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

Best Buy Co., Inc. (NYSE:BBY) has earned a consensus rating of “Moderate Buy” from the nineteen research firms that are covering the firm, MarketBeat reports. One analyst has rated the stock with a sell rating, seven have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $101.06.

Several brokerages have weighed in on BBY. Truist Financial lowered their target price on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating for the company in a research note on Wednesday, November 27th. The Goldman Sachs Group raised their target price on shares of Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. Loop Capital lowered their price objective on shares of Best Buy from $110.00 to $100.00 and set a “buy” rating for the company in a research note on Wednesday, November 27th. UBS Group lowered their price objective on shares of Best Buy from $123.00 to $115.00 and set a “buy” rating for the company in a research note on Wednesday, November 27th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a research note on Friday, November 22nd.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Franklin Resources Inc. grew its position in shares of Best Buy by 36.5% in the third quarter. Franklin Resources Inc. now owns 753,471 shares of the technology retailer’s stock valued at $73,016,000 after purchasing an additional 201,562 shares during the period. Tidal Investments LLC grew its position in shares of Best Buy by 24.5% in the third quarter. Tidal Investments LLC now owns 22,210 shares of the technology retailer’s stock valued at $2,294,000 after purchasing an additional 4,370 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in shares of Best Buy in the third quarter valued at about $247,000. World Investment Advisors LLC acquired a new stake in shares of Best Buy in the third quarter valued at about $5,234,000. Finally, TCW Group Inc. grew its position in shares of Best Buy by 156.6% in the third quarter. TCW Group Inc. now owns 316,593 shares of the technology retailer’s stock valued at $32,704,000 after purchasing an additional 193,209 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Price Performance

NYSE BBY opened at $88.97 on Wednesday. The company has a market cap of $19.10 billion, a PE ratio of 15.21, a P/E/G ratio of 2.28 and a beta of 1.44. Best Buy has a 52-week low of $69.29 and a 52-week high of $103.71. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The firm’s 50 day moving average price is $93.47 and its 200-day moving average price is $89.61.

Best Buy (NYSE:BBY) last announced its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share for the quarter, missing the consensus estimate of $1.30 by ($0.04). The firm had revenue of $9.45 billion during the quarter, compared to analyst estimates of $9.63 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. Best Buy’s revenue was down 3.2% on a year-over-year basis. During the same quarter last year, the business earned $1.29 earnings per share. Sell-side analysts forecast that Best Buy will post 6.18 EPS for the current fiscal year.

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th will be issued a $0.94 dividend. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a yield of 4.23%. Best Buy’s payout ratio is 64.27%.

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.