Best Buy’s (BBY) Neutral Rating Reiterated at Wedbush

Wedbush restated their neutral rating on shares of Best Buy (NYSE:BBY) in a research report released on Monday morning,Benzinga reports. Wedbush currently has a $90.00 target price on the technology retailer’s stock. Wedbush also issued estimates for Best Buy’s FY2028 earnings at $8.33 EPS.

Several other research analysts also recently commented on BBY. Barclays cut their target price on Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a report on Thursday, January 9th. Wells Fargo & Company reissued an “equal weight” rating on shares of Best Buy in a research note on Friday, February 28th. Truist Financial dropped their price objective on Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a research note on Wednesday, November 27th. JPMorgan Chase & Co. boosted their price objective on Best Buy from $111.00 to $117.00 and gave the company an “overweight” rating in a research note on Friday, November 22nd. Finally, Citigroup dropped their price objective on Best Buy from $109.00 to $101.00 and set a “buy” rating on the stock in a research note on Wednesday, November 27th. One analyst has rated the stock with a sell rating, nine have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $93.50.

Best Buy Price Performance

Best Buy stock opened at $75.36 on Monday. The stock’s fifty day moving average price is $85.97 and its two-hundred day moving average price is $90.51. Best Buy has a one year low of $69.29 and a one year high of $103.71. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. The firm has a market cap of $16.11 billion, a PE ratio of 12.88, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, topping analysts’ consensus estimates of $2.40 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm had revenue of $13.95 billion for the quarter, compared to analyst estimates of $13.69 billion. During the same quarter last year, the company earned $2.72 EPS. As a group, research analysts expect that Best Buy will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be issued a $0.95 dividend. The ex-dividend date is Tuesday, March 25th. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a dividend yield of 5.04%. Best Buy’s dividend payout ratio is currently 88.99%.

Insider Activity

In related news, CFO Matthew M. Bilunas sold 69,166 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total value of $6,049,258.36. Following the transaction, the chief financial officer now owns 92,070 shares in the company, valued at approximately $8,052,442.20. This represents a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.59% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Best Buy

Several institutional investors have recently bought and sold shares of BBY. IFP Advisors Inc lifted its position in shares of Best Buy by 5.2% during the fourth quarter. IFP Advisors Inc now owns 2,538 shares of the technology retailer’s stock worth $218,000 after acquiring an additional 125 shares in the last quarter. Mariner LLC lifted its position in shares of Best Buy by 0.3% during the fourth quarter. Mariner LLC now owns 43,215 shares of the technology retailer’s stock worth $3,708,000 after acquiring an additional 129 shares in the last quarter. LRI Investments LLC lifted its position in shares of Best Buy by 36.3% during the fourth quarter. LRI Investments LLC now owns 529 shares of the technology retailer’s stock worth $45,000 after acquiring an additional 141 shares in the last quarter. Rothschild Investment LLC lifted its position in shares of Best Buy by 19.7% during the fourth quarter. Rothschild Investment LLC now owns 861 shares of the technology retailer’s stock worth $74,000 after acquiring an additional 142 shares in the last quarter. Finally, Independent Advisor Alliance lifted its position in shares of Best Buy by 5.0% during the fourth quarter. Independent Advisor Alliance now owns 3,002 shares of the technology retailer’s stock worth $258,000 after acquiring an additional 142 shares in the last quarter. Hedge funds and other 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.