beta of 1.48.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a net margin of 2.90% and a return on equity of 47.56%. The company had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. During the same period last year, the firm posted $1.22 EPS. The company’s revenue for the quarter was down 3.1% on a year-over-year basis. On average, equities analysts expect that Best Buy will post 6.11 earnings per share for the current year.

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th will be paid a $0.94 dividend. The ex-dividend date is Thursday, September 19th. This represents a $3.76 annualized dividend and a dividend yield of 3.75%. Best Buy’s dividend payout ratio is currently 65.85%.

Insider Transactions at Best Buy

In other news, Chairman Richard M. Schulze sold 1,000,000 shares of Best Buy stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $85.85, for a total value of $85,850,000.00. Following the transaction, 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Jason J. Bonfig sold 3,500 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the executive vice president now owns 50,714 shares in the company, valued at approximately $4,210,276.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, 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 directly owns 15,890,103 shares in the company, valued at $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 quarter. Insiders own 0.59% of the company’s stock.

Institutional Investors Weigh In On Best Buy

Hedge funds have recently bought and sold shares of the business. Norges Bank purchased a new position in Best Buy during the 4th quarter valued at about $165,164,000. Ninety One UK Ltd acquired a new stake in shares of Best Buy during the second quarter worth approximately $121,325,000. Thrivent Financial for Lutherans increased its stake in Best Buy by 4,337.6% in the 2nd quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer’s stock valued at $92,677,000 after buying an additional 1,074,718 shares during the period. Bank of New York Mellon Corp increased its stake in Best Buy by 55.7% in the 2nd 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 buying an additional 1,024,824 shares during the period. Finally, Epoch Investment Partners Inc. boosted its stake in shares of Best Buy by 11,586.7% during the 4th quarter. Epoch Investment Partners Inc. now owns 686,128 shares of the technology retailer’s stock valued at $53,710,000 after buying an additional 680,257 shares during the period. 80.96% of the stock is owned by hedge funds and other institutional investors.

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.