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

Best Buy Co., Inc. (NYSE:BBY) shares shot up 0.8% during trading on Monday . The company traded as high as $90.83 and last traded at $90.75. 702,754 shares were traded during trading, a decline of 77% from the average session volume of 3,052,174 shares. The stock had previously closed at $90.00.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on BBY. Bank of America lifted their target price on Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a research report on Friday, August 30th. Barclays lifted their target price on Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. Loop Capital cut their target price on Best Buy from $110.00 to $100.00 and set a “buy” rating on the stock in a research report on Wednesday, November 27th. Truist Financial cut their target price 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, 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 research report on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $101.06.

Best Buy Trading Up 1.0 %

The firm has a market capitalization of $19.53 billion, a price-to-earnings ratio of 15.51, a PEG ratio of 2.39 and a beta of 1.47. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.34. The business’s 50-day moving average price is $93.81 and its 200 day moving average price is $89.38.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. The business had revenue of $9.29 billion during the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The business’s revenue was down 3.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.22 earnings per share. On average, equities analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The business also recently declared 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. The ex-dividend date is Tuesday, December 17th. This represents a $3.76 annualized dividend and a dividend yield of 4.13%. Best Buy’s payout ratio is 64.27%.

Hedge Funds Weigh In On Best Buy

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