Best Buy (NYSE:BBY) Trading Up 0.1% – Time to Buy?

Best Buy Co., Inc. (NYSE:BBY)’s share price shot up 0.1% during mid-day trading on Monday . The company traded as high as $88.70 and last traded at $88.28. 712,321 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 3,064,090 shares. The stock had previously closed at $88.17.

Analyst Ratings Changes

Several research firms recently commented on BBY. Truist Financial reduced their target price on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a report on Wednesday, November 27th. Bank of America lifted their price objective on Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a report on Friday, August 30th. Wells Fargo & Company dropped their target price on Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a report on Wednesday, November 27th. DA Davidson reaffirmed a “buy” rating and issued a $117.00 price target on shares of Best Buy in a research note on Tuesday, October 15th. Finally, JPMorgan Chase & Co. boosted their price objective on Best Buy from $111.00 to $117.00 and gave the company an “overweight” rating in a research report on Friday, November 22nd. One research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Best Buy currently has an average rating of “Moderate Buy” and an average target price of $101.06.

Best Buy Price Performance

The stock has a market cap of $18.63 billion, a P/E ratio of 14.83, a price-to-earnings-growth ratio of 2.21 and a beta of 1.44. The business’s 50 day moving average price is $92.52 and its two-hundred day moving average price is $90.10. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last posted its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.04). Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm had revenue of $9.45 billion for the quarter, compared to analysts’ expectations of $9.63 billion. During the same quarter last year, the company posted $1.29 EPS. The firm’s revenue was down 3.2% on a year-over-year basis. As a group, sell-side analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th will be issued a $0.94 dividend. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a yield of 4.33%. Best Buy’s dividend payout ratio (DPR) is 64.27%.

Institutional Trading of Best Buy

Hedge funds have recently modified their holdings of the business. Richardson Financial Services Inc. increased its stake 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 acquiring an additional 210 shares in the last quarter. Innealta Capital LLC bought a new position in shares of Best Buy during the second quarter valued at approximately $35,000. Harbor Capital Advisors Inc. purchased a new position in shares of Best Buy during the third quarter valued at approximately $40,000. LRI Investments LLC boosted its position in shares of Best Buy by 632.1% in 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. Finally, Whittier Trust Co. boosted its position in shares of Best Buy by 53.3% in the 2nd quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock worth $41,000 after purchasing an additional 171 shares in the last quarter. 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.