Best Buy (NYSE:BBY) Coverage Initiated at Melius Research

by · The Markets Daily

Melius Research began coverage on shares of Best Buy (NYSE:BBY – Free Report) in a research note published on Monday morning, Marketbeat Ratings reports. The firm issued a hold rating and a $100.00 target price on the technology retailer’s stock.

A number of other brokerages have also recently commented on BBY. Wells Fargo & Company lifted their target price on Best Buy from $80.00 to $95.00 and gave the stock an equal weight rating in a report on Friday, August 30th. Truist Financial lifted their price objective on shares of Best Buy from $86.00 to $107.00 and gave the stock a hold rating in a research note on Friday, August 30th. Piper Sandler reissued an overweight rating and issued a $114.00 target price (up previously from $100.00) on shares of Best Buy in a research note on Friday, August 30th. Citigroup lifted their price target on shares of Best Buy from $100.00 to $115.00 and gave the stock a buy rating in a research note on Friday, August 30th. Finally, Loop Capital increased their price objective on shares of Best Buy from $100.00 to $110.00 and gave the stock a buy rating in a research report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $102.41.

View Our Latest Analysis on BBY

Best Buy Stock Up 2.2 %

NYSE BBY opened at $100.00 on Monday. The stock has a 50 day moving average price of $90.80 and a 200-day moving average price of $83.91. Best Buy has a one year low of $62.30 and a one year high of $103.71. The company has a market capitalization of $21.47 billion, a P/E ratio of 17.31, a P/E/G ratio of 2.56 and a beta of 1.46. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01.

Best Buy (NYSE:BBY – Get Free Report) last issued its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. The business had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The business’s revenue was down 3.1% on a year-over-year basis. During the same period last year, the company posted $1.22 EPS. As a group, equities analysts predict that Best Buy will post 6.28 EPS for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 10th. Investors of record on Thursday, September 19th will be paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 3.76%. The ex-dividend date is Thursday, September 19th. Best Buy’s dividend payout ratio (DPR) is 65.85%.

Insider Buying and Selling at Best Buy

In other news, EVP Jason J. Bonfig sold 3,500 shares of the business’s stock in a transaction 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 completion of the transaction, the executive vice president now directly owns 50,714 shares of the company’s stock, valued at approximately $4,210,276.28. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other Best Buy news, EVP Jason J. Bonfig sold 3,500 shares of the 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 directly owns 50,714 shares of the company’s stock, valued at $4,210,276.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Richard M. Schulze sold 691,328 shares of the business’s stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $88.46, for a total transaction of $61,154,874.88. Following the transaction, the chairman now owns 14,911,525 shares of the company’s stock, valued at approximately $1,319,073,501.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,383,370 shares of company stock valued at $122,233,276. 0.59% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in BBY. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Best Buy during the second quarter worth about $25,287,000. Sanctuary Advisors LLC acquired a new stake in shares of Best Buy during the second quarter worth about $902,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Best Buy during the second quarter worth about $60,000. SPC Financial Inc. boosted its position in Best Buy by 12.3% in the second quarter. SPC Financial Inc. now owns 4,442 shares of the technology retailer’s stock valued at $374,000 after buying an additional 486 shares during the last quarter. Finally, Chase Investment Counsel Corp acquired a new position in Best Buy in the 2nd quarter worth approximately $270,000. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Company Profile

(Get Free Report)

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.

Featured Stories