Best Buy (NYSE:BBY) Sees Strong Trading Volume on Analyst Upgrade

Best Buy Co., Inc. (NYSE:BBY) shares saw an uptick in trading volume on Monday after Piper Sandler raised their price target on the stock from $146.00 to $150.00. Piper Sandler currently has an overweight rating on the stock. 158,504 shares were traded during mid-day trading, a decline of 94% from the previous session’s volume of 2,442,008 shares.The stock last traded at $110.45 and had previously closed at $104.74.

BBY has been the topic of several other reports. Zacks Investment Research restated a “buy” rating on shares of Best Buy in a research report on Friday, September 10th. DA Davidson raised shares of Best Buy to a “buy” rating in a report on Wednesday, August 25th. Morgan Stanley raised their target price on shares of Best Buy from $115.00 to $120.00 and gave the company an “equal weight” rating in a research note on Tuesday, June 1st. Citigroup raised shares of Best Buy to a “buy” rating and upped their price target for the stock from $109.00 to $115.00 in a research note on Wednesday, August 25th. Finally, Wells Fargo & Company upgraded shares of Best Buy to a “buy” rating in a research note on Wednesday, August 25th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $127.78.

In other news, CFO Matthew M. Bilunas sold 819 shares of the business’s stock in a transaction on Monday, August 23rd. The shares were sold at an average price of $113.16, for a total transaction of $92,678.04. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Robert L. Bass sold 4,697 shares of the business’s stock in a transaction dated Tuesday, July 27th. The shares were sold at an average price of $114.37, for a total value of $537,195.89. The disclosure for this sale can be found here. Insiders have sold 5,636 shares of company stock worth $642,736 over the last three months. 0.36% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Penserra Capital Management LLC raised its stake in shares of Best Buy by 18.0% in the 1st quarter. Penserra Capital Management LLC now owns 578 shares of the technology retailer’s stock valued at $66,000 after acquiring an additional 88 shares in the last quarter. C M Bidwell & Associates Ltd. grew its stake in Best Buy by 4.7% in the 1st quarter. C M Bidwell & Associates Ltd. now owns 2,055 shares of the technology retailer’s stock valued at $236,000 after buying an additional 92 shares during the last quarter. Quest Capital Management Inc. ADV raised its holdings in Best Buy by 1.1% in the 2nd quarter. Quest Capital Management Inc. ADV now owns 8,662 shares of the technology retailer’s stock worth $996,000 after acquiring an additional 95 shares during the period. MV Capital Management Inc. boosted its holdings in Best Buy by 64.2% during the second quarter. MV Capital Management Inc. now owns 266 shares of the technology retailer’s stock valued at $31,000 after acquiring an additional 104 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. increased its stake in shares of Best Buy by 37.8% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 390 shares of the technology retailer’s stock worth $45,000 after purchasing an additional 107 shares during the period. Institutional investors own 76.10% of the company’s stock.

The stock has a market cap of $27.17 billion, a P/E ratio of 10.69, a P/E/G ratio of 1.35 and a beta of 1.52. The firm has a 50 day moving average of $112.88 and a two-hundred day moving average of $114.76. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.54 and a current ratio of 1.16.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Monday, August 23rd. The technology retailer reported $2.98 earnings per share for the quarter, beating the consensus estimate of $1.89 by $1.09. Best Buy had a return on equity of 64.85% and a net margin of 4.85%. The company had revenue of $11.85 billion during the quarter, compared to analysts’ expectations of $11.54 billion. During the same period in the prior year, the business earned $1.71 earnings per share. Best Buy’s revenue for the quarter was up 19.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Best Buy Co., Inc. will post 9.95 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 5th. Investors of record on Tuesday, September 14th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.54%. The ex-dividend date is Monday, September 13th. Best Buy’s dividend payout ratio (DPR) is presently 35.40%.

Best Buy Company Profile (NYSE:BBY)

Best Buy Co, Inc engages in the provision of consumer technology products and services. It operates through two business segments: Domestic and International. The Domestic segment comprises of the operations in all states, districts, and territories of the U.S., operating under various brand names, including Best Buy, Best Buy Mobile, Geek Squad, Magnolia Audio Video, Napster, and Pacific Sales.

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