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

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

Several equities research analysts have issued reports on BBY shares. UBS Group set a $105.00 target price on shares of Best Buy in a research report on Wednesday, March 5th. Barclays reduced their target price on Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 9th. Truist Financial decreased their target price on Best Buy from $95.00 to $81.00 and set a “hold” rating for the company in a research report on Wednesday, March 5th. Guggenheim dropped their price target on Best Buy from $105.00 to $90.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. Finally, DA Davidson lowered their price target on Best Buy from $117.00 to $110.00 and set a “buy” rating on the stock in a report on Wednesday, March 5th.

Insider Buying and Selling

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

Institutional Trading of Best Buy

Hedge funds and other institutional investors have recently bought and sold shares of the business. IFP Advisors Inc grew its position in shares of Best Buy by 5.2% during the 4th quarter. IFP Advisors Inc now owns 2,538 shares of the technology retailer’s stock worth $218,000 after buying an additional 125 shares in the last quarter. Mariner LLC lifted its holdings in shares of Best Buy by 0.3% in the 4th quarter. Mariner LLC now owns 43,215 shares of the technology retailer’s stock valued at $3,708,000 after buying an additional 129 shares during the period. LRI Investments LLC increased its holdings in shares of Best Buy by 36.3% during the 4th quarter. LRI Investments LLC now owns 529 shares of the technology retailer’s stock valued at $45,000 after purchasing an additional 141 shares in the last quarter. Rothschild Investment LLC grew its position in shares of Best Buy by 19.7% during the 4th quarter. Rothschild Investment LLC now owns 861 shares of the technology retailer’s stock valued at $74,000 after acquiring an additional 142 shares during the period. Finally, Independent Advisor Alliance grew its stake in Best Buy by 5.0% in the 4th quarter. Independent Advisor Alliance now owns 3,002 shares of the technology retailer’s stock valued at $258,000 after acquiring an additional 142 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Price Performance

Best Buy stock opened at $70.23 on Friday. The company has a market cap of $15.02 billion, a price-to-earnings ratio of 12.01, a PEG ratio of 2.10 and a beta of 1.43. Best Buy has a 12 month low of $69.29 and a 12 month high of $103.71. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The business’s 50 day simple moving average is $84.64 and its 200 day simple moving average is $90.05.

Best Buy (NYSE:BBY) last released its quarterly earnings data 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 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 period in the previous year, the company posted $2.72 EPS. Sell-side analysts forecast that Best Buy will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The firm 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 represents a $3.80 annualized dividend and a yield of 5.41%. The ex-dividend date is Tuesday, March 25th. This is a boost from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s payout ratio is currently 88.99%.

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.