Best Buy (NYSE:BBY) Stock Rating Lowered by StockNews.com

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

A number of other equities research analysts have also issued reports on BBY. DA Davidson reaffirmed a “buy” rating and set a $117.00 price objective on shares of Best Buy in a report on Tuesday, October 15th. Citigroup reduced their price target on shares of Best Buy from $115.00 to $109.00 and set a “buy” rating on the stock in a report on Friday, November 8th. The Goldman Sachs Group increased their price objective on shares of Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a report on Tuesday, September 3rd. Wedbush lifted their target price on Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, August 30th. Finally, Piper Sandler reissued an “overweight” rating and set a $114.00 price target (up from $100.00) on shares of Best Buy in a research note on Friday, August 30th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $103.35.

Best Buy Price Performance

Shares of Best Buy stock opened at $92.66 on Friday. Best Buy has a one year low of $62.92 and a one year high of $103.71. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01. The stock has a market cap of $19.90 billion, a P/E ratio of 15.98, a P/E/G ratio of 2.43 and a beta of 1.47. The stock’s fifty day moving average is $95.70 and its 200 day moving average is $88.33.

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

Best Buy Announces Dividend

The company also recently declared 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. 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 4.06%. Best Buy’s dividend payout ratio is presently 64.83%.

Hedge Funds Weigh In On Best Buy

A number of large investors have recently bought and sold shares of the business. Richardson Financial Services Inc. lifted its position in shares of Best Buy by 190.9% during the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after purchasing an additional 210 shares during the last quarter. Innealta Capital LLC bought a new position in shares of Best Buy in the second quarter worth about $35,000. Harbor Capital Advisors Inc. purchased a new position in Best Buy in the 3rd quarter worth about $40,000. LRI Investments LLC boosted its position in Best Buy by 632.1% in the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock valued at $40,000 after buying an additional 335 shares during the period. Finally, Whittier Trust Co. grew its stake in Best Buy by 53.3% in the second quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock worth $41,000 after purchasing an additional 171 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

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.