Best Buy (NYSE:BBY) Shares Up 3.9% on Analyst Upgrade

Best Buy Co., Inc. (NYSE:BBY) shares traded up 3.9% during trading on Friday 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 $90.09 and last traded at $89.92. 1,115,489 shares were traded during mid-day trading, a decline of 63% from the average session volume of 2,987,479 shares. The stock had previously closed at $86.51.

A number of other analysts also recently issued reports on BBY. UBS Group lifted their target price on Best Buy from $106.00 to $123.00 and gave the company a “buy” rating in a research report on Friday, August 30th. 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. Wells Fargo & Company lifted their price target on shares of Best Buy from $80.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, August 30th. Melius Research began coverage on Best Buy in a report on Monday, September 23rd. They issued a “hold” rating and a $100.00 target price on the stock. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $114.00 target price (up from $100.00) on shares of Best Buy in a research report on Friday, August 30th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $103.71.

Institutional Trading of Best Buy

Several hedge funds and other institutional investors have recently bought and sold shares of BBY. Richardson Financial Services Inc. boosted its position in Best Buy by 190.9% during the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after buying an additional 210 shares during the period. Innealta Capital LLC bought a new stake in shares of Best Buy in the second quarter worth about $35,000. Harbor Capital Advisors Inc. bought a new stake in Best Buy in the third quarter valued at $40,000. LRI Investments LLC increased its position in Best Buy by 632.1% during the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock valued at $40,000 after purchasing an additional 335 shares during the period. Finally, Whittier Trust Co. boosted its stake in shares of Best Buy by 53.3% during the 2nd quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock valued at $41,000 after purchasing an additional 171 shares in the last quarter. Institutional investors own 80.96% of the company’s stock.

Best Buy Stock Performance

The company’s 50 day moving average is $94.89 and its 200-day moving average is $88.51. The company has a market capitalization of $19.31 billion, a P/E ratio of 15.50, a price-to-earnings-growth ratio of 2.28 and a beta of 1.47. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, beating 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 firm had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.23 billion. During the same quarter in the prior year, the company posted $1.22 earnings per share. The business’s revenue for the quarter was down 3.1% on a year-over-year basis. Equities analysts anticipate that Best Buy Co., Inc. will post 6.28 EPS for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were paid a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 4.18%. The ex-dividend date was Thursday, September 19th. Best Buy’s dividend payout ratio is currently 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.