Analysts Set Best Buy Co., Inc. (NYSE:BBY) Target Price at $93.50

Best Buy Co., Inc. (NYSE:BBY) has earned an average rating of “Hold” from the twenty brokerages that are currently covering the stock, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, eight have issued a hold recommendation, nine have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $93.50.

A number of equities research analysts have issued reports on BBY shares. Loop Capital reiterated a “negative” rating on shares of Best Buy in a research note on Wednesday, March 5th. Citigroup cut their target price on Best Buy from $105.00 to $93.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. Guggenheim cut their target price on Best Buy from $105.00 to $90.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. Wells Fargo & Company lowered their price target on Best Buy from $89.00 to $85.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 5th. Finally, Telsey Advisory Group lowered their price target on Best Buy from $110.00 to $100.00 and set an “outperform” rating on the stock in a report on Wednesday, March 5th.

Insider Activity at Best Buy

In related news, CEO Corie S. Barry purchased 13,500 shares of the firm’s stock in a transaction that occurred on 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 transaction, 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 position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.59% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Best Buy

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Siemens Fonds Invest GmbH boosted its position in Best Buy by 254.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 15,349 shares of the technology retailer’s stock worth $1,317,000 after acquiring an additional 11,024 shares during the period. GHE LLC boosted its position in Best Buy by 4.3% during the 4th quarter. GHE LLC now owns 19,163 shares of the technology retailer’s stock worth $1,644,000 after acquiring an additional 788 shares during the period. Total Wealth Planning & Management Inc. acquired a new stake in Best Buy during the 4th quarter worth about $731,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Best Buy during the 4th quarter worth about $29,090,000. Finally, Brooklyn FI LLC acquired a new stake in Best Buy during the 4th quarter worth about $315,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Stock Performance

Shares of BBY opened at $71.56 on Friday. The business’s fifty day moving average price is $84.40 and its 200 day moving average price is $89.95. Best Buy has a 12-month low of $69.29 and a 12-month high of $103.71. The stock has a market capitalization of $15.30 billion, a PE ratio of 12.23, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22.

Best Buy (NYSE:BBY) last posted its 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 company had revenue of $13.95 billion for the quarter, compared to analysts’ expectations 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 last year, the business posted $2.72 earnings per share. Equities research analysts forecast that Best Buy will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be given a $0.95 dividend. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Tuesday, March 25th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.31%. Best Buy’s dividend payout ratio (DPR) is 88.99%.

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.