Best Buy Co., Inc. (NYSE:BBY) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Best Buy Co., Inc. (NYSE:BBY) have been assigned a consensus recommendation of “Moderate Buy” from the nineteen brokerages that are presently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, seven have issued a hold recommendation, ten have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $101.72.

A number of research analysts have commented on the stock. Telsey Advisory Group reduced their price objective on shares of Best Buy from $115.00 to $110.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 26th. Truist Financial reduced their price objective on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a research note on Wednesday, November 27th. Loop Capital reiterated a “buy” rating and set a $100.00 price objective on shares of Best Buy in a research note on Wednesday, December 18th. UBS Group reduced their price objective on shares of Best Buy from $123.00 to $115.00 and set a “buy” rating on the stock in a research note on Wednesday, November 27th. Finally, Barclays reduced their price objective on shares of 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.

Best Buy Price Performance

BBY opened at $83.95 on Thursday. The company has a fifty day simple moving average of $86.91 and a 200 day simple moving average of $90.22. The firm has a market cap of $17.95 billion, a price-to-earnings ratio of 14.35, a PEG ratio of 2.06 and a beta of 1.43. Best Buy has a twelve month low of $69.29 and a twelve 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.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.04). The firm had revenue of $9.45 billion for the quarter, compared to analyst estimates of $9.63 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. Best Buy’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same period in the previous year, the business posted $1.29 earnings per share. Equities research analysts expect that Best Buy will post 6.18 EPS for the current fiscal year.

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th were issued a $0.94 dividend. The ex-dividend date of this dividend was Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.48%. Best Buy’s dividend payout ratio (DPR) is presently 64.27%.

Insider Buying and Selling

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the transaction, the chief financial officer now owns 92,070 shares of the company’s stock, valued at approximately $8,052,442.20. This trade represents a 42.90 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.59% of the company’s stock.

Hedge Funds Weigh In On Best Buy

Several large investors have recently bought and sold shares of BBY. QRG Capital Management Inc. grew its stake in shares of Best Buy by 10.5% in the 3rd quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock worth $3,279,000 after purchasing an additional 3,025 shares during the last quarter. Asset Management One Co. Ltd. grew its stake in shares of Best Buy by 27.4% in the 3rd quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock worth $9,332,000 after purchasing an additional 19,405 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Best Buy by 13.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 154,564 shares of the technology retailer’s stock worth $15,806,000 after purchasing an additional 18,171 shares during the last quarter. Oppenheimer Asset Management Inc. acquired a new position in shares of Best Buy in the 3rd quarter worth approximately $2,384,000. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Best Buy by 4.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,164,953 shares of the technology retailer’s stock worth $636,840,000 after purchasing an additional 241,988 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

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.