Best Buy (NYSE:BBY) Sets New 12-Month Low – Here’s Why
by Renee Jackson · The Cerbat GemBest Buy Co., Inc. (NYSE:BBY – Get Free Report)’s stock price hit a new 52-week low on Monday . The stock traded as low as $58.11 and last traded at $58.2440, with a volume of 1046475 shares trading hands. The stock had previously closed at $60.05.
Wall Street Analysts Forecast Growth
Several equities analysts have weighed in on the company. Truist Financial dropped their price objective on Best Buy from $73.00 to $66.00 and set a “hold” rating on the stock in a research note on Tuesday, March 3rd. Guggenheim reiterated a “buy” rating and set a $90.00 target price on shares of Best Buy in a research note on Wednesday, March 4th. DA Davidson set a $78.00 target price on Best Buy in a research note on Thursday, March 5th. Barclays lowered their target price on Best Buy from $81.00 to $77.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 8th. Finally, Daiwa Securities Group lowered their target price on Best Buy from $80.00 to $68.00 and set a “neutral” rating on the stock in a research note on Thursday, March 5th. Nine investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $71.75.
View Our Latest Stock Analysis on BBY
Best Buy Stock Down 3.9%
The company has a market capitalization of $12.07 billion, a P/E ratio of 11.45, a PEG ratio of 1.48 and a beta of 1.22. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.43 and a current ratio of 1.11. The stock has a 50 day moving average price of $63.32 and a 200 day moving average price of $69.48.
Best Buy (NYSE:BBY – Get Free Report) last released its earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 EPS for the quarter, topping 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 analysts’ expectations of $13.96 billion. During the same period in the previous year, the business posted $2.58 EPS. The business’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 forecast that Best Buy Co., Inc. will post 6.5 earnings per share for the current fiscal year.
Best Buy Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 24th were issued a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a yield of 6.7%. This is a boost from Best Buy’s previous quarterly dividend of $0.95. The ex-dividend date of this dividend was Tuesday, March 24th. Best Buy’s payout ratio is currently 76.19%.
Insider Buying and Selling at Best Buy
In other Best Buy news, EVP Jason J. Bonfig sold 6,336 shares of the company’s stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $64.02, for a total transaction of $405,630.72. Following the sale, the executive vice president directly owned 79,137 shares of the company’s stock, valued at $5,066,350.74. This represents a 7.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Corie S. Barry sold 42,869 shares of the company’s stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $64.02, for a total transaction of $2,744,473.38. Following the sale, the chief executive officer directly owned 523,138 shares in the company, valued at approximately $33,491,294.76. This trade represents a 7.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 77,247 shares of company stock valued at $4,945,353. Insiders own 0.59% of the company’s stock.
Institutional Investors Weigh In On Best Buy
Several institutional investors have recently added to or reduced their stakes in BBY. Torren Management LLC purchased a new stake in Best Buy during the fourth quarter valued at about $25,000. MV Capital Management Inc. bought a new stake in shares of Best Buy during the fourth quarter valued at about $25,000. Palisade Asset Management LLC bought a new stake in shares of Best Buy during the third quarter valued at about $25,000. Hillsdale Investment Management Inc. bought a new stake in shares of Best Buy during the fourth quarter valued at about $29,000. Finally, Quest 10 Wealth Builders Inc. increased its position in shares of Best Buy by 239.2% during the fourth quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer’s stock valued at $30,000 after buying an additional 311 shares during the period. 80.96% of the stock is owned by hedge funds and other institutional investors.
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.