Best Buy Co., Inc. (NYSE:BBY) Receives $102.56 Consensus Target Price from Analysts

Shares of Best Buy Co., Inc. (NYSE:BBY - Get Free Report) have received a consensus rating of "Moderate Buy" from the seventeen ratings firms that are currently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, six have assigned a hold recommendation, nine have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $102.56.

A number of analysts have recently commented on the company. BNP Paribas upgraded Best Buy to a "strong-buy" rating in a research report on Thursday, August 29th. Wells Fargo & Company lifted their price target on Best Buy from $80.00 to $95.00 and gave the stock an "equal weight" rating in a research report on Friday, August 30th. Truist Financial raised their target price on shares of Best Buy from $86.00 to $107.00 and gave the stock a "hold" rating in a research report on Friday, August 30th. UBS Group upped their price target on shares of Best Buy from $106.00 to $123.00 and gave the company a "buy" rating in a research report on Friday, August 30th. Finally, The Goldman Sachs Group raised their price objective on shares of Best Buy from $95.00 to $116.00 and gave the stock a "buy" rating in a research report on Tuesday, September 3rd.

Insiders Place Their Bets

In other news, EVP Jason J. Bonfig sold 3,500 shares of the stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $83.02, for a total value 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Jason J. Bonfig sold 3,500 shares of the firm's stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $83.02, for a total value of $290,570.00. Following the completion of the transaction, the executive vice president now directly owns 50,714 shares of the company's stock, valued at approximately $4,210,276.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Richard M. Schulze sold 691,328 shares of the business's stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $88.46, for a total value of $61,154,874.88. Following the sale, the chairman now owns 14,911,525 shares in the company, valued at $1,319,073,501.50. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,383,370 shares of company stock worth $122,233,276. Corporate insiders own 0.59% of the company's stock.

Hedge Funds Weigh In On Best Buy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Private Advisor Group LLC acquired a new position in shares of Best Buy during the 4th quarter worth approximately $328,000. ING Groep NV raised its holdings in shares of Best Buy by 61.5% in the fourth quarter. ING Groep NV now owns 5,612 shares of the technology retailer's stock worth $439,000 after acquiring an additional 2,137 shares during the last quarter. Norges Bank purchased a new stake in shares of Best Buy in the fourth quarter valued at $165,164,000. Wells Fargo & Company MN boosted its stake in shares of Best Buy by 52.9% during the fourth quarter. Wells Fargo & Company MN now owns 212,594 shares of the technology retailer's stock valued at $16,642,000 after acquiring an additional 73,579 shares during the last quarter. Finally, Trexquant Investment LP purchased a new stake in Best Buy during the 4th quarter worth about $3,474,000. Institutional investors and hedge funds own 80.96% of the company's stock.

Best Buy Stock Down 1.2 %

Shares of NYSE BBY traded down $1.16 during midday trading on Friday, hitting $97.30. 3,241,281 shares of the company's stock were exchanged, compared to its average volume of 3,102,164. The firm's fifty day simple moving average is $89.93 and its 200-day simple moving average is $83.32. The company has a market cap of $20.99 billion, a PE ratio of 17.11, a P/E/G ratio of 2.56 and a beta of 1.46. Best Buy has a twelve month low of $62.30 and a twelve month high of $103.71. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, topping analysts' consensus estimates of $1.16 by $0.18. The company had revenue of $9.29 billion for the quarter, compared to analysts' expectations of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The firm's revenue for the quarter was down 3.1% on a year-over-year basis. During the same quarter last year, the company earned $1.22 earnings per share. Research analysts predict that Best Buy will post 6.26 EPS for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th will be given a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 3.86%. The ex-dividend date is Thursday, September 19th. Best Buy's payout ratio is 65.85%.

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.