Best Buy (NYSE:BBY) Price Target Raised to $117.00

Best Buy (NYSE:BBY) had its price target hoisted by JPMorgan Chase & Co. from $111.00 to $117.00 in a research note issued to investors on Friday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the technology retailer’s stock.

BBY has been the topic of a number of other reports. The Goldman Sachs Group boosted their price target on Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a report on Tuesday, September 3rd. Melius Research assumed coverage on shares of Best Buy in a research report on Monday, September 23rd. They set a “hold” rating and a $100.00 price target on the stock. Wells Fargo & Company raised their price objective on Best Buy from $80.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. Bank of America upped their target price on Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a report on Friday, August 30th. Finally, Telsey Advisory Group increased their price target on Best Buy from $95.00 to $115.00 and gave the company an “outperform” rating in a research report on Friday, August 30th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $103.71.

Best Buy Price Performance

Shares of BBY stock opened at $93.03 on Friday. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. Best Buy has a 12-month low of $68.12 and a 12-month high of $103.71. The firm has a fifty day moving average of $94.60 and a 200-day moving average of $88.97. The firm has a market capitalization of $19.98 billion, a price-to-earnings ratio of 16.04, a price-to-earnings-growth ratio of 2.34 and a beta of 1.47.

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

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 4.04%. The ex-dividend date of this dividend was Thursday, September 19th. Best Buy’s dividend payout ratio is currently 64.83%.

Institutional Investors Weigh In On Best Buy

A number of large investors have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. lifted its position in shares of Best Buy by 4.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,164,953 shares of the technology retailer’s stock valued at $636,840,000 after acquiring an additional 241,988 shares during the period. Geode Capital Management LLC lifted its position in Best Buy by 2.5% during the third quarter. Geode Capital Management LLC now owns 4,852,980 shares of the technology retailer’s stock worth $499,954,000 after purchasing an additional 120,185 shares during the period. Raymond James & Associates grew its stake in Best Buy by 1.8% during the third quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer’s stock worth $355,374,000 after buying an additional 62,452 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Best Buy by 8.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer’s stock valued at $257,569,000 after buying an additional 235,478 shares during the period. Finally, Bank of New York Mellon Corp raised its position in shares of Best Buy by 55.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock valued at $241,347,000 after buying an additional 1,024,824 shares in the last quarter. Institutional investors and hedge funds 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.