Best Buy Co., Inc. (NYSE:BBY) Given Average Recommendation of “Moderate Buy” by Analysts

Shares of Best Buy Co., Inc. (NYSE:BBY) have been assigned a consensus rating of “Moderate Buy” from the nineteen research firms that are presently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $101.06.

BBY has been the topic of several recent research reports. JPMorgan Chase & Co. upped their price objective on Best Buy from $111.00 to $117.00 and gave the company an “overweight” rating in a research report on Friday, November 22nd. Truist Financial cut their target price on Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a research report on Wednesday, November 27th. Guggenheim decreased their price objective on shares of Best Buy from $110.00 to $105.00 and set a “buy” rating for the company in a research note on Friday, November 29th. Melius Research started coverage on Best Buy in a research report on Monday, September 23rd. They set a “hold” rating and a $100.00 price target on the stock. Finally, Telsey Advisory Group decreased their target price on shares of Best Buy from $115.00 to $110.00 and set an “outperform” rating for the company in a research note on Tuesday, November 26th.

Best Buy Stock Performance

BBY opened at $83.62 on Friday. Best Buy has a 1-year low of $69.29 and a 1-year high of $103.71. The stock has a market cap of $17.88 billion, a P/E ratio of 14.29, a P/E/G ratio of 2.19 and a beta of 1.44. The stock’s 50 day simple moving average is $88.62 and its 200 day simple moving average is $90.42. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Tuesday, November 26th. The technology retailer reported $1.26 EPS for the quarter, missing the consensus estimate of $1.30 by ($0.04). The business had revenue of $9.45 billion during the quarter, compared to analysts’ expectations of $9.63 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. Best Buy’s quarterly revenue was down 3.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.29 earnings per share. As a group, equities analysts anticipate that Best Buy will post 6.18 EPS for the current fiscal year.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th will be given a $0.94 dividend. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.50%. Best Buy’s payout ratio is currently 64.27%.

Insider Buying and Selling at Best Buy

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the company’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 completion of the transaction, the chief financial officer now owns 92,070 shares in the company, valued at approximately $8,052,442.20. This represents a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.59% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. QRG Capital Management Inc. raised its holdings in shares of Best Buy by 10.5% during the third quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock valued at $3,279,000 after buying an additional 3,025 shares during the last quarter. Asset Management One Co. Ltd. increased its position in 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 valued at $9,332,000 after acquiring an additional 19,405 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in Best Buy by 13.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 154,564 shares of the technology retailer’s stock valued at $15,806,000 after acquiring an additional 18,171 shares in the last quarter. Oppenheimer Asset Management Inc. acquired a new position in Best Buy during the 3rd quarter worth $2,384,000. Finally, Toronto Dominion Bank boosted its position in Best Buy by 82.2% during the 3rd quarter. Toronto Dominion Bank now owns 102,292 shares of the technology retailer’s stock worth $10,567,000 after acquiring an additional 46,152 shares during the period. 80.96% of the stock is 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.