Best Buy Co., Inc. (NYSE:BBY) Given Average Recommendation of “Moderate Buy” by Analysts

Shares of Best Buy Co., Inc. (NYSE:BBY) have received an average recommendation of “Moderate Buy” from the nineteen ratings firms that are presently covering the company, Marketbeat reports. One analyst has rated the stock with a sell recommendation, seven have issued a hold recommendation, ten have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $101.06.

A number of research analysts recently weighed in on BBY shares. StockNews.com cut shares of Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. Wells Fargo & Company lowered their target price on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research note on Wednesday, November 27th. Truist Financial lowered their target price on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a research note on Wednesday, November 27th. Melius Research assumed coverage on shares of Best Buy in a research note on Monday, September 23rd. They issued a “hold” rating and a $100.00 price target on the stock. Finally, BNP Paribas upgraded shares of Best Buy to a “strong-buy” rating in a research note on Thursday, August 29th.

Hedge Funds Weigh In On Best Buy

Institutional investors have recently modified their holdings of the stock. QRG Capital Management Inc. increased its position in shares of Best Buy by 10.5% during the third quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock worth $3,279,000 after acquiring an additional 3,025 shares during the period. GAMMA Investing LLC boosted its stake in shares of Best Buy by 78.7% during the second quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer’s stock valued at $172,000 after purchasing an additional 898 shares in the last quarter. Asset Management One Co. Ltd. boosted its stake in shares of Best Buy by 27.4% during the third quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock valued at $9,332,000 after purchasing an additional 19,405 shares in the last quarter. Envestnet Portfolio Solutions Inc. boosted its stake in shares of Best Buy by 11.4% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer’s stock valued at $6,302,000 after purchasing an additional 7,663 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Best Buy by 13.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 154,564 shares of the technology retailer’s stock valued at $15,806,000 after purchasing an additional 18,171 shares in the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Price Performance

Shares of NYSE:BBY opened at $88.97 on Wednesday. The firm’s 50 day simple moving average is $93.47 and its two-hundred day simple moving average is $89.61. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. The company has a market capitalization of $19.10 billion, a P/E ratio of 15.21, a P/E/G ratio of 2.28 and a beta of 1.44. Best Buy has a 1-year low of $69.29 and a 1-year high of $103.71.

Best Buy (NYSE:BBY) last released 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 net margin of 3.01% and a return on equity of 45.93%. 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 firm posted $1.29 EPS. The firm’s quarterly revenue was down 3.2% compared to the same quarter last year. Research analysts expect that Best Buy will post 6.18 EPS 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. Investors of record on Tuesday, December 17th will be given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 4.23%. The ex-dividend date of this dividend is Tuesday, December 17th. Best Buy’s dividend payout ratio (DPR) is currently 64.27%.

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.