Best Buy (NYSE:BBY) Receives “Hold” Rating from Truist Financial

Truist Financial restated their hold rating on shares of Best Buy (NYSE:BBY) in a report issued on Monday morning, Benzinga reports. They currently have a $86.00 target price on the technology retailer’s stock.

BBY has been the topic of several other reports. UBS Group raised shares of Best Buy from a neutral rating to a buy rating and increased their price target for the company from $85.00 to $106.00 in a report on Monday, June 17th. Jefferies Financial Group decreased their target price on shares of Best Buy from $95.00 to $94.00 and set a buy rating on the stock in a research report on Monday, April 8th. Loop Capital increased their target price on shares of Best Buy from $93.00 to $100.00 and gave the stock a buy rating in a research report on Friday, June 7th. Citigroup upgraded shares of Best Buy from a sell rating to a buy rating and increased their target price for the stock from $67.00 to $100.00 in a research report on Monday, June 3rd. Finally, DA Davidson increased their target price on shares of Best Buy from $90.00 to $95.00 and gave the stock a buy rating in a research report on Friday, May 31st. Seven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus target price of $90.87.

Best Buy Trading Up 0.2 %

Shares of NYSE:BBY opened at $82.33 on Monday. The company’s 50-day moving average price is $80.18 and its two-hundred day moving average price is $77.86. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.33. Best Buy has a one year low of $62.30 and a one year high of $93.72. The stock has a market capitalization of $17.76 billion, a PE ratio of 14.42, a price-to-earnings-growth ratio of 2.65 and a beta of 1.48.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, May 30th. The technology retailer reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.12. The company had revenue of $8.85 billion for the quarter, compared to analysts’ expectations of $8.96 billion. Best Buy had a net margin of 2.90% and a return on equity of 47.56%. Best Buy’s quarterly revenue was down 6.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.15 EPS. On average, equities analysts forecast that Best Buy will post 6.11 EPS for the current fiscal year.

Best Buy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Thursday, June 20th will be paid a dividend of $0.94 per share. The ex-dividend date of this dividend is Thursday, June 20th. This represents a $3.76 annualized dividend and a dividend yield of 4.57%. Best Buy’s payout ratio is 65.85%.

Insider Transactions at Best Buy

In other news, Chairman Richard M. Schulze sold 1,000,000 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $85.85, for a total transaction of $85,850,000.00. Following the completion of the transaction, the chairman now owns 15,890,103 shares in the company, valued at approximately $1,364,165,342.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Chairman Richard M. Schulze sold 1,000,000 shares of the stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $85.85, for a total transaction of $85,850,000.00. Following the sale, the chairman now owns 15,890,103 shares of the company’s stock, valued at approximately $1,364,165,342.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Corie S. Barry sold 366 shares of the stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $75.76, for a total value of $27,728.16. Following the sale, the chief executive officer now directly owns 431,231 shares in the company, valued at approximately $32,670,060.56. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,004,149 shares of company stock worth $166,397,807. 0.59% of the stock is owned by company insiders.

Institutional Trading of Best Buy

Several institutional investors and hedge funds have recently modified their holdings of the business. Norges Bank purchased a new position in shares of Best Buy during the 4th quarter valued at about $165,164,000. HS Management Partners LLC purchased a new position in shares of Best Buy in the 4th quarter valued at approximately $103,854,000. Epoch Investment Partners Inc. lifted its stake 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 valued at $53,710,000 after purchasing an additional 680,257 shares during the period. KBC Group NV lifted its stake in shares of Best Buy by 320.4% in the 4th quarter. KBC Group NV now owns 860,388 shares of the technology retailer’s stock valued at $67,352,000 after purchasing an additional 655,750 shares during the period. Finally, Swedbank AB purchased a new position in shares of Best Buy in the 1st quarter valued at approximately $43,522,000. 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.