Best Buy (NYSE:BBY) Price Target Raised to $75.00

Best Buy (NYSE:BBY) had its target price upped by Evercore from $70.00 to $75.00 in a research report released on Wednesday morning, MarketBeat.com reports.

Several other research firms have also commented on BBY. The Goldman Sachs Group dropped their target price on Best Buy from $95.00 to $93.00 and set a “buy” rating on the stock in a report on Wednesday, November 26th. Guggenheim restated a “buy” rating and issued a $90.00 price objective on shares of Best Buy in a research report on Wednesday. Daiwa Securities Group raised their price objective on shares of Best Buy from $76.00 to $80.00 and gave the stock a “neutral” rating in a research note on Friday, November 28th. Weiss Ratings reiterated a “hold (c)” rating on shares of Best Buy in a research note on Wednesday, January 21st. Finally, JPMorgan Chase & Co. lowered shares of Best Buy from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $99.00 to $76.00 in a research report on Monday, February 2nd. Nine research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $76.20.

Best Buy Trading Up 1.3%

Shares of Best Buy stock opened at $66.48 on Wednesday. The stock has a market cap of $13.90 billion, a PE ratio of 13.19, a price-to-earnings-growth ratio of 1.63 and a beta of 1.46. The firm has a fifty day moving average price of $66.63 and a 200 day moving average price of $72.77. Best Buy has a 1 year low of $54.99 and a 1 year high of $84.99. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.11 and a quick ratio of 0.26.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 EPS for the quarter, beating the consensus estimate of $2.48 by $0.13. The company had revenue of $13.81 billion for the quarter, compared to analyst estimates of $13.96 billion. Best Buy had a net margin of 2.56% and a return on equity of 49.17%. The firm’s revenue was down 1.0% on a year-over-year basis. During the same period in the prior year, the company earned $2.58 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Equities research analysts predict that Best Buy will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 14th. Investors of record on Tuesday, March 24th will be paid a $0.96 dividend. The ex-dividend date of this dividend is Tuesday, March 24th. This represents a $3.84 dividend on an annualized basis and a yield of 5.8%. This is an increase from Best Buy’s previous quarterly dividend of $0.95. Best Buy’s dividend payout ratio is 75.40%.

Hedge Funds Weigh In On Best Buy

A number of large investors have recently added to or reduced their stakes in BBY. AQR Capital Management LLC grew its position in shares of Best Buy by 99.8% in the third quarter. AQR Capital Management LLC now owns 6,997,871 shares of the technology retailer’s stock valued at $525,120,000 after purchasing an additional 3,496,254 shares during the period. Norges Bank purchased a new stake in shares of Best Buy during the fourth quarter worth about $174,685,000. Schroder Investment Management Group raised its position in shares of Best Buy by 378.8% during the 4th quarter. Schroder Investment Management Group now owns 3,096,015 shares of the technology retailer’s stock worth $207,216,000 after purchasing an additional 2,449,342 shares during the last quarter. Hsbc Holdings PLC lifted its stake in Best Buy by 104.1% in the 4th quarter. Hsbc Holdings PLC now owns 2,020,539 shares of the technology retailer’s stock valued at $135,685,000 after buying an additional 1,030,544 shares in the last quarter. Finally, KBC Group NV lifted its stake in Best Buy by 293.6% in the 4th quarter. KBC Group NV now owns 1,052,805 shares of the technology retailer’s stock valued at $70,464,000 after buying an additional 785,294 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

About Best Buy

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.