Best Buy (NYSE:BBY) Trading Up 1% – Still a Buy?

Best Buy Co., Inc. (NYSE:BBY) shares were up 1% during mid-day trading on Wednesday . The company traded as high as $88.27 and last traded at $87.61. Approximately 469,110 shares changed hands during trading, a decline of 85% from the average daily volume of 3,074,912 shares. The stock had previously closed at $86.71.

Analyst Ratings Changes

A number of research firms recently weighed in on BBY. Guggenheim reduced their price target on Best Buy from $110.00 to $105.00 and set a “buy” rating for the company in a report on Friday, November 29th. Bank of America increased their price objective on Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a research note on Friday, August 30th. Barclays raised their target price on Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. UBS Group lowered their target price on shares of Best Buy from $123.00 to $115.00 and set a “buy” rating on the stock in a research report on Wednesday, November 27th. 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 equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Best Buy currently has an average rating of “Moderate Buy” and a consensus price target of $101.06.

Best Buy Stock Performance

The company has a 50-day moving average of $91.78 and a 200-day moving average of $90.17. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $18.73 billion, a P/E ratio of 14.97, a price-to-earnings-growth ratio of 2.19 and a beta of 1.44.

Best Buy (NYSE:BBY) last issued its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (EPS) for the quarter, missing the consensus estimate 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 during the quarter, compared to the consensus estimate of $9.63 billion. During the same quarter in the previous year, the firm earned $1.29 earnings per share. The business’s quarterly revenue was down 3.2% compared to the same quarter last year. On average, equities analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th will be given a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 4.29%. The ex-dividend date is Tuesday, December 17th. Best Buy’s dividend payout ratio is currently 64.27%.

Institutional Investors Weigh In On Best Buy

Institutional investors have recently made changes to their positions in the company. DGS Capital Management LLC purchased a new position in Best Buy in the 3rd quarter worth approximately $215,000. Retirement Systems of Alabama boosted its position in shares of Best Buy by 0.7% during the third quarter. Retirement Systems of Alabama now owns 42,782 shares of the technology retailer’s stock valued at $4,419,000 after buying an additional 306 shares during the period. Franklin Resources Inc. grew its position in Best Buy by 36.5% in the 3rd quarter. Franklin Resources Inc. now owns 753,471 shares of the technology retailer’s stock valued at $73,016,000 after acquiring an additional 201,562 shares during the last quarter. Tidal Investments LLC lifted its holdings in Best Buy by 24.5% during the 3rd quarter. Tidal Investments LLC now owns 22,210 shares of the technology retailer’s stock valued at $2,294,000 after buying an additional 4,370 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB purchased a new stake in shares of Best Buy in the third quarter valued at approximately $247,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

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.