Best Buy (NYSE:BBY) Price Target Raised to $111.00

Best Buy (NYSE:BBY) had its target price lifted by JPMorgan Chase & Co. from $101.00 to $111.00 in a research report sent to investors on Friday morning, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the technology retailer’s stock.

Several other research analysts have also commented on BBY. Truist Financial lifted their price target on Best Buy from $86.00 to $107.00 and gave the stock a hold rating in a report on Friday. Bank of America raised their price objective on Best Buy from $70.00 to $80.00 and gave the stock an underperform rating in a research report on Friday. Piper Sandler reaffirmed an overweight rating and issued a $114.00 target price (up from $100.00) on shares of Best Buy in a research report on Friday. Evercore ISI boosted their price objective on Best Buy from $90.00 to $94.00 and gave the stock an in-line rating in a research report on Friday. Finally, Barclays boosted their price objective on Best Buy from $81.00 to $95.00 and gave the stock an equal weight rating in a research report on Friday. One research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, Best Buy currently has a consensus rating of Hold and a consensus price target of $100.94.

Best Buy Trading Up 0.2 %

Shares of BBY stock opened at $100.40 on Friday. The stock’s fifty day moving average is $85.94 and its two-hundred day moving average is $81.15. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.33 and a current ratio of 1.01. The firm has a market capitalization of $21.66 billion, a P/E ratio of 17.58, a PEG ratio of 3.20 and a beta of 1.48. Best Buy has a fifty-two week low of $62.30 and a fifty-two week high of $103.71.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The company had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. During the same quarter last year, the firm posted $1.22 EPS. The firm’s revenue for the quarter was down 3.1% on a year-over-year basis. Research analysts expect that Best Buy will post 6.27 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. Investors of record on Thursday, September 19th will be given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 3.75%. The ex-dividend date of this dividend is Thursday, September 19th. Best Buy’s dividend payout ratio is presently 65.85%.

Insiders Place Their Bets

In other Best Buy news, EVP Jason J. Bonfig sold 3,500 shares of the firm’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $83.02, for a total value of $290,570.00. Following the sale, the executive vice president now directly owns 50,714 shares of the company’s stock, valued at approximately $4,210,276.28. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, Chairman Richard M. Schulze sold 88,542 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $88.25, for a total value of $7,813,831.50. Following the completion of the sale, the chairman now directly owns 13,602,853 shares in the company, valued at approximately $1,200,451,777.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Jason J. Bonfig sold 3,500 shares of the business’s stock in a transaction that occurred 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 sale, the executive vice president now owns 50,714 shares of the company’s stock, valued at $4,210,276.28. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,383,370 shares of company stock valued at $122,233,276. Insiders own 0.59% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Raymond James & Associates raised its position in shares of Best Buy by 17.0% during the second 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 during the period. Dimensional Fund Advisors LP grew its stake in Best Buy by 8.3% in the second quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer’s stock valued at $257,569,000 after purchasing an additional 235,478 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Best Buy by 55.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock worth $241,347,000 after acquiring an additional 1,024,824 shares in the last quarter. Norges Bank bought a new stake in shares of Best Buy during the 4th quarter worth about $165,164,000. Finally, Ninety One UK Ltd bought a new stake in Best Buy during the 2nd quarter valued at approximately $121,325,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

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.