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

Best Buy Co., Inc. (NYSE:BBY) has been given an average rating of “Moderate Buy” by the eighteen research firms that are covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $103.35.

BBY has been the subject of several research analyst reports. Evercore ISI upped their target price on shares of Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a research note on Friday, August 30th. Barclays increased their target price on shares of Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. Wedbush boosted their price target on Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, August 30th. Wells Fargo & Company raised their price objective on Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. Finally, BNP Paribas upgraded Best Buy to a “strong-buy” rating in a research report on Thursday, August 29th.

Hedge Funds Weigh In On Best Buy

Several institutional investors have recently bought and sold shares of the business. QRG Capital Management Inc. raised its holdings in shares of Best Buy by 10.5% in the third quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock valued at $3,279,000 after buying an additional 3,025 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of Best Buy by 78.7% in the second quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer’s stock worth $172,000 after acquiring an additional 898 shares during the last quarter. Envestnet Portfolio Solutions Inc. lifted its position 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 worth $6,302,000 after purchasing an additional 7,663 shares in the last quarter. M&G Plc bought a new stake in shares of Best Buy during the first quarter valued at approximately $8,608,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Best Buy by 13.3% in 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. Institutional investors own 80.96% of the company’s stock.

Best Buy Stock Down 1.0 %

BBY stock opened at $89.18 on Friday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34. The company has a 50-day moving average of $96.59 and a two-hundred day moving average of $87.56. The stock has a market capitalization of $19.15 billion, a price-to-earnings ratio of 15.38, a price-to-earnings-growth ratio of 2.43 and a beta of 1.47. Best Buy has a 52-week low of $62.30 and a 52-week high of $103.71.

Best Buy (NYSE:BBY) last released its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, beating 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 analyst estimates of $9.23 billion. During the same quarter last year, the firm posted $1.22 EPS. The company’s revenue was down 3.1% on a year-over-year basis. As a group, equities research analysts anticipate that Best Buy will post 6.28 EPS 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 dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 4.22%. The ex-dividend date was Thursday, September 19th. 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.