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

Best Buy Co., Inc. (NYSE:BBY)’s share price rose 6% during mid-day 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 were traded during mid-day trading, a decline of 36% from the average daily volume of 2,998,745 shares. The stock had previously closed at $89.54.

BBY has been the subject of several other reports. Bank of America lifted their price objective on Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a report on Friday, August 30th. StockNews.com cut Best Buy from a “buy” rating to a “hold” rating in a report on Friday, November 15th. The Goldman Sachs Group boosted their price target on Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. Citigroup lowered their price target on Best Buy from $115.00 to $109.00 and set a “buy” rating for the company in a report on Friday, November 8th. Finally, Wedbush boosted their price target on Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $103.71.

Institutional Investors Weigh In On Best Buy

Large investors have recently added to or reduced their stakes in the company. Park Avenue Securities LLC boosted its position in Best Buy by 1.3% during the 3rd quarter. Park Avenue Securities LLC now owns 8,281 shares of the technology retailer’s stock valued at $855,000 after acquiring an additional 103 shares in the last quarter. Greenleaf Trust boosted its position in Best Buy by 1.2% during the 3rd quarter. Greenleaf Trust now owns 9,454 shares of the technology retailer’s stock valued at $977,000 after acquiring an additional 108 shares in the last quarter. SeaCrest Wealth Management LLC boosted its position in Best Buy by 4.6% during the 3rd quarter. SeaCrest Wealth Management LLC now owns 2,675 shares of the technology retailer’s stock valued at $276,000 after acquiring an additional 118 shares in the last quarter. Tobam boosted its position in Best Buy by 15.6% during the 2nd quarter. Tobam now owns 895 shares of the technology retailer’s stock valued at $75,000 after acquiring an additional 121 shares in the last quarter. Finally, Hoxton Planning & Management LLC boosted its position in Best Buy by 3.7% during the 3rd quarter. Hoxton Planning & Management LLC now owns 3,481 shares of the technology retailer’s stock valued at $360,000 after acquiring an additional 124 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Stock Performance

The company has a 50-day simple moving average of $94.60 and a two-hundred day simple moving average of $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 capitalization of $19.98 billion, a P/E ratio of 16.04, a PEG ratio of 2.34 and a beta of 1.47.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The firm had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.23 billion. During the same period in the previous year, the firm posted $1.22 EPS. The business’s revenue for the quarter was down 3.1% compared to the same quarter last year. As a group, equities analysts forecast that Best Buy Co., Inc. will post 6.28 EPS for the current year.

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were paid a $0.94 dividend. The ex-dividend date was Thursday, September 19th. This represents a $3.76 annualized dividend and a dividend yield of 4.04%. Best Buy’s dividend payout ratio (DPR) is 64.83%.

About Best Buy

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.