Best Buy (NYSE:BBY) Coverage Initiated by Analysts at Truist Financial

Truist Financial assumed coverage on shares of Best Buy (NYSE:BBY) in a research note issued to investors on Thursday morning, Briefing.com reports. The firm issued a hold rating and a $108.00 price target on the technology retailer’s stock.

Several other analysts also recently commented on the company. Zacks Investment Research downgraded Best Buy from a buy rating to a hold rating and set a $122.00 target price on the stock. in a research note on Monday, November 29th. Jefferies Financial Group cut their price objective on Best Buy from $145.00 to $137.00 and set a buy rating for the company in a research report on Wednesday, November 24th. Piper Sandler raised shares of Best Buy to a buy rating and raised their price objective for the stock from $150.00 to $155.00 in a research note on Tuesday, October 26th. Wells Fargo & Company reissued a buy rating on shares of Best Buy in a research note on Wednesday, January 5th. Finally, Citigroup cut their price target on shares of Best Buy from $118.00 to $106.00 and set a sell rating on the stock in a report on Wednesday, November 24th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Best Buy presently has a consensus rating of Buy and a consensus target price of $127.18.

NYSE:BBY traded down $2.52 during trading hours on Thursday, reaching $100.08. The stock had a trading volume of 143,345 shares, compared to its average volume of 2,997,031. The stock has a market cap of $24.08 billion, a P/E ratio of 9.94, a price-to-earnings-growth ratio of 1.12 and a beta of 1.54. Best Buy has a 12-month low of $94.54 and a 12-month high of $141.97. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.42 and a current ratio of 1.13. The stock has a 50 day simple moving average of $110.97 and a 200 day simple moving average of $112.44.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Tuesday, November 23rd. The technology retailer reported $2.08 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.95 by $0.13. The firm had revenue of $11.91 billion during the quarter, compared to analyst estimates of $11.62 billion. Best Buy had a return on equity of 63.58% and a net margin of 5.05%. The company’s revenue was up .5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.06 earnings per share. On average, equities analysts expect that Best Buy will post 10.1 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 4th. Stockholders of record on Tuesday, December 14th were given a dividend of $0.70 per share. The ex-dividend date was Monday, December 13th. This represents a $2.80 annualized dividend and a dividend yield of 2.80%. Best Buy’s dividend payout ratio (DPR) is 27.13%.

In related news, insider Damien Harmon sold 365 shares of the stock in a transaction that occurred on Monday, January 10th. The stock was sold at an average price of $101.72, for a total value of $37,127.80. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.36% of the stock is owned by corporate insiders.

Several institutional investors have recently made changes to their positions in BBY. Stonebridge Capital Advisors LLC lifted its position in Best Buy by 65.4% in the third quarter. Stonebridge Capital Advisors LLC now owns 253 shares of the technology retailer’s stock worth $27,000 after purchasing an additional 100 shares during the period. Jacobi Capital Management LLC bought a new position in shares of Best Buy during the third quarter valued at $29,000. Newbridge Financial Services Group Inc. lifted its holdings in shares of Best Buy by 279.7% during the second quarter. Newbridge Financial Services Group Inc. now owns 300 shares of the technology retailer’s stock valued at $34,000 after acquiring an additional 221 shares during the period. TCI Wealth Advisors Inc. lifted its holdings in shares of Best Buy by 34.6% during the third quarter. TCI Wealth Advisors Inc. now owns 362 shares of the technology retailer’s stock valued at $38,000 after acquiring an additional 93 shares during the period. Finally, Allworth Financial LP lifted its holdings in shares of Best Buy by 345.8% during the third quarter. Allworth Financial LP now owns 428 shares of the technology retailer’s stock valued at $45,000 after acquiring an additional 332 shares during the period. Institutional investors and hedge funds own 78.82% of the company’s stock.

About Best Buy

Best Buy Co, Inc engages in the provision of consumer technology products and services. It operates through two business segments: Domestic and International. The Domestic segment comprises of the operations in all states, districts, and territories of the U.S., operating under various brand names, including Best Buy, Best Buy Mobile, Geek Squad, Magnolia Audio Video, Napster, and Pacific Sales.

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Analyst Recommendations for Best Buy (NYSE:BBY)

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