Best Buy Co Inc (BBY) Receives $71.43 Consensus Target Price from Analysts

Best Buy Co Inc (NYSE:BBY) has been given an average rating of “Hold” by the twenty-two ratings firms that are covering the stock, MarketBeat reports. Three analysts have rated the stock with a sell recommendation, eleven have given a hold recommendation, seven have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $71.43.

Several research firms have commented on BBY. Loop Capital set a $85.00 price target on Best Buy and gave the company a “buy” rating in a report on Thursday, May 24th. Zacks Investment Research cut Best Buy from a “buy” rating to a “hold” rating in a report on Monday, May 28th. Wedbush reissued a “sell” rating and issued a $48.00 target price on shares of Best Buy in a report on Monday, May 21st. Wells Fargo & Co initiated coverage on Best Buy in a report on Monday, April 23rd. They issued a “market perform” rating and a $77.00 target price for the company. Finally, ValuEngine cut Best Buy from a “buy” rating to a “hold” rating in a report on Saturday, May 26th.

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Best Buy stock traded down $0.72 during trading hours on Friday, hitting $73.63. The stock had a trading volume of 1,185,668 shares, compared to its average volume of 3,577,865. The company has a quick ratio of 0.56, a current ratio of 1.27 and a debt-to-equity ratio of 0.23. The stock has a market cap of $20.77 billion, a price-to-earnings ratio of 16.66, a price-to-earnings-growth ratio of 1.39 and a beta of 0.85. Best Buy has a fifty-two week low of $51.61 and a fifty-two week high of $79.90.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Thursday, May 24th. The technology retailer reported $0.82 EPS for the quarter, beating the consensus estimate of $0.74 by $0.08. The firm had revenue of $9.11 billion during the quarter, compared to analysts’ expectations of $8.75 billion. Best Buy had a return on equity of 36.16% and a net margin of 2.39%. The company’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.60 EPS. analysts expect that Best Buy will post 5.01 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 5th. Investors of record on Thursday, June 14th will be given a dividend of $0.45 per share. The ex-dividend date is Wednesday, June 13th. This represents a $1.80 dividend on an annualized basis and a yield of 2.44%. Best Buy’s dividend payout ratio (DPR) is presently 40.72%.

In related news, insider Rajendra M. Mohan sold 2,617 shares of the stock in a transaction that occurred on Friday, May 25th. The stock was sold at an average price of $70.98, for a total transaction of $185,754.66. Following the sale, the insider now directly owns 97,897 shares in the company, valued at approximately $6,948,729.06. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Asheesh Saksena sold 18,570 shares of the stock in a transaction that occurred on Thursday, June 14th. The stock was sold at an average price of $73.69, for a total value of $1,368,423.30. Following the sale, the insider now owns 77,478 shares in the company, valued at $5,709,353.82. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 31,999 shares of company stock worth $2,344,505. 0.75% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BBY. SWS Partners bought a new position in Best Buy in the 4th quarter valued at $110,000. Bristol John W & Co. Inc. NY bought a new position in Best Buy in the 1st quarter valued at $129,000. Private Capital Group LLC boosted its position in Best Buy by 850.7% in the 1st quarter. Private Capital Group LLC now owns 2,852 shares of the technology retailer’s stock valued at $201,000 after buying an additional 2,552 shares during the last quarter. Trexquant Investment LP bought a new position in Best Buy in the 1st quarter valued at $212,000. Finally, First Commonwealth Financial Corp PA bought a new position in Best Buy in the 4th quarter valued at $212,000. Institutional investors and hedge funds own 88.41% of the company’s stock.

About Best Buy

Best Buy Co, Inc operates as a retailer of technology products, services, and solutions in the United States, Canada, and Mexico. The company operates in two segments, Domestic and International. Its stores provide consumer electronics, including digital imaging, health and fitness, home automation, home theater, and portable audio products; computing and mobile phones, such as computing and peripherals, networking products, tablets, smart watches, and e-readers, as well as mobile phones comprising related mobile network carrier commissions; and entertainment products, including drones, movies, music, and technology toys, as well as gaming hardware and software, and virtual reality and other software products.