Best Buy (NYSE:BBY) PT Raised to $82.00

Best Buy (NYSE:BBYFree Report) had its target price hoisted by Morgan Stanley from $80.00 to $82.00 in a report published on Friday morning, Benzinga reports. The brokerage currently has an equal weight rating on the technology retailer’s stock.

Several other equities research analysts have also commented on BBY. UBS Group upped their price objective on Best Buy from $82.00 to $85.00 and gave the stock a neutral rating in a research note on Friday. Citigroup upped their price objective on Best Buy from $67.00 to $76.00 and gave the stock a sell rating in a research note on Friday. Jefferies Financial Group upgraded Best Buy from a hold rating to a buy rating and upped their price objective for the stock from $69.00 to $89.00 in a research note on Monday, December 11th. Barclays upped their price objective on Best Buy from $69.00 to $88.00 and gave the stock an equal weight rating in a research note on Friday. Finally, Wedbush increased their price target on Best Buy from $75.00 to $85.00 and gave the stock a neutral rating in a research note on Friday. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Hold and a consensus target price of $82.80.

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Best Buy Price Performance

NYSE BBY opened at $77.54 on Friday. The business’s fifty day moving average price is $75.20 and its 200-day moving average price is $72.45. The stock has a market capitalization of $16.70 billion, a price-to-earnings ratio of 13.63, a PEG ratio of 2.13 and a beta of 1.49. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.00 and a quick ratio of 0.37. Best Buy has a 1-year low of $62.30 and a 1-year high of $86.11.

Best Buy (NYSE:BBYGet Free Report) last released its quarterly earnings results on Thursday, February 29th. The technology retailer reported $2.72 earnings per share for the quarter, beating the consensus estimate of $2.51 by $0.21. The firm had revenue of $14.65 billion for the quarter, compared to analysts’ expectations of $14.58 billion. Best Buy had a return on equity of 48.45% and a net margin of 2.86%. The company’s revenue was down .6% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.61 EPS. On average, equities analysts predict that Best Buy will post 6.03 earnings per share for the current year.

Best Buy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 11th. Investors of record on Thursday, March 21st will be issued a $0.94 dividend. This is an increase from Best Buy’s previous quarterly dividend of $0.92. The ex-dividend date of this dividend is Wednesday, March 20th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.85%. Best Buy’s dividend payout ratio (DPR) is presently 64.67%.

Insider Activity at Best Buy

In related news, Chairman Richard M. Schulze sold 213,693 shares of the stock in a transaction dated Wednesday, December 6th. The shares were sold at an average price of $75.10, for a total value of $16,048,344.30. Following the completion of the transaction, the chairman now owns 288,393 shares of the company’s stock, valued at approximately $21,658,314.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Best Buy news, Chairman Richard M. Schulze sold 110,974 shares of the firm’s stock in a transaction dated Wednesday, December 20th. The shares were sold at an average price of $77.00, for a total value of $8,544,998.00. Following the completion of the sale, the chairman now owns 19,566,458 shares of the company’s stock, valued at $1,506,617,266. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Chairman Richard M. Schulze sold 213,693 shares of the firm’s stock in a transaction dated Wednesday, December 6th. The stock was sold at an average price of $75.10, for a total transaction of $16,048,344.30. Following the completion of the sale, the chairman now directly owns 288,393 shares of the company’s stock, valued at approximately $21,658,314.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 686,796 shares of company stock valued at $52,374,450. Insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Best Buy

A number of institutional investors have recently modified their holdings of the stock. BlackRock Inc. increased its position in shares of Best Buy by 4.0% during the second quarter. BlackRock Inc. now owns 20,391,369 shares of the technology retailer’s stock worth $1,671,073,000 after acquiring an additional 778,412 shares during the period. State Street Corp increased its holdings in Best Buy by 1.2% during the first quarter. State Street Corp now owns 10,152,129 shares of the technology retailer’s stock valued at $803,778,000 after buying an additional 123,256 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in Best Buy by 32.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 9,885,308 shares of the technology retailer’s stock valued at $773,724,000 after buying an additional 2,409,006 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Best Buy by 1.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,478,759 shares of the technology retailer’s stock valued at $311,139,000 after buying an additional 66,770 shares during the period. Finally, Geode Capital Management LLC increased its holdings in Best Buy by 0.9% during the second quarter. Geode Capital Management LLC now owns 4,258,309 shares of the technology retailer’s stock valued at $348,308,000 after buying an additional 39,341 shares during the period. 76.10% of the stock is owned by hedge funds and other institutional investors.

Best Buy Company Profile

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Best Buy Co, Inc engages in the retail of technology products in the United States and Canada. The company operates in two segments, Domestic 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.

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