Analysts Set Best Buy Co Inc (NYSE:BBY) Target Price at $78.50

Best Buy Co Inc (NYSE:BBY) has received an average rating of “Buy” from the twenty-one research firms that are presently covering the company, MarketBeat Ratings reports. Eleven analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $78.50.

Several analysts have weighed in on BBY shares. Telsey Advisory Group boosted their target price on shares of Best Buy from $70.00 to $75.00 and gave the company a “market perform” rating in a research note on Thursday, September 26th. ValuEngine upgraded shares of Best Buy from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Morgan Stanley lowered their target price on shares of Best Buy from $77.00 to $70.00 and set an “equal weight” rating for the company in a research note on Friday, August 30th. Guggenheim assumed coverage on shares of Best Buy in a research report on Monday, July 8th. They set a “buy” rating and a $80.00 price target for the company. Finally, Wedbush restated a “buy” rating and set a $63.00 price target on shares of Best Buy in a research report on Thursday, August 29th.

BBY stock traded up $0.93 during trading on Thursday, hitting $72.40. 1,504,039 shares of the company’s stock traded hands, compared to its average volume of 2,929,683. The company has a quick ratio of 0.39, a current ratio of 1.08 and a debt-to-equity ratio of 1.06. Best Buy has a 52 week low of $47.72 and a 52 week high of $78.53. The stock has a fifty day moving average price of $67.65 and a two-hundred day moving average price of $69.46. The stock has a market capitalization of $18.59 billion, a price-to-earnings ratio of 13.61, a price-to-earnings-growth ratio of 1.56 and a beta of 1.14.

Best Buy (NYSE:BBY) last released its earnings results on Thursday, August 29th. The technology retailer reported $1.08 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.09. Best Buy had a net margin of 3.52% and a return on equity of 48.56%. The firm had revenue of $9.54 billion during the quarter, compared to analyst estimates of $9.55 billion. During the same quarter in the previous year, the firm earned $0.91 earnings per share. The firm’s revenue for the quarter was up 1.7% compared to the same quarter last year. As a group, equities research analysts expect that Best Buy will post 5.7 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Wednesday, September 18th. This represents a $2.00 annualized dividend and a dividend yield of 2.76%. Best Buy’s dividend payout ratio is currently 37.59%.

In related news, CAO Mathew Watson sold 1,000 shares of the stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $68.03, for a total value of $68,030.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Hubert Joly sold 407,880 shares of the stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $66.97, for a total transaction of $27,315,723.60. The disclosure for this sale can be found here. Insiders have sold 408,913 shares of company stock valued at $27,386,014 in the last 90 days. Insiders own 0.95% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Virtus ETF Advisers LLC bought a new position in Best Buy in the 2nd quarter valued at about $25,000. Advisors Preferred LLC bought a new position in Best Buy in the 2nd quarter valued at about $27,000. TRUE Private Wealth Advisors bought a new position in Best Buy in the 2nd quarter valued at about $27,000. Whittier Trust Co. grew its position in Best Buy by 138.4% in the 3rd quarter. Whittier Trust Co. now owns 553 shares of the technology retailer’s stock valued at $38,000 after buying an additional 321 shares in the last quarter. Finally, Stonebridge Capital Advisors LLC bought a new position in Best Buy in the 2nd quarter valued at about $43,000. Hedge funds and other institutional investors own 78.43% of the company’s stock.

About Best Buy

Best Buy Co, Inc operates as a retailer of technology products, services, and solutions in the United States, Canada, and Mexico. The company operates in two segments, Domestic and International. Its stores provide Computing and Mobile Phones, such as computing and peripherals, e-readers, networking products, tablets, and wearables, as well as mobile phones comprising related mobile network carrier commissions; consumer electronics, including digital imaging, health and fitness, home theater, portable audio, and smart home products; and entertainment products consisting of drones, movies, music, and toys, as well as gaming hardware and software, and virtual reality and other software products.

Read More: Buy-Side Analysts

Analyst Recommendations for Best Buy (NYSE:BBY)

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