Best Buy (NYSE:BBY) Trading 1.2% Higher – Still a Buy?

Best Buy Co., Inc. (NYSE:BBY) shot up 1.2% during trading on Wednesday . The stock traded as high as $89.86 and last traded at $89.58. 986,052 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 3,051,501 shares. The stock had previously closed at $88.48.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on BBY. The Goldman Sachs Group lifted their target price on shares of Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a research report on Tuesday, September 3rd. Telsey Advisory Group reduced their target price on shares of Best Buy from $115.00 to $110.00 and set an “outperform” rating on the stock in a research note on Tuesday. Truist Financial cut their price target on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating for the company in a report on Wednesday. Melius Research began coverage on Best Buy in a report on Monday, September 23rd. They issued a “hold” rating and a $100.00 price objective on the stock. Finally, StockNews.com downgraded Best Buy from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Best Buy has an average rating of “Moderate Buy” and an average price target of $100.82.

Best Buy Trading Up 0.1 %

The firm has a market cap of $19.01 billion, a PE ratio of 15.31, a P/E/G ratio of 2.44 and a beta of 1.47. The company’s fifty day moving average price is $94.38 and its two-hundred day moving average price is $89.07. The company has a quick ratio of 0.34, a current ratio of 1.01 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, topping 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 in the prior year, the company posted $1.22 earnings per share. Best Buy’s quarterly revenue was down 3.1% on a year-over-year basis. As a group, sell-side analysts forecast that Best Buy Co., Inc. will post 6.28 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were issued a $0.94 dividend. The ex-dividend date was Thursday, September 19th. This represents a $3.76 annualized dividend and a dividend yield of 4.25%. Best Buy’s dividend payout ratio is currently 64.83%.

Hedge Funds Weigh In On Best Buy

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Franklin Resources Inc. boosted its holdings in shares of Best Buy by 36.5% in the third quarter. Franklin Resources Inc. now owns 753,471 shares of the technology retailer’s stock worth $73,016,000 after buying an additional 201,562 shares during the period. Tidal Investments LLC boosted its stake in Best Buy by 24.5% in the 3rd quarter. Tidal Investments LLC now owns 22,210 shares of the technology retailer’s stock worth $2,294,000 after purchasing an additional 4,370 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in Best Buy during the 3rd quarter worth approximately $247,000. World Investment Advisors LLC acquired a new stake in Best Buy during the 3rd quarter valued at $5,234,000. Finally, TCW Group Inc. lifted its holdings in shares of Best Buy by 156.6% in the third quarter. TCW Group Inc. now owns 316,593 shares of the technology retailer’s stock valued at $32,704,000 after purchasing an additional 193,209 shares in the last quarter. Institutional investors and hedge funds 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.