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

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

Several other brokerages also recently weighed in on BBY. The Goldman Sachs Group increased 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. Barclays upped their target price on shares of Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. Citigroup lowered their target price on Best Buy from $115.00 to $109.00 and set a “buy” rating for the company in a report on Friday, November 8th. BNP Paribas upgraded shares of Best Buy to a “strong-buy” rating in a report on Thursday, August 29th. Finally, StockNews.com cut shares of Best Buy from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $103.71.

Institutional Investors Weigh In On Best Buy

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

Best Buy Price Performance

The firm has a market capitalization of $20.48 billion, a PE ratio of 16.36, a P/E/G ratio of 2.34 and a beta of 1.47. The company has a 50-day moving average price of $94.72 and a 200-day moving average price of $88.84. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34.

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, 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 during the quarter, compared to analyst estimates of $9.23 billion. During the same quarter in the previous year, the business posted $1.22 earnings per share. The company’s revenue was down 3.1% on a year-over-year basis. Sell-side analysts forecast that Best Buy Co., Inc. will post 6.28 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.94%. 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.