Fintel reports that on March 22, 2024, JP Morgan upgraded their outlook for Best Buy (NYSE:BBY) from Neutral to Overweight.

Analyst Price Forecast Suggests 4.58% Upside

As of March 11, 2024, the average one-year price target for Best Buy is 85.40. The forecasts range from a low of 68.68 to a high of $100.80. The average price target represents an increase of 4.58% from its latest reported closing price of 81.66.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Best Buy is 46,252MM, an increase of 6.44%. The projected annual non-GAAP EPS is 6.90.

• For more in-depth coverage of Best Buy, view the free, crowd-sourced company research report on Finpedia.

Best Buy Declares $0.94 Dividend

On February 29, 2024 the company declared a regular quarterly dividend of $0.94 per share ($3.76 annualized). Shareholders of record as of March 21, 2024 will receive the payment on April 11, 2024. Previously, the company paid $0.92 per share.

At the current share price of $81.66 / share, the stock's dividend yield is 4.60%.

Looking back five years and taking a sample every week, the average dividend yield has been 3.40%, the lowest has been 1.80%, and the highest has been 5.76%. The standard deviation of yields is 1.16 (n=234).

The current dividend yield is 1.04 standard deviations above the historical average.

Additionally, the company's dividend payout ratio is 0.65. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

The company's 3-Year dividend growth rate is 0.34%, demonstrating that it has increased its dividend over time.

What is the Fund Sentiment?

There are 1661 funds or institutions reporting positions in Best Buy. This is an increase of 79 owner(s) or 4.99% in the last quarter. Average portfolio weight of all funds dedicated to BBY is 0.20%, an increase of 7.17%. Total shares owned by institutions increased in the last three months by 2.00% to 199,211K shares. The put/call ratio of BBY is 1.20, indicating a bearish outlook.

What are Other Shareholders Doing?

Jpmorgan Chase holds 12,943K shares representing 6.01% ownership of the company. In it's prior filing, the firm reported owning 12,639K shares, representing an increase of 2.35%. The firm decreased its portfolio allocation in BBY by 88.81% over the last quarter.

VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 6,139K shares representing 2.85% ownership of the company. In it's prior filing, the firm reported owning 6,131K shares, representing an increase of 0.14%. The firm increased its portfolio allocation in BBY by 0.83% over the last quarter.

VFINX - Vanguard 500 Index Fund Investor Shares holds 4,731K shares representing 2.20% ownership of the company. In it's prior filing, the firm reported owning 4,667K shares, representing an increase of 1.37%. The firm increased its portfolio allocation in BBY by 0.91% over the last quarter.

Amundi holds 4,640K shares representing 2.15% ownership of the company. In it's prior filing, the firm reported owning 3,583K shares, representing an increase of 22.77%. The firm decreased its portfolio allocation in BBY by 92.55% over the last quarter.

Charles Schwab Investment Management holds 4,482K shares representing 2.08% ownership of the company. In it's prior filing, the firm reported owning 4,479K shares, representing an increase of 0.07%. The firm decreased its portfolio allocation in BBY by 8.99% over the last quarter.

Best Buy Background Information
(This description is provided by the company.)

Best Buy is a leading provider of technology products, services and solutions. The company offers expert service at an unbeatable price more than 1.5 billion times a year to the consumers, small business owners and educators who visit our stores, engage with Geek Squad agents or use BestBuy.com or the Best Buy app. The company has operations in the U.S and Canada, where more than 70 percent of the population lives within 15 minutes of a Best Buy store, as well as in Mexico where Best Buy has a physical and online presence.