Analysts Set Best Buy Co., Inc. (NYSE:BBY) Price Target at $76.20

Shares of Best Buy Co., Inc. (NYSE:BBY) have been given a consensus rating of “Hold” by the twenty-two ratings firms that are currently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, twelve have assigned a hold recommendation and nine have assigned a buy recommendation to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $76.20.

Several analysts have recently commented on BBY shares. Morgan Stanley reduced their price target on Best Buy from $76.00 to $72.00 and set an “equal weight” rating for the company in a report on Wednesday, March 4th. DA Davidson set a $78.00 price objective on Best Buy in a research report on Thursday, March 5th. Citigroup raised their target price on Best Buy from $67.00 to $69.00 and gave the company a “neutral” rating in a report on Wednesday, March 4th. The Goldman Sachs Group decreased their target price on shares of Best Buy from $93.00 to $76.00 and set a “buy” rating on the stock in a research report on Wednesday, March 4th. Finally, Evercore reiterated a “buy” rating and issued a $75.00 price target on shares of Best Buy in a report on Wednesday, March 4th.

Key Best Buy News

Here are the key news stories impacting Best Buy this week:

• Positive Sentiment: Dividend support: Best Buy’s long record of payouts (22 consecutive years of raises) and a ~6.1% yield are drawing income-focused buyers, reinforcing demand for the shares even as sales growth is soft. Read More.
• Neutral Sentiment: Takeover rumors: Media and traders credited a sudden rally to speculation GameStop might be preparing an acquisition of Best Buy; this appears to be rumor-driven with little public evidence and could be temporary. Read More.
• Neutral Sentiment: Analyst clarification: The analyst whose note sparked the chatter says he did not intend to imply a GameStop takeover — underscoring that the move lacks confirmed strategic rationale and increasing the chance the bump is short-lived. Read More.
• Negative Sentiment: Insider selling: Several senior executives sold shares on March 23 (including CEO Corie Barry, CFO Matthew Bilunas, CAO Mathew Watson and other EVPs), collectively trimming individual holdings by roughly 7–13%. Large, clustered insider sales can be read as profit-taking and may weigh on sentiment. Example SEC filing for the CEO sale: Read More.
• Negative Sentiment: Operational caution: Recent quarter showed modest revenue decline y/y and management set FY27 EPS guidance of $6.30–$6.60 — decent earnings but revenue softness and mixed analyst targets leave upside limited absent a clear catalyst. Read More.

Insider Activity at Best Buy

In other news, CAO Mathew Watson sold 3,298 shares of the business’s stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total transaction of $211,137.96. Following the sale, the chief accounting officer owned 23,192 shares of the company’s stock, valued at $1,484,751.84. The trade was a 12.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Jason J. Bonfig sold 6,336 shares of the company’s stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total value of $405,630.72. Following the completion of the sale, the executive vice president owned 79,137 shares in the company, valued at approximately $5,066,350.74. This represents a 7.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 77,247 shares of company stock worth $4,945,353. 0.47% of the stock is currently owned by company insiders.

Institutional Trading of Best Buy

Several large investors have recently bought and sold shares of BBY. Palisade Asset Management LLC purchased a new position in shares of Best Buy in the third quarter valued at $25,000. Harbor Capital Advisors Inc. raised its stake in shares of Best Buy by 69.3% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 337 shares of the technology retailer’s stock worth $25,000 after buying an additional 138 shares during the last quarter. MV Capital Management Inc. purchased a new stake in shares of Best Buy in the 4th quarter worth about $25,000. Torren Management LLC acquired a new stake in Best Buy in the 4th quarter valued at about $25,000. Finally, Root Financial Partners LLC acquired a new stake in Best Buy in the 3rd quarter valued at about $32,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Trading Up 4.6%

NYSE BBY opened at $63.18 on Tuesday. The company has a quick ratio of 0.43, a current ratio of 1.11 and a debt-to-equity ratio of 0.39. The stock has a market capitalization of $13.21 billion, a P/E ratio of 12.54, a P/E/G ratio of 1.49 and a beta of 1.46. Best Buy has a 52-week low of $54.99 and a 52-week high of $84.99. The firm has a 50-day moving average price of $65.09 and a 200 day moving average price of $71.69.

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

Best Buy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 24th will be issued a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a yield of 6.1%. This is a boost from Best Buy’s previous quarterly dividend of $0.95. The ex-dividend date of this dividend is Tuesday, March 24th. Best Buy’s dividend payout ratio is 76.19%.

Best Buy Company Profile

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.