Best Buy (NYSE:BBY) Lifted to Buy at StockNews.com

StockNews.com upgraded shares of Best Buy (NYSE:BBY) from a hold rating to a buy rating in a report published on Monday.

Other equities research analysts have also issued reports about the company. Telsey Advisory Group upped their price target on Best Buy from $95.00 to $115.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. DA Davidson restated a “buy” rating and issued a $117.00 price target on shares of Best Buy in a report on Tuesday, October 15th. UBS Group boosted their price objective on shares of Best Buy from $106.00 to $123.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Wedbush raised their target price on shares of Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, August 30th. Finally, Wells Fargo & Company upped their price target on shares of Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. One investment 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 company’s stock. According to MarketBeat.com, Best Buy has an average rating of “Moderate Buy” and an average target price of $103.71.

Best Buy Trading Down 0.4 %

Shares of BBY stock opened at $93.35 on Monday. The firm’s 50-day simple moving average is $96.02 and its 200-day simple moving average is $86.51. 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 has a 1-year low of $62.30 and a 1-year high of $103.71. The firm has a market cap of $20.14 billion, a P/E ratio of 16.35, a PEG ratio of 2.58 and a beta of 1.46.

Best Buy (NYSE:BBY) last posted its quarterly earnings results 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 net margin of 2.96% and a return on equity of 47.19%. The company had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. During the same quarter last year, the firm posted $1.22 earnings per share. Best Buy’s revenue was down 3.1% on a year-over-year basis. As a group, equities analysts forecast that Best Buy will post 6.28 EPS for the current year.

Best Buy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were paid a $0.94 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.03%. Best Buy’s dividend payout ratio (DPR) is presently 65.85%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Ninety One UK Ltd acquired a new stake in shares of Best Buy in the 2nd quarter valued at about $121,325,000. Thrivent Financial for Lutherans raised its stake in Best Buy by 4,337.6% during the second quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer’s stock valued at $92,677,000 after buying an additional 1,074,718 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Best Buy by 55.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock worth $241,347,000 after buying an additional 1,024,824 shares during the last quarter. Swedbank AB acquired a new position in shares of Best Buy in the 1st quarter worth approximately $43,522,000. Finally, AQR Capital Management LLC increased its holdings in shares of Best Buy by 55.4% in the 2nd quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock valued at $116,252,000 after acquiring an additional 491,781 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors.

About Best Buy

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.