JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Best Buy (NYSE:BBY) Stock

Best Buy (NYSE:BBY) had its price objective raised by JPMorgan Chase & Co. from $111.00 to $117.00 in a report released on Friday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the technology retailer’s stock.

Other equities research analysts have also issued reports about the stock. DA Davidson reiterated a “buy” rating and set a $117.00 price target on shares of Best Buy in a research note on Tuesday, October 15th. Citigroup cut their price target on shares of Best Buy from $115.00 to $109.00 and set a “buy” rating on the stock in a research note on Friday, November 8th. Evercore ISI lifted their price target on shares of Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a research note on Friday, August 30th. Truist Financial lifted their price target on shares of Best Buy from $86.00 to $107.00 and gave the stock a “hold” rating in a research note on Friday, August 30th. Finally, Piper Sandler reiterated an “overweight” rating and set a $114.00 price target (up from $100.00) on shares of Best Buy in a research note on Friday, August 30th. One analyst has rated the stock with a sell rating, eight have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $103.71.

Best Buy Price Performance

Shares of BBY opened at $89.56 on Friday. Best Buy has a twelve month low of $67.80 and a twelve month high of $103.71. The firm’s fifty day simple moving average is $94.72 and its 200-day simple moving average is $88.62. The firm has a market capitalization of $19.23 billion, a price-to-earnings ratio of 15.44, a PEG ratio of 2.28 and a beta of 1.47. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37.

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

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 4.20%. The ex-dividend date was Thursday, September 19th. Best Buy’s payout ratio is 64.83%.

Institutional Trading of Best Buy

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. boosted its holdings in shares of Best Buy by 4.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,164,953 shares of the technology retailer’s stock valued at $636,840,000 after acquiring an additional 241,988 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Best Buy by 2.5% in the third quarter. Geode Capital Management LLC now owns 4,852,980 shares of the technology retailer’s stock valued at $499,954,000 after acquiring an additional 120,185 shares in the last quarter. Raymond James & Associates boosted its holdings in Best Buy by 1.8% during the third quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer’s stock worth $355,374,000 after buying an additional 62,452 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Best Buy by 8.3% during the second quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer’s stock worth $257,569,000 after buying an additional 235,478 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in Best Buy by 55.7% during the second quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock worth $241,347,000 after buying an additional 1,024,824 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

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.