Best Buy (NYSE:BBY) Price Target Raised to $94.00

Best Buy (NYSE:BBY) had its target price increased by Evercore ISI from $90.00 to $94.00 in a research report released on Friday morning, Benzinga reports. The brokerage currently has an in-line rating on the technology retailer’s stock.

BBY has been the topic of a number of other research reports. Wedbush reiterated a neutral rating and set a $85.00 price target on shares of Best Buy in a report on Tuesday, May 28th. Citigroup upgraded shares of Best Buy from a sell rating to a buy rating and increased their price target for the stock from $67.00 to $100.00 in a research report on Monday, June 3rd. UBS Group upgraded shares of Best Buy from a neutral rating to a buy rating and raised their price objective for the company from $85.00 to $106.00 in a research report on Monday, June 17th. Loop Capital raised their price objective on shares of Best Buy from $100.00 to $110.00 and gave the company a buy rating in a research report on Friday. Finally, Telsey Advisory Group raised their price objective on shares of Best Buy from $95.00 to $115.00 and gave the company an outperform rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and a consensus target price of $100.94.

Best Buy Stock Performance

Shares of NYSE:BBY opened at $100.40 on Friday. The company has a market cap of $21.66 billion, a price-to-earnings ratio of 17.58, a price-to-earnings-growth ratio of 3.20 and a beta of 1.48. The company has a 50-day moving average price of $85.94 and a 200-day moving average price of $81.15. The company has a current ratio of 1.01, a quick ratio of 0.33 and a debt-to-equity ratio of 0.37. Best Buy has a 12 month low of $62.30 and a 12 month high of $103.71.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. The company 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%. Best Buy’s revenue was down 3.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.22 earnings per share. As a group, equities analysts anticipate that Best Buy will post 6.27 EPS for the current year.

Best Buy Dividend Announcement

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 issued a dividend of $0.94 per share. The ex-dividend date is Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a yield of 3.75%. Best Buy’s payout ratio is 65.85%.

Insider Activity at Best Buy

In related news, EVP Jason J. Bonfig sold 3,500 shares of Best Buy stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $83.02, for a total transaction of $290,570.00. Following the completion of the sale, the executive vice president now owns 50,714 shares in the company, valued at approximately $4,210,276.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Chairman Richard M. Schulze sold 600,000 shares of the business’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $88.29, for a total value of $52,974,000.00. Following the completion of the sale, the chairman now owns 14,002,853 shares in the company, valued at approximately $1,236,311,891.37. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Jason J. Bonfig sold 3,500 shares of the business’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $83.02, for a total transaction 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 approximately $4,210,276.28. The disclosure for this sale can be found here. Insiders sold 1,383,370 shares of company stock worth $122,233,276 in the last 90 days. 0.59% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Best Buy

Large investors have recently modified their holdings of the business. Richardson Financial Services Inc. raised its holdings in shares of Best Buy by 190.9% in the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after purchasing an additional 210 shares in the last quarter. Rise Advisors LLC raised its stake in shares of Best Buy by 69.5% during the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after acquiring an additional 132 shares in the last quarter. Palisade Asset Management LLC bought a new position in shares of Best Buy during the 1st quarter worth approximately $27,000. Access Investment Management LLC bought a new position in shares of Best Buy during the 4th quarter worth approximately $27,000. Finally, PrairieView Partners LLC raised its stake in shares of Best Buy by 67.1% during the 1st quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock worth $31,000 after acquiring an additional 151 shares in the last quarter. Institutional investors 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.