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

Wedbush reiterated their neutral rating on shares of Best Buy (NYSE:BBY) in a research report sent to investors on Monday,Benzinga reports. The brokerage currently has a $90.00 price objective on the technology retailer’s stock. Wedbush also issued estimates for Best Buy’s FY2028 earnings at $8.33 EPS.

BBY has been the topic of several other research reports. Telsey Advisory Group reiterated an “outperform” rating and issued a $110.00 price objective on shares of Best Buy in a report on Thursday, February 27th. Morgan Stanley restated an “equal weight” rating on shares of Best Buy in a report on Friday, February 28th. Truist Financial reduced their price target on Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a report on Wednesday, November 27th. Loop Capital restated a “buy” rating and set a $100.00 price target on shares of Best Buy in a report on Wednesday, December 18th. Finally, Barclays reduced their price target 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. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $93.50.

Best Buy Stock Up 0.2 %

BBY opened at $75.36 on Monday. The stock has a market cap of $16.11 billion, a PE ratio of 12.88, a P/E/G ratio of 2.10 and a beta of 1.43. The business’s fifty day simple moving average is $85.97 and its 200 day simple moving average is $90.51. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. Best Buy has a 52 week low of $69.29 and a 52 week high of $103.71.

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

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be given a $0.95 dividend. This is a boost from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.04%. The ex-dividend date of this dividend is Tuesday, March 25th. Best Buy’s payout ratio is currently 88.99%.

Insider Buying and Selling

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the completion of the sale, the chief financial officer now directly owns 92,070 shares in the company, valued at approximately $8,052,442.20. The trade was a 42.90 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.59% of the stock is owned by company insiders.

Institutional Investors Weigh In On Best Buy

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Private Advisor Group LLC boosted its holdings in shares of Best Buy by 9.1% during the 3rd quarter. Private Advisor Group LLC now owns 6,359 shares of the technology retailer’s stock valued at $657,000 after purchasing an additional 530 shares during the last quarter. First Trust Direct Indexing L.P. lifted its holdings in shares of Best Buy by 13.9% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 4,271 shares of the technology retailer’s stock valued at $441,000 after acquiring an additional 521 shares during the last quarter. Focus Financial Network Inc. bought a new position in shares of Best Buy in the 3rd quarter valued at about $200,000. Harbor Capital Advisors Inc. purchased a new stake in Best Buy in the 3rd quarter worth about $40,000. Finally, Robeco Institutional Asset Management B.V. raised its position in Best Buy by 15.3% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 451,609 shares of the technology retailer’s stock worth $46,651,000 after purchasing an additional 59,883 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.