Best Buy (NYSE:BBY) Trading 6% Higher After Analyst Upgrade

Best Buy Co., Inc. (NYSE:BBY) shares were up 6% during trading on Monday 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 $94.96 and last traded at $94.88. Approximately 1,930,310 shares traded hands during trading, a decline of 36% from the average daily volume of 2,998,745 shares. The stock had previously closed at $89.54.

Other research analysts also recently issued research reports about the stock. Wedbush increased their price target on shares of Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, August 30th. Citigroup lowered their price target on shares of Best Buy from $115.00 to $109.00 and set a “buy” rating for the company in a report on Friday, November 8th. The Goldman Sachs Group increased their price target on shares of Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a report on Tuesday, September 3rd. Evercore ISI increased their price target on shares of Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a report on Friday, August 30th. Finally, DA Davidson reaffirmed a “buy” rating and issued a $117.00 price target on shares of Best Buy in a report on Tuesday, October 15th. One analyst has rated the stock with a sell rating, eight have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $103.71.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of BBY. Ninety One UK Ltd purchased a new stake in Best Buy during the 2nd quarter valued at about $121,325,000. Thrivent Financial for Lutherans grew its stake in Best Buy by 4,337.6% during the 2nd quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer’s stock valued at $92,677,000 after acquiring 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 2nd 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 during the period. Swedbank AB purchased a new stake in shares of Best Buy in the 1st quarter valued at approximately $43,522,000. Finally, AQR Capital Management LLC grew its stake in shares of Best Buy by 55.4% in the 2nd quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock valued at $116,252,000 after buying an additional 491,781 shares during the period. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Stock Performance

The firm’s 50 day moving average price is $94.60 and its two-hundred day moving average price is $88.97. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01. The firm has a market cap of $19.98 billion, a PE ratio of 16.04, a PEG ratio of 2.34 and a beta of 1.47.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. The firm had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The firm’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter last year, the company posted $1.22 EPS. On average, research analysts forecast that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were issued a $0.94 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.04%. Best Buy’s payout ratio is 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.