Best Buy (NYSE:BBY) Cut to “Hold” at StockNews.com

StockNews.com lowered shares of Best Buy (NYSE:BBY) from a buy rating to a hold rating in a research note published on Thursday morning.

A number of other analysts have also recently commented on BBY. Truist Financial boosted their price target on Best Buy from $86.00 to $107.00 and gave the stock a hold rating in a research report on Friday, August 30th. Wedbush boosted their price target on Best Buy from $85.00 to $95.00 and gave the stock a neutral rating in a research report on Friday, August 30th. JPMorgan Chase & Co. boosted their price target on Best Buy from $101.00 to $111.00 and gave the stock an overweight rating in a research report on Friday, August 30th. Telsey Advisory Group boosted their price target on Best Buy from $95.00 to $115.00 and gave the stock an outperform rating in a research report on Friday, August 30th. Finally, Wells Fargo & Company boosted their price objective on shares of Best Buy from $80.00 to $95.00 and gave the stock an equal weight rating in a report on Friday, August 30th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $102.41.

Best Buy Stock Down 0.1 %

Shares of Best Buy stock opened at $97.44 on Thursday. Best Buy has a 1 year low of $62.30 and a 1 year high of $103.71. The firm has a market cap of $20.92 billion, a price-to-earnings ratio of 16.80, a PEG ratio of 2.58 and a beta of 1.46. The company has a 50-day moving average of $93.84 and a 200 day moving average of $85.67. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34.

Best Buy (NYSE:BBY) last announced its earnings results 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 net margin of 2.96% and a return on equity of 47.19%. The business had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. During the same quarter last year, the firm earned $1.22 earnings per share. The business’s revenue for the quarter was down 3.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Best Buy will post 6.28 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were paid a dividend of $0.94 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a yield of 3.86%. Best Buy’s dividend payout ratio is presently 64.83%.

Insider Buying and Selling at Best Buy

In other news, Chairman Richard M. Schulze sold 691,328 shares of the business’s stock in a transaction on Thursday, July 18th. The shares were 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 owns 14,911,525 shares of the company’s stock, valued at $1,319,073,501.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, Chairman Richard M. Schulze sold 691,328 shares of the business’s stock in a transaction on Thursday, July 18th. The shares were 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 owns 14,911,525 shares of the company’s stock, valued at $1,319,073,501.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Richard M. Schulze sold 88,542 shares of the business’s stock in a transaction on Wednesday, July 24th. The shares were 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 of the company’s stock, valued at approximately $1,200,451,777.25. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,379,870 shares of company stock worth $121,942,706. Insiders own 0.59% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Richardson Financial Services Inc. boosted its holdings in Best Buy by 190.9% in the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after buying an additional 210 shares during the period. Rise Advisors LLC boosted its holdings in Best Buy by 69.5% in the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after buying an additional 132 shares during the period. Palisade Asset Management LLC bought a new position in Best Buy in the 1st quarter worth $27,000. PrairieView Partners LLC boosted its holdings in Best Buy by 67.1% in the 1st quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock worth $31,000 after buying an additional 151 shares during the period. Finally, Innealta Capital LLC bought a new position in Best Buy in the 2nd quarter worth $35,000. 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.