Best Buy Co., Inc. (NYSE:BBY) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Best Buy Co., Inc. (NYSE:BBY) has been given a consensus recommendation of “Moderate Buy” by the eighteen brokerages that are presently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, seven have assigned a hold recommendation, nine have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among analysts that have covered the stock in the last year is $103.35.

Several equities research analysts recently commented on the stock. Melius Research began coverage on shares of Best Buy in a research report on Monday, September 23rd. They set a “hold” rating and a $100.00 target price on the stock. Piper Sandler reissued an “overweight” rating and issued a $114.00 price objective (up previously from $100.00) on shares of Best Buy in a research note on Friday, August 30th. Wedbush raised their target price on Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, August 30th. Citigroup cut their target price on Best Buy from $115.00 to $109.00 and set a “buy” rating on the stock in a report on Friday, November 8th. Finally, Wells Fargo & Company raised their price objective on Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th.

Institutional Trading of Best Buy

Several hedge funds have recently bought and sold shares of BBY. Bridgewater Associates LP lifted its position in Best Buy by 870.4% in the 3rd quarter. Bridgewater Associates LP now owns 132,929 shares of the technology retailer’s stock valued at $13,732,000 after acquiring an additional 119,231 shares in the last quarter. Transamerica Financial Advisors Inc. bought a new position in shares of Best Buy in the third quarter valued at approximately $847,000. Avestar Capital LLC purchased a new position in shares of Best Buy during the third quarter valued at approximately $222,000. Brooklyn Investment Group bought a new stake in Best Buy during the third quarter worth $44,000. Finally, Quantbot Technologies LP purchased a new stake in Best Buy in the 3rd quarter valued at $1,550,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Stock Performance

Shares of Best Buy stock opened at $90.72 on Friday. The company’s 50 day moving average price is $96.16 and its two-hundred day moving average price is $87.95. The firm has a market capitalization of $19.48 billion, a P/E ratio of 15.64, a P/E/G ratio of 2.36 and a beta of 1.47. Best Buy has a fifty-two week low of $62.92 and a fifty-two week high of $103.71. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The business had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. During the same quarter in the previous year, the company posted $1.22 EPS. Best Buy’s quarterly revenue was down 3.1% compared to the same quarter last year. On average, equities analysts forecast that Best Buy will post 6.28 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were issued a $0.94 dividend. The ex-dividend date was Thursday, September 19th. This represents a $3.76 annualized dividend and a yield of 4.14%. Best Buy’s payout ratio is currently 64.83%.

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.