Best Buy (NYSE:BBY) Reaches New 12-Month High – Still a Buy?

Best Buy Co., Inc. (NYSE:BBY) shares hit a new 52-week high on Wednesday. The company traded as high as $100.63 and last traded at $100.6220, with a volume of 1,100,203 shares. The stock had previously closed at $93.87.

Analyst Upgrades and Downgrades

A number of analysts have commented on BBY shares. Wedbush reaffirmed a “buy” rating on shares of Best Buy in a research note on Monday, August 24th. Evercore set a $100.00 target price on shares of Best Buy in a research report on Tuesday, October 27th. Wall Street Zen upgraded shares of Best Buy from a “hold” rating to a “buy” rating in a report on Sunday, October 11th. Loop Capital downgraded shares of Best Buy from a “buy” rating to a “hold” rating and set a $82.00 price target for the company. in a research report on Monday, July 13th. Finally, Citigroup upped their price target on shares of Best Buy from $88.00 to $102.00 and gave the company a “neutral” rating in a research report on Friday. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $87.35.

Best Buy Stock Up 0.2%

The stock has a market capitalization of $20.89 billion, a price-to-earnings ratio of 16.57, a price-to-earnings-growth ratio of 2.53 and a beta of 1.20. The company has a quick ratio of 0.41, a current ratio of 1.12 and a debt-to-equity ratio of 0.36. The firm has a 50-day moving average of $91.25 and a two-hundred day moving average of $75.93.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, August 27th. The technology retailer reported $1.47 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.08. Best Buy had a return on equity of 48.14% and a net margin of 3.01%. The firm had revenue of $9.78 billion during the quarter, compared to analyst estimates of $9.59 billion. During the same period last year, the company posted $1.28 EPS. The business’s quarterly 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. As a group, sell-side analysts anticipate that Best Buy Co., Inc. will post 6.81 earnings per share for the current year.

Best Buy Announces Dividend

The business also recently disclosed 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 3.9%. Best Buy’s payout ratio is presently 63.89%.

Insider Activity at Best Buy

In other Best Buy news, EVP Kathleen Scarlett sold 116,062 shares of the stock in a transaction that occurred on Wednesday, September 23rd. The shares were sold at an average price of $92.15, for a total value of $10,695,113.30. Following the completion of the sale, the executive vice president owned 116,173 shares in the company, valued at $10,705,341.95. This represents a 49.98% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Richard Schulze sold 300,000 shares of the company’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. Additional details regarding this sale are available in the official SEC disclosure. 0.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Best Buy

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Kintegral Advisory LLC raised its position in shares of Best Buy by 0.6% during the third quarter. Kintegral Advisory LLC now owns 23,543 shares of the technology retailer’s stock valued at $2,100,000 after buying an additional 133 shares during the last quarter. Tema ETFs LLC lifted its stake in shares of Best Buy by 6.5% in the second quarter. Tema ETFs LLC now owns 2,365 shares of the technology retailer’s stock valued at $179,000 after buying an additional 145 shares during the period. Probity Advisors Inc. grew its position in Best Buy by 3.3% during the third quarter. Probity Advisors Inc. now owns 4,657 shares of the technology retailer’s stock worth $411,000 after buying an additional 149 shares in the last quarter. B. Metzler seel. Sohn & Co. AG grew its position in Best Buy by 1.0% during the second quarter. B. Metzler seel. Sohn & Co. AG now owns 14,613 shares of the technology retailer’s stock worth $1,109,000 after buying an additional 151 shares in the last quarter. Finally, Ashurst Perkins Coie Trust Co grew its position in Best Buy by 75.1% during the third quarter. Ashurst Perkins Coie Trust Co now owns 394 shares of the technology retailer’s stock worth $35,000 after buying an additional 169 shares in the last quarter. 80.96% of the stock is owned by hedge funds and other 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.