Best Buy Co., Inc. (NYSE:BBY) Given Average Rating of “Hold” by Analysts

Shares of Best Buy Co., Inc. (NYSE:BBY) have earned an average rating of “Hold” from the twenty analysts that are currently covering the company, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation, eight have issued a hold recommendation, nine have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among brokers that have covered the stock in the last year is $93.50.

Several research firms have weighed in on BBY. Guggenheim lowered their target price on Best Buy from $105.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, March 5th. Jefferies Financial Group decreased their price objective on Best Buy from $106.00 to $92.00 and set a “buy” rating on the stock in a research note on Tuesday, March 4th. Wedbush reaffirmed a “neutral” rating and set a $90.00 price objective on shares of Best Buy in a research note on Monday, March 3rd. Truist Financial decreased their price objective on Best Buy from $95.00 to $81.00 and set a “hold” rating on the stock in a research note on Wednesday, March 5th. Finally, UBS Group set a $105.00 price objective on Best Buy in a research note on Wednesday, March 5th.

Best Buy Stock Down 0.9 %

Best Buy stock opened at $73.10 on Friday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The firm has a market capitalization of $15.63 billion, a price-to-earnings ratio of 12.50, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. Best Buy has a fifty-two week low of $69.29 and a fifty-two week high of $103.71. The stock’s fifty day moving average is $83.96 and its two-hundred day moving average is $89.58.

Best Buy (NYSE:BBY) last posted its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.40 by $0.18. The company had revenue of $13.95 billion for the quarter, compared to analyst estimates of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same quarter in the prior year, the company earned $2.72 earnings per share. Analysts predict that Best Buy will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be given a dividend of $0.95 per share. The ex-dividend date is Tuesday, March 25th. This is an increase from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a yield of 5.20%. Best Buy’s dividend payout ratio is 88.99%.

Insider Buying and Selling

In other news, CEO Corie S. Barry acquired 13,500 shares of the business’s stock in a transaction dated Wednesday, March 12th. The shares were bought at an average cost of $72.92 per share, for a total transaction of $984,420.00. Following the acquisition, the chief executive officer now directly owns 378,780 shares in the company, valued at $27,620,637.60. This trade represents a 3.70 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.59% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Best Buy

A number of large investors have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Best Buy by 49.9% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 172,806 shares of the technology retailer’s stock worth $14,827,000 after purchasing an additional 57,520 shares during the period. Siemens Fonds Invest GmbH raised its holdings in shares of Best Buy by 254.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 15,349 shares of the technology retailer’s stock valued at $1,317,000 after buying an additional 11,024 shares during the period. GHE LLC raised its holdings in shares of Best Buy by 4.3% during the 4th quarter. GHE LLC now owns 19,163 shares of the technology retailer’s stock valued at $1,644,000 after buying an additional 788 shares during the period. Total Wealth Planning & Management Inc. purchased a new stake in shares of Best Buy during the 4th quarter valued at about $731,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Best Buy during the 4th quarter valued at about $29,090,000. 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.