Best Buy (NYSE:BBY) Upgraded at StockNews.com

by · The Cerbat Gem

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

BBY has been the subject of a number of other research reports. Wells Fargo & Company increased their target price on Best Buy from $80.00 to $95.00 and gave the stock an equal weight rating in a report on Friday, August 30th. The Goldman Sachs Group lifted their target price on Best Buy from $95.00 to $116.00 and gave the company a buy rating in a research report on Tuesday, September 3rd. Truist Financial raised their price target 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. Piper Sandler reiterated an overweight rating and issued a $114.00 price objective (up from $100.00) on shares of Best Buy in a report on Friday, August 30th. Finally, JPMorgan Chase & Co. increased their target price on shares of Best Buy from $101.00 to $111.00 and gave the stock an overweight rating in a report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $102.41.

Read Our Latest Stock Analysis on BBY

Best Buy Trading Down 1.2 %

NYSE BBY opened at $97.84 on Monday. Best Buy has a one year low of $62.30 and a one year high of $103.71. 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 cap of $21.01 billion, a P/E ratio of 17.13, a P/E/G ratio of 2.56 and a beta of 1.46. The stock’s 50-day moving average is $90.63 and its 200-day moving average is $83.82.

Best Buy (NYSE:BBY – Get Free Report) last announced its earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $9.23 billion. During the same period last year, the company posted $1.22 EPS. The business’s quarterly revenue was down 3.1% on a year-over-year basis. Sell-side analysts anticipate that Best Buy will post 6.28 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 10th. Investors of record on Thursday, September 19th will be issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.84%. The ex-dividend date is Thursday, September 19th. Best Buy’s payout ratio is presently 65.85%.

Insider Buying and Selling at Best Buy

In other Best Buy news, EVP Jason J. Bonfig sold 3,500 shares of the company’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $83.02, for a total value of $290,570.00. Following the transaction, the executive vice president now directly owns 50,714 shares in the company, valued at $4,210,276.28. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related 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 transaction of $61,154,874.88. Following the completion of the sale, the chairman now directly owns 14,911,525 shares of the company’s stock, valued at approximately $1,319,073,501.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Jason J. Bonfig sold 3,500 shares of the company’s stock in a transaction on Monday, July 8th. The shares were 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 disclosure for this sale can be found here. Insiders sold 1,383,370 shares of company stock valued at $122,233,276 in the last quarter. 0.59% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Best Buy

Institutional investors and hedge funds have recently modified their holdings of the business. Wells Fargo & Company MN boosted its holdings in Best Buy by 52.9% in the 4th quarter. Wells Fargo & Company MN now owns 212,594 shares of the technology retailer’s stock valued at $16,642,000 after purchasing an additional 73,579 shares during the period. Franklin Resources Inc. boosted its stake in shares of Best Buy by 9.4% in the fourth quarter. Franklin Resources Inc. now owns 310,289 shares of the technology retailer’s stock valued at $24,289,000 after buying an additional 26,737 shares during the period. Nomura Asset Management Co. Ltd. grew its position in Best Buy by 4.4% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 95,855 shares of the technology retailer’s stock worth $7,504,000 after buying an additional 4,009 shares in the last quarter. Hilltop Holdings Inc. increased its stake in Best Buy by 23.4% during the 4th quarter. Hilltop Holdings Inc. now owns 6,961 shares of the technology retailer’s stock worth $545,000 after acquiring an additional 1,319 shares during the period. Finally, Pine Valley Investments Ltd Liability Co acquired a new position in Best Buy in the 4th quarter valued at $210,000. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Company Profile

(Get Free Report)

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.

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