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

Best Buy Co., Inc. (NYSE:BBY) has been assigned a consensus rating of “Moderate Buy” from the sixteen ratings firms that are presently covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating on the company. The average 1 year price target among analysts that have covered the stock in the last year is $100.94.

BBY has been the topic of several recent analyst reports. Telsey Advisory Group boosted their target price on Best Buy from $95.00 to $115.00 and gave the stock an “outperform” rating in a research report on Friday. Barclays boosted their target price on Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday. JPMorgan Chase & Co. boosted their target price on Best Buy from $101.00 to $111.00 and gave the stock an “overweight” rating in a research report on Friday. Wells Fargo & Company boosted their target price on Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday. Finally, Citigroup boosted their target price on Best Buy from $100.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday.

Best Buy Trading Up 0.2 %

BBY opened at $100.35 on Monday. Best Buy has a 12 month low of $62.30 and a 12 month high of $103.71. The stock has a market capitalization of $21.65 billion, a price-to-earnings ratio of 17.57, a PEG ratio of 2.76 and a beta of 1.48. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.33. The business has a fifty day moving average price of $85.74 and a 200 day moving average price of $80.92.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.18. The business had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a return on equity of 47.56% and a net margin of 2.90%. The business’s quarterly revenue was down 3.1% on a year-over-year basis. During the same period in the previous year, the business earned $1.22 EPS. Sell-side analysts expect that Best Buy will post 6.11 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th will be paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.75%. The ex-dividend date of this dividend is Thursday, September 19th. Best Buy’s dividend payout ratio is presently 65.85%.

Insider Activity at Best Buy

In other Best Buy news, EVP Jason J. Bonfig sold 3,500 shares of Best Buy 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 in the company, valued at $4,210,276.28. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Best Buy news, Chairman Richard M. Schulze sold 1,000,000 shares of Best Buy stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $85.85, for a total value of $85,850,000.00. Following the completion of the transaction, the chairman now directly owns 15,890,103 shares in the company, valued at $1,364,165,342.55. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Jason J. Bonfig sold 3,500 shares of the business’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 transaction, the executive vice president now owns 50,714 shares of the company’s stock, valued at $4,210,276.28. The disclosure for this sale can be found here. In the last three months, insiders sold 2,383,370 shares of company stock worth $208,083,276. 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 made changes to their positions in the business. Richardson Financial Services Inc. lifted its position in Best Buy by 190.9% in the second 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 period. Rise Advisors LLC lifted its position 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 purchasing an additional 132 shares during the period. Palisade Asset Management LLC acquired a new stake in Best Buy in the first quarter worth approximately $27,000. Access Investment Management LLC acquired a new stake in Best Buy in the fourth quarter worth approximately $27,000. Finally, PrairieView Partners LLC lifted its position in Best Buy by 67.1% in the first 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 period. 80.96% of the stock is currently owned by institutional investors and hedge funds.

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.