Best Buy (NYSE:BBY) Trading Up 6% After Analyst Upgrade

Best Buy Co., Inc. (NYSE:BBY)’s stock price was up 6% during trading on Monday after JPMorgan Chase & Co. raised their price target on the stock from $111.00 to $117.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Best Buy traded as high as $94.96 and last traded at $94.88. Approximately 1,930,310 shares changed hands during mid-day trading, a decline of 36% from the average daily volume of 2,998,745 shares. The stock had previously closed at $89.54.

Several other analysts also recently commented on the company. The Goldman Sachs Group upped their price objective on Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. Truist Financial increased their price target on Best Buy from $86.00 to $107.00 and gave the stock a “hold” rating in a report on Friday, August 30th. Loop Capital boosted their price objective on shares of Best Buy from $100.00 to $110.00 and gave the company 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 stock a “neutral” rating in a research note on Friday, August 30th. Finally, Citigroup lowered their target price 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. One analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $103.41.

Institutional Trading of Best Buy

Several large investors have recently bought and sold shares of BBY. Richardson Financial Services Inc. boosted its position in shares of Best Buy by 190.9% in the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after buying an additional 210 shares in the last quarter. Harbor Capital Advisors Inc. acquired a new stake in shares of Best Buy in the third quarter valued at approximately $40,000. LRI Investments LLC increased its stake in shares of Best Buy by 632.1% during the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock worth $40,000 after purchasing an additional 335 shares in the last quarter. Innealta Capital LLC acquired a new position in shares of Best Buy during the 2nd quarter worth approximately $35,000. Finally, Brooklyn Investment Group purchased a new stake in Best Buy in the 3rd quarter valued at approximately $44,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Trading Down 4.9 %

The stock has a market cap of $19.00 billion, a price-to-earnings ratio of 15.26, a PEG ratio of 2.34 and a beta of 1.47. The business has a fifty day simple moving average of $94.38 and a 200 day simple moving average of $89.07. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The firm had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. During the same quarter in the previous year, the company posted $1.22 EPS. The firm’s revenue for the quarter was down 3.1% on a year-over-year basis. As a group, equities analysts anticipate that Best Buy Co., Inc. will post 6.28 EPS for the current year.

Best Buy Announces Dividend

The firm 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 4.25%. Best Buy’s dividend payout ratio (DPR) is presently 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.