Best Buy (NYSE:BBY) Upgraded at StockNews.com

StockNews.com upgraded shares of Best Buy (NYSE:BBY) from a hold rating to a buy rating in a research note released on Friday.

Other equities research analysts have also recently issued reports about the company. DA Davidson reaffirmed a “buy” rating and issued a $117.00 price target on shares of Best Buy in a research note on Tuesday, October 15th. Barclays upped their price objective on shares of Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. Wedbush lifted their target price on shares of Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, August 30th. UBS Group raised their price objective on Best Buy from $106.00 to $123.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Finally, Loop Capital increased their target price on Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $103.71.

Best Buy Trading Up 0.5 %

NYSE:BBY opened at $90.90 on Friday. The firm’s 50 day moving average is $96.82 and its 200 day moving average is $87.20. Best Buy has a 12 month low of $62.30 and a 12 month high of $103.71. The stock has a market capitalization of $19.52 billion, a PE ratio of 15.67, a price-to-earnings-growth ratio of 2.37 and a beta of 1.48. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping the consensus estimate of $1.16 by $0.18. The company had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. Best Buy’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same period last year, the firm earned $1.22 EPS. Sell-side analysts expect that Best Buy will post 6.28 earnings per share for the current year.

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.14%. The ex-dividend date of this dividend was Thursday, September 19th. Best Buy’s dividend payout ratio (DPR) is currently 64.83%.

Institutional Investors Weigh In On Best Buy

Institutional investors have recently bought and sold shares of the company. Palisade Asset Management LLC purchased a new stake in Best Buy during the 1st quarter valued at about $27,000. Richardson Financial Services Inc. boosted its position in Best Buy by 190.9% in the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after buying an additional 210 shares during the last quarter. PrairieView Partners LLC increased its holdings in Best Buy by 67.1% in the 1st quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock worth $31,000 after buying an additional 151 shares during the period. Innealta Capital LLC purchased a new position in Best Buy during the 2nd quarter worth approximately $35,000. Finally, Harbor Capital Advisors Inc. acquired a new stake in Best Buy during the 3rd quarter valued at approximately $40,000. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Company Profile

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.