Best Buy (NYSE:BBY) Stock Price Up 0.8% – Still a Buy?

Best Buy Co., Inc. (NYSE:BBYGet Free Report) shares were up 0.8% during mid-day trading on Monday . The stock traded as high as $90.83 and last traded at $90.75. Approximately 702,754 shares traded hands during trading, a decline of 77% from the average daily volume of 3,052,174 shares. The stock had previously closed at $90.00.

Wall Street Analyst Weigh In

Several analysts recently weighed in on BBY shares. Guggenheim reduced their target price on shares of Best Buy from $110.00 to $105.00 and set a “buy” rating on the stock in a report on Friday. Loop Capital cut their price target on Best Buy from $110.00 to $100.00 and set a “buy” rating for the company in a research note on Wednesday, November 27th. Piper Sandler restated an “overweight” rating and issued a $114.00 price target (up previously from $100.00) on shares of Best Buy in a report on Friday, August 30th. Truist Financial reduced their price target on Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a research report on Wednesday, November 27th. Finally, JPMorgan Chase & Co. raised their price objective on Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a research note on Friday, November 22nd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $101.06.

Read Our Latest Report on Best Buy

Best Buy Stock Up 1.0 %

The company’s fifty day simple moving average is $93.81 and its 200 day simple moving average is $89.38. The firm has a market capitalization of $19.53 billion, a PE ratio of 15.51, a price-to-earnings-growth ratio of 2.39 and a beta of 1.47. The company has a quick ratio of 0.34, a current ratio of 1.00 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBYGet Free Report) last issued its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. 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 firm posted $1.22 EPS. The company’s revenue for the quarter was down 3.1% compared to the same quarter last year. Analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th will be given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 4.13%. The ex-dividend date is Tuesday, December 17th. Best Buy’s dividend payout ratio is 64.27%.

Hedge Funds Weigh In On Best Buy

A number of hedge funds have recently added to or reduced their stakes in BBY. Ninety One UK Ltd purchased a new position in Best Buy during the 2nd quarter worth approximately $121,325,000. Thrivent Financial for Lutherans grew its stake in shares of Best Buy by 4,337.6% in 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 grew its stake in shares of Best Buy by 55.7% in the second 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. AQR Capital Management LLC boosted its holdings in Best Buy by 55.4% in the second quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock valued at $116,252,000 after purchasing an additional 491,781 shares during the period. Finally, Raymond James & Associates boosted its holdings in Best Buy by 17.0% in the second quarter. Raymond James & Associates now owns 3,377,763 shares of the technology retailer’s stock valued at $284,712,000 after purchasing an additional 490,801 shares during the period. 80.96% of the stock is currently owned by institutional investors.

Best Buy Company Profile

(Get Free Report)

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.

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