Best Buy (NYSE:BBY) Shares Up 3.9% on Analyst Upgrade

Best Buy Co., Inc. (NYSE:BBY)’s stock price shot up 3.9% on Friday 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 $90.09 and last traded at $89.92. 1,115,489 shares traded hands during trading, a decline of 63% from the average session volume of 2,987,479 shares. The stock had previously closed at $86.51.

A number of other equities research analysts have also issued reports on BBY. Piper Sandler reiterated an “overweight” rating and issued a $114.00 price target (up previously from $100.00) on shares of Best Buy in a research note on Friday, August 30th. Truist Financial lifted their target price on Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a research note on Friday, August 30th. BNP Paribas upgraded Best Buy to a “strong-buy” rating in a research note on Thursday, August 29th. Evercore ISI raised 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. Finally, The Goldman Sachs Group increased their price objective on shares of Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a report on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $103.71.

Hedge Funds Weigh In On Best Buy

Several hedge funds have recently added to or reduced their stakes in the company. Richardson Financial Services Inc. increased its stake in Best Buy by 190.9% in the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after buying an additional 210 shares during the period. Harbor Capital Advisors Inc. bought a new position in Best Buy in the 3rd quarter worth about $40,000. LRI Investments LLC increased its position in shares of Best Buy by 632.1% during the third quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock worth $40,000 after acquiring an additional 335 shares during the period. Innealta Capital LLC bought a new stake in shares of Best Buy during the second quarter valued at approximately $35,000. Finally, Brooklyn Investment Group purchased a new stake in shares of Best Buy in the third quarter valued at approximately $44,000. 80.96% of the stock is currently owned by institutional investors.

Best Buy Stock Performance

The firm has a 50 day moving average of $94.72 and a 200-day moving average of $88.73. The company has a market cap of $19.23 billion, a P/E ratio of 15.44, a PEG ratio of 2.26 and a beta of 1.47. 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 results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, beating the consensus estimate 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 earnings per share. The business’s revenue for the quarter was down 3.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Best Buy Co., Inc. will post 6.28 EPS for the current fiscal year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were paid a dividend of $0.94 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.20%. Best Buy’s dividend payout ratio is presently 64.83%.

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.