Loop Capital Boosts Best Buy (NYSE:BBY) Price Target to $110.00

Best Buy (NYSE:BBY) had its price target upped by Loop Capital from $100.00 to $110.00 in a research note published on Friday, Benzinga reports. They currently have a buy rating on the technology retailer’s stock.

A number of other equities research analysts also recently weighed in on BBY. UBS Group upgraded Best Buy from a neutral rating to a buy rating and raised their price target for the company from $85.00 to $106.00 in a research report on Monday, June 17th. Wedbush restated a neutral rating and issued a $85.00 target price on shares of Best Buy in a research report on Tuesday, May 28th. DA Davidson increased their price target on shares of Best Buy from $90.00 to $95.00 and gave the company a buy rating in a research report on Friday, May 31st. Citigroup raised shares of Best Buy from a sell rating to a buy rating and lifted their price target for the stock from $67.00 to $100.00 in a research note on Monday, June 3rd. Finally, Truist Financial reaffirmed a hold rating and issued a $86.00 price objective on shares of Best Buy in a research note on Monday, July 1st. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Hold and a consensus price target of $100.94.

Best Buy Price Performance

Shares of NYSE:BBY opened at $100.40 on Friday. The company has a 50 day moving average of $86.16 and a 200 day moving average of $81.37. The stock has a market cap of $21.66 billion, a P/E ratio of 17.58, a P/E/G ratio of 3.20 and a beta of 1.48. 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 issued its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping the consensus estimate of $1.16 by $0.18. The company had revenue of $9.29 billion during the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. Best Buy’s revenue was down 3.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.22 earnings per share. As a group, sell-side analysts forecast that Best Buy will post 6.27 EPS for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th will be given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend 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%.

Insider Buying and Selling

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

Hedge Funds Weigh In On Best Buy

A number of hedge funds have recently added to or reduced their stakes in BBY. International Assets Investment Management LLC purchased a new position in shares of Best Buy in the fourth quarter worth $5,760,000. GAMMA Investing LLC bought a new stake in Best Buy in the 4th quarter worth about $51,000. Atria Wealth Solutions Inc. raised its position in Best Buy by 98.0% in the 4th quarter. Atria Wealth Solutions Inc. now owns 13,062 shares of the technology retailer’s stock worth $1,032,000 after buying an additional 6,465 shares during the last quarter. Van ECK Associates Corp boosted its holdings in shares of Best Buy by 3.1% during the 4th quarter. Van ECK Associates Corp now owns 97,173 shares of the technology retailer’s stock valued at $7,607,000 after acquiring an additional 2,891 shares during the last quarter. Finally, Natixis Advisors L.P. grew its stake in shares of Best Buy by 23.3% in the fourth quarter. Natixis Advisors L.P. now owns 101,340 shares of the technology retailer’s stock worth $7,932,000 after acquiring an additional 19,119 shares during the period. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

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.