Best Buy (NYSE:BBY) Hits New 52-Week High – Should You Buy?

Shares of Best Buy Co., Inc. (NYSE:BBY) hit a new 52-week high during trading on Thursday. The stock traded as high as $96.70 and last traded at $96.6250, with a volume of 192,667 shares. The stock had previously closed at $94.12.

Analysts Set New Price Targets

BBY has been the topic of a number of research reports. DA Davidson upgraded shares of Best Buy from a “hold” rating to a “strong-buy” rating in a research note on Thursday, September 24th. Telsey Advisory Group raised their price objective on shares of Best Buy from $90.00 to $95.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 4th. Citigroup upped their target price on Best Buy from $79.00 to $88.00 and gave the company a “neutral” rating in a research report on Thursday, August 13th. UBS Group reiterated a “neutral” rating and set a $90.00 target price (up from $86.00) on shares of Best Buy in a research note on Friday, August 28th. Finally, Morgan Stanley lifted their price target on Best Buy from $80.00 to $90.00 and gave the stock an “equal weight” rating in a report on Friday, August 28th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Best Buy has a consensus rating of “Hold” and a consensus price target of $85.90.

Best Buy Stock Up 0.0%

The company has a current ratio of 1.12, a quick ratio of 0.41 and a debt-to-equity ratio of 0.36. The firm has a market cap of $20.94 billion, a price-to-earnings ratio of 16.61, a PEG ratio of 2.49 and a beta of 1.26. The firm’s 50 day simple moving average is $89.34 and its two-hundred day simple moving average is $78.59.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.08. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The firm had revenue of $9.78 billion for the quarter, compared to analyst estimates of $9.59 billion. During the same quarter in the prior year, the business posted $1.28 EPS. The business’s revenue was up 3.6% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. On average, equities analysts forecast that Best Buy Co., Inc. will post 6.81 EPS for the current year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 8th. Investors of record on Thursday, September 17th were given a dividend of $0.96 per share. The ex-dividend date of this dividend was Thursday, September 17th. This represents a $3.84 dividend on an annualized basis and a yield of 3.8%. Best Buy’s dividend payout ratio is currently 63.89%.

Insiders Place Their Bets

In other Best Buy news, Chairman Richard Schulze sold 300,000 shares of the firm’s stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $92.51, for a total transaction of $27,753,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Kathleen Scarlett sold 116,062 shares of the stock in a transaction on Wednesday, September 23rd. The stock was sold at an average price of $92.15, for a total value of $10,695,113.30. Following the sale, the executive vice president directly owned 116,173 shares in the company, valued at approximately $10,705,341.95. This trade represents a 49.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Best Buy

Hedge funds have recently bought and sold shares of the company. BlackRock Inc. bought a new position in Best Buy in the 2nd quarter valued at approximately $1,932,812,000. Bank of New York Mellon Corp acquired a new stake in Best Buy during the 2nd quarter worth approximately $174,893,000. Deutsche Bank AG bought a new stake in Best Buy during the 2nd quarter worth approximately $116,003,000. KBC Group NV grew its holdings in Best Buy by 50.5% during the 1st quarter. KBC Group NV now owns 1,584,803 shares of the technology retailer’s stock worth $101,745,000 after acquiring an additional 531,998 shares during the last quarter. Finally, Renaissance Technologies LLC grew its holdings in Best Buy by 113.4% during the 1st quarter. Renaissance Technologies LLC now owns 1,449,439 shares of the technology retailer’s stock worth $93,054,000 after acquiring an additional 770,339 shares during the last quarter. 80.96% of the stock is owned by institutional investors.

Best Buy Company Profile

Best Buy Co, Inc is a specialty retailer of technology products and services headquartered in Richfield, Minnesota. The company sells consumer electronics, computing and mobile products, entertainment products, appliances, furniture, and related accessories through its retail stores, websites, and other sales channels.

Best Buy also provides technology-related services, including product installation, repair, technical support, delivery, and in-home consultation. Its services are offered through brands and operations such as Geek Squad, while the company also provides membership and protection programs designed to support customers after purchase.

The company serves customers primarily in the United States and Canada.