Best Buy Co Inc (NYSE:BBY) Receives $77.08 Average Target Price from Brokerages

Best Buy Co Inc (NYSE:BBY) has been given a consensus rating of “Hold” by the twenty brokerages that are currently covering the company, Marketbeat reports. Eleven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $77.08.

A number of research analysts recently weighed in on BBY shares. Zacks Investment Research downgraded Best Buy from a “buy” rating to a “hold” rating in a research note on Tuesday, April 30th. Jefferies Financial Group raised Best Buy from a “hold” rating to a “buy” rating and upped their price target for the stock from $72.00 to $88.00 in a research note on Wednesday, April 24th. Oppenheimer raised Best Buy from a “market perform” rating to an “outperform” rating and set a $86.00 price target on the stock in a research note on Friday, March 22nd. Evercore ISI started coverage on Best Buy in a research note on Wednesday, March 20th. They set an “in-line” rating and a $75.00 price target on the stock. Finally, Bank of America raised Best Buy from an “underperform” rating to a “neutral” rating and set a $50.00 price target on the stock in a research note on Wednesday, February 27th.

In other Best Buy news, insider Brian A. Tilzer sold 2,739 shares of Best Buy stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $72.88, for a total transaction of $199,618.32. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Kathleen Scarlett sold 2,694 shares of Best Buy stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $64.33, for a total value of $173,305.02. Following the sale, the insider now directly owns 30,044 shares in the company, valued at $1,932,730.52. The disclosure for this sale can be found here. Insiders sold 814,973 shares of company stock worth $54,406,869 over the last three months. 0.95% of the stock is owned by insiders.

A number of institutional investors have recently bought and sold shares of the business. FMR LLC boosted its position in Best Buy by 0.9% during the 1st quarter. FMR LLC now owns 23,761,834 shares of the technology retailer’s stock valued at $1,688,517,000 after acquiring an additional 215,871 shares in the last quarter. Horizon Investments LLC purchased a new position in shares of Best Buy during the first quarter valued at approximately $214,000. Allstate Corp purchased a new position in shares of Best Buy during the first quarter valued at approximately $377,000. GYL Financial Synergies LLC purchased a new position in shares of Best Buy during the first quarter valued at approximately $1,028,000. Finally, Marshall Wace LLP purchased a new position in shares of Best Buy during the first quarter valued at approximately $20,204,000. 78.78% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE:BBY opened at $66.03 on Friday. The stock has a market capitalization of $17.63 billion, a PE ratio of 12.41, a price-to-earnings-growth ratio of 1.31 and a beta of 1.05. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.39 and a current ratio of 1.12. Best Buy has a 1 year low of $47.72 and a 1 year high of $84.37.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, May 23rd. The technology retailer reported $1.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.14. The company had revenue of $9.14 billion for the quarter, compared to the consensus estimate of $9.14 billion. Best Buy had a return on equity of 47.91% and a net margin of 3.54%. The firm’s revenue was up .4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.82 EPS. On average, equities research analysts forecast that Best Buy will post 5.73 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 5th. Investors of record on Thursday, June 13th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Wednesday, June 12th. This represents a $2.00 annualized dividend and a dividend yield of 3.03%. Best Buy’s payout ratio is presently 37.59%.

Best Buy announced that its board has initiated a stock buyback program on Wednesday, February 27th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the technology retailer to purchase up to 18.5% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

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 Computing and Mobile Phones, such as computing and peripherals, e-readers, networking products, tablets, and wearables, as well as mobile phones comprising related mobile network carrier commissions; consumer electronics, including digital imaging, health and fitness, home theater, portable audio, and smart home products; and entertainment products consisting of drones, movies, music, and toys, as well as gaming hardware and software, and virtual reality and other software products.

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Analyst Recommendations for Best Buy (NYSE:BBY)

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