The Vanguard Group, Inc. has recently announced that it has increased stake in Best Buy Co. Inc. (NYSE:BBY) by 0.56%. After grabbing 25.31 million shares, the institutional investor is now in possession of 0.14 million shares of the Consumer Cyclical Company. The new investment brought the stake of investor firm to 11.24% having worth around $1.73 billion. Moreover, SSgA Funds Management, Inc. increased its share by 1.17 million to have a control over 10.35 million shares. And T. Rowe Price Associates, Inc. raised its holdings to 2.1 million shares by acquiring 6.95 million shares or 3.09% of the stake.
Best Buy Co. Inc. (BBY) concluded trading on 11/23/22 at a closing price of $82.39, with 6.26 million shares of worth about $516.12 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 2.91% during that period and on Wednesday the price saw a gain of about 3.14%. Currently the company’s common shares owned by public are about 225.40M shares, out of which, 200.83M shares are available for trading.
A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 27 analysts are covering the BBY stock and their offered price forecasts bring an average price target of $81.78. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $110.00 and could fall to a lowest price of $59.00. The stock’s current price level is -4.82% below of average price target set by the analysts, while a dip to estimated low would result in loss of -39.64% for the stock. However, touching the estimated high of $110.00 would mean a gain of 25.1% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 96 times over the past 12 months. They bought 1,466,816 shares in 58 of the transactions. In 38 selling transactions, insiders dumped 1,787,889 shares.
Vanguard Total Stock Market Index, Vanguard Mid Cap Index Fund, and Vanguard 500 Index Fund are the top 3 mutual funds which are holding stakes in Best Buy Co. Inc. Vanguard Total Stock Market Index is currently holding 6.08 million shares of worth totaling $415.98 million. The company recently came buying 43413.0 shares which brought its stake up to 2.70% of the company’s outstanding shares. Vanguard Mid Cap Index Fund bought 55798.0 shares, after which its hold over company’s outstanding shares expand to 2.10%, leaving 4.73 million shares with the mutual fund that have a worth of about $323.86 million. Vanguard 500 Index Fund, after buying 4.59 million shares, have now control over 2.04% of the stake in the company. It holds 44335.0 shares of worth $313.69 million.
Best Buy Co. Inc. (NYSE: BBY) started trading at $79.99, above $0.11 from concluding price of the previous day. However, the stock later moved at a day high price of 82.39, or with a gain of 3.14%. Stock saw a price change of 19.20% in past 5 days and over the past one month there was a price change of 25.42%. Year-to-date (YTD), BBY shares are showing a performance of -18.91% which decreased to -31.91% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $60.78 but also hit the highest price of $121.87 during that period. The average intraday trading volume for Best Buy Co. Inc. shares is 3.03 million. The stock is currently trading 17.54% above its 20-day simple moving average (SMA20), while that difference is up 21.17% for SMA50 and it goes to 2.63% higher than SMA200.
The Vanguard Group, Inc. acquired 25.31 million shares of Best Buy Co. Inc. having value of about $1.73 billion. Data submitted at the U.S SEC by The Vanguard Group, Inc. revealed that the firm now holds 0.14 million shares in the company valued at close to $11713715.86, or have control over 0.56% stake in the company. Best Buy Co. Inc. (NYSE: BBY) currently have 225.40M outstanding shares and institutions hold larger chunk of about 81.60% of that. Holding of mutual funds in the company is about 34.45% while other institutional holders and individual stake holders have control over 46.80% and 13.64% of the stake respectively.
The stock has a current market capitalization of $18.03B and its 3Y-monthly beta is at 1.47. PE ratio of stock for trailing 12 months is 11.02, while it has posted earnings per share of $7.47 in the same period. Its PEG reads 1.38 and has Quick Ratio of 0.30 while making debt-to-equity ratio of 0.41. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for BBY, volatility over the week remained 3.50% while standing at 3.60% over the month.
Analysts are in expectations that Best Buy Co. Inc. (BBY) stock would likely to be making an EPS of $1.03 in the current quarter, while forecast for next quarter EPS is $2.01 and it is $6.92 for next year. For the current quarter EPS, analysts have given the company a lowest target $0.95 which is $1.19 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $2.08 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 44.00% while it is estimated to increase by 11.18% in next year. EPS is likely to shrink at an annualized rate of 8.00% for next 5-years, compared to annual growth of 21.30% made by the stock over the past 5-years.
Analysts at 27 brokerage firms have issued recommendations for the Best Buy Co. Inc. (BBY)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.90. Out of those 27 Wall Street analysts, 6 recommended a “Buy” rating, while 17 were in favor recommending the stock as a “Hold” and 3 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Evercore ISI on October 19, 2022 offering an In-line rating for the stock and assigned a target price range of between $80 and $70 to it. Coverage by Jefferies stated Best Buy Co. Inc. (BBY) stock as a Hold in their note to investors on July 28, 2022, suggesting a price target of $71 for the stock. On June 14, 2022, BofA Securities Downgrade their recommendations, while on May 25, 2022, Barclays Downgrade their ratings for the stock with a price target of $80. Stock get an Outperform rating from Telsey Advisory Group on March 04, 2022.