Weekly Investment Analysts’ Ratings Updates for Best Buy (BBY)

A number of firms have modified their ratings and price targets on shares of Best Buy (NYSE: BBY) recently:

• 9/3/2024 – Best Buy had its price target raised by analysts at The Goldman Sachs Group, Inc. from $95.00 to $116.00. They now have a “buy” rating on the stock.
• 8/30/2024 – Best Buy had its price target raised by analysts at Bank of America Co. from $70.00 to $80.00. They now have an “underperform” rating on the stock.
• 8/30/2024 – Best Buy had its price target raised by analysts at JPMorgan Chase & Co. from $101.00 to $111.00. They now have an “overweight” rating on the stock.
• 8/30/2024 – Best Buy had its “overweight” rating reaffirmed by analysts at Piper Sandler. They now have a $114.00 price target on the stock, up previously from $100.00.
• 8/30/2024 – Best Buy had its price target raised by analysts at Telsey Advisory Group from $95.00 to $115.00. They now have an “outperform” rating on the stock.
• 8/30/2024 – Best Buy had its price target raised by analysts at Wedbush from $85.00 to $95.00. They now have a “neutral” rating on the stock.
• 8/30/2024 – Best Buy had its price target raised by analysts at Evercore ISI from $90.00 to $94.00. They now have an “in-line” rating on the stock.
• 8/30/2024 – Best Buy had its price target raised by analysts at Truist Financial Co. from $86.00 to $107.00. They now have a “hold” rating on the stock.
• 8/30/2024 – Best Buy had its price target raised by analysts at Wells Fargo & Company from $80.00 to $95.00. They now have an “equal weight” rating on the stock.
• 8/30/2024 – Best Buy had its price target raised by analysts at Barclays PLC from $81.00 to $95.00. They now have an “equal weight” rating on the stock.
• 8/30/2024 – Best Buy had its price target raised by analysts at Citigroup Inc. from $100.00 to $115.00. They now have a “buy” rating on the stock.
• 8/30/2024 – Best Buy had its price target raised by analysts at UBS Group AG from $106.00 to $123.00. They now have a “buy” rating on the stock.
• 8/30/2024 – Best Buy had its price target raised by analysts at Loop Capital from $100.00 to $110.00. They now have a “buy” rating on the stock.
• 8/29/2024 – Best Buy was upgraded by analysts at BNP Paribas to a “strong-buy” rating.
• 8/23/2024 – Best Buy had its “outperform” rating reaffirmed by analysts at Telsey Advisory Group. They now have a $95.00 price target on the stock.

Best Buy Trading Down 0.4 %

Best Buy stock opened at $99.07 on Thursday. The firm has a 50 day moving average of $89.68 and a 200 day moving average of $83.21. The firm has a market capitalization of $21.37 billion, a price-to-earnings ratio of 17.35, a P/E/G ratio of 2.56 and a beta of 1.46. Best Buy Co., Inc. has a 12-month low of $62.30 and a 12-month high of $103.71. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.18. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The business had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. During the same period in the prior year, the company posted $1.22 EPS. The firm’s revenue for the quarter was down 3.1% compared to the same quarter last year. As a group, research analysts predict that Best Buy Co., Inc. will post 6.26 earnings per share for the current year.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th will be given 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 dividend yield of 3.80%. Best Buy’s dividend payout ratio is currently 65.85%.

Insider Activity

In related news, EVP Jason J. Bonfig sold 3,500 shares of the business’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $83.02, for a total transaction of $290,570.00. Following the completion of the transaction, the executive vice president now owns 50,714 shares in the company, valued at approximately $4,210,276.28. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, EVP Jason J. Bonfig sold 3,500 shares of Best Buy stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $83.02, for a total transaction 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 document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Richard M. Schulze sold 88,542 shares of the business’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the completion of the sale, the chairman now directly owns 13,602,853 shares of the company’s stock, valued at $1,200,451,777.25. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,383,370 shares of company stock valued at $122,233,276. 0.59% of the stock is currently owned by company insiders.

Institutional Trading of Best Buy

Hedge funds have recently added to or reduced their stakes in the business. Rise Advisors LLC raised its stake in Best Buy by 69.5% in the first quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after buying an additional 132 shares in the last quarter. Palisade Asset Management LLC bought a new position in shares of Best Buy in the 1st quarter worth $27,000. Richardson Financial Services Inc. lifted its stake in shares of Best Buy by 190.9% during the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after purchasing an additional 210 shares during the last quarter. PrairieView Partners LLC lifted its stake in shares of Best Buy by 67.1% during the 1st quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock worth $31,000 after purchasing an additional 151 shares during the last quarter. Finally, Innealta Capital LLC bought a new stake in Best Buy during the second quarter valued at about $35,000. 80.96% of the stock is owned by hedge funds and other institutional investors.

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.