Wells Fargo & Company Raises Best Buy (NYSE:BBY) Price Target to $95.00

Best Buy (NYSE:BBY) had its price target raised by Wells Fargo & Company from $80.00 to $95.00 in a report issued on Friday, Benzinga reports. The brokerage currently has an equal weight rating on the technology retailer’s stock.

Other equities analysts also recently issued research reports about the stock. Evercore ISI increased their price objective on shares of Best Buy from $90.00 to $94.00 and gave the company an in-line rating in a research note on Friday. Bank of America increased their price objective on shares of Best Buy from $70.00 to $80.00 and gave the company an underperform rating in a research note on Friday. Truist Financial raised their price target on shares of Best Buy from $86.00 to $107.00 and gave the company a hold rating in a research note on Friday. Wedbush raised their price target on shares of Best Buy from $85.00 to $95.00 and gave the company a neutral rating in a research note on Friday. Finally, DA Davidson raised their price target on shares of Best Buy from $90.00 to $95.00 and gave the company a buy rating in a research note on Friday, May 31st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat, Best Buy currently has an average rating of Hold and a consensus target price of $100.94.

Best Buy Stock Performance

Shares of Best Buy stock opened at $100.40 on Friday. The company has a 50 day moving average of $85.94 and a 200-day moving average of $81.15. Best Buy has a 1-year low of $62.30 and a 1-year high of $103.71. The company has a current ratio of 1.01, a quick ratio of 0.33 and a debt-to-equity ratio of 0.37. The company has a market cap of $21.66 billion, a PE ratio of 17.58, a price-to-earnings-growth ratio of 3.20 and a beta of 1.48.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, beating the consensus estimate of $1.16 by $0.18. The business had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The firm’s revenue was down 3.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.22 EPS. As a group, equities research analysts forecast that Best Buy will post 6.27 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 10th. Investors of record on Thursday, September 19th will be paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.75%. The ex-dividend date is Thursday, September 19th. Best Buy’s payout ratio is currently 65.85%.

Insider Activity at Best Buy

In related news, EVP Jason J. Bonfig sold 3,500 shares of the company’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 transaction of $290,570.00. Following the sale, the executive vice president now directly owns 50,714 shares in the company, valued at approximately $4,210,276.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Jason J. Bonfig sold 3,500 shares of the company’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 transaction of $290,570.00. Following the sale, the executive vice president now owns 50,714 shares of the company’s stock, valued at approximately $4,210,276.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Richard M. Schulze sold 88,542 shares of the company’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 transaction of $7,813,831.50. Following the sale, the chairman now directly owns 13,602,853 shares in the company, valued at approximately $1,200,451,777.25. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,383,370 shares of company stock worth $122,233,276. 0.59% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Best Buy

A number of institutional investors have recently made changes to their positions in BBY. Norges Bank bought a new position in shares of Best Buy in the 4th quarter worth $165,164,000. Ninety One UK Ltd purchased a new stake in Best Buy during the 2nd quarter valued at $121,325,000. Thrivent Financial for Lutherans boosted its position in Best Buy by 4,337.6% during the 2nd quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer’s stock valued at $92,677,000 after buying an additional 1,074,718 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Best Buy by 55.7% in 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 purchasing an additional 1,024,824 shares during the period. Finally, Epoch Investment Partners Inc. lifted its position in shares of Best Buy by 11,586.7% in the 4th quarter. Epoch Investment Partners Inc. now owns 686,128 shares of the technology retailer’s stock worth $53,710,000 after purchasing an additional 680,257 shares during the period. Institutional investors own 80.96% of the company’s stock.

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.