Best Buy (NYSE:BBY) Lifted to “Buy” at StockNews.com

StockNews.com upgraded shares of Best Buy (NYSE:BBY) from a hold rating to a buy rating in a research note issued to investors on Wednesday.

A number of other brokerages also recently commented on BBY. Truist Financial boosted their target price on shares of Best Buy from $86.00 to $107.00 and gave the stock a hold rating in a research note on Friday, August 30th. Bank of America increased their price objective on Best Buy from $70.00 to $80.00 and gave the company an underperform rating in a report on Friday, August 30th. 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 note on Friday, August 30th. Melius Research initiated coverage on shares of Best Buy in a research note on Monday, September 23rd. They issued a hold rating and a $100.00 price target on the stock. Finally, Piper Sandler reissued an overweight rating and set a $114.00 price objective (up previously from $100.00) on shares of Best Buy in a report on Friday, August 30th. One analyst has rated the stock with a sell rating, seven have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Best Buy currently has a consensus rating of Moderate Buy and a consensus price target of $102.41.

Best Buy Price Performance

BBY stock opened at $99.61 on Wednesday. The business’s 50-day moving average is $92.55 and its two-hundred day moving average is $85.05. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34. The firm has a market capitalization of $21.49 billion, a P/E ratio of 17.44, a P/E/G ratio of 2.56 and a beta of 1.46. Best Buy has a 1 year low of $62.30 and a 1 year high of $103.71.

Best Buy (NYSE:BBY) last released its earnings results 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. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The firm had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. During the same period in the prior year, the firm earned $1.22 earnings per share. The business’s quarterly revenue was down 3.1% compared to the same quarter last year. Analysts anticipate that Best Buy will post 6.28 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The business 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 dividend of $0.94 per share. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a yield of 3.77%. Best Buy’s payout ratio is 65.85%.

Insider Activity

In other Best Buy news, Chairman Richard M. Schulze sold 691,328 shares of the company’s stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $88.46, for a total transaction of $61,154,874.88. Following the completion of the transaction, the chairman now owns 14,911,525 shares in the company, valued at approximately $1,319,073,501.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Best Buy news, Chairman Richard M. Schulze sold 691,328 shares of Best Buy stock in a transaction that occurred 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 of the company’s stock, valued at approximately $1,319,073,501.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Richard M. Schulze sold 600,000 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $88.29, for a total value of $52,974,000.00. Following the completion of the transaction, the chairman now owns 14,002,853 shares of the company’s stock, valued at $1,236,311,891.37. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,383,370 shares of company stock valued at $122,233,276. Company insiders own 0.59% of the company’s stock.

Hedge Funds Weigh In On Best Buy

Hedge funds have recently added to or reduced their stakes in the business. Raymond James & Associates increased its stake in shares of Best Buy by 17.0% during the 2nd quarter. Raymond James & Associates now owns 3,377,763 shares of the technology retailer’s stock worth $284,712,000 after purchasing an additional 490,801 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Best Buy by 8.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer’s stock valued at $257,569,000 after buying an additional 235,478 shares during the last quarter. Bank of New York Mellon Corp increased its position in Best Buy by 55.7% during the second quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock worth $241,347,000 after buying an additional 1,024,824 shares in the last quarter. Ninety One UK Ltd acquired a new position in shares of Best Buy in the second quarter worth $121,325,000. Finally, AQR Capital Management LLC lifted its position in shares of Best Buy by 55.4% in the second quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock valued at $116,252,000 after acquiring an additional 491,781 shares in the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

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.