Best Buy (NYSE:BBY) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Best Buy (NYSE:BBY) had its price target boosted by JPMorgan Chase & Co. from $111.00 to $117.00 in a research note issued to investors on Friday morning,Benzinga reports. The firm currently has an overweight rating on the technology retailer’s stock.

BBY has been the subject of several other research reports. Wells Fargo & Company lifted their price objective on shares of Best Buy from $80.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. Melius Research started coverage on Best Buy in a report on Monday, September 23rd. They set a “hold” rating and a $100.00 price objective on the stock. The Goldman Sachs Group boosted their target price on Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. DA Davidson reiterated a “buy” rating and set a $117.00 price target on shares of Best Buy in a report on Tuesday, October 15th. Finally, 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. One analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $103.71.

Best Buy Trading Up 3.9 %

NYSE BBY opened at $93.03 on Friday. 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 has a 1-year low of $68.12 and a 1-year high of $103.71. The firm’s fifty day simple moving average is $94.60 and its 200-day simple moving average is $88.97. The company has a market capitalization of $19.98 billion, a PE ratio of 16.04, a price-to-earnings-growth ratio of 2.34 and a beta of 1.47.

Best Buy (NYSE:BBY) last posted its quarterly earnings results 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. The company had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The business’s quarterly revenue was down 3.1% on a year-over-year basis. During the same period last year, the business earned $1.22 EPS. As a group, sell-side analysts anticipate that Best Buy will post 6.28 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 4.04%. The ex-dividend date of this dividend was Thursday, September 19th. Best Buy’s dividend payout ratio is currently 64.83%.

Institutional Investors Weigh In On Best Buy

A number of large investors have recently bought and sold shares of the business. Ninety One UK Ltd bought a new stake in Best Buy during the 2nd quarter worth about $121,325,000. Thrivent Financial for Lutherans raised its position in shares of Best Buy by 4,337.6% during the second quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer’s stock worth $92,677,000 after acquiring an additional 1,074,718 shares during the last quarter. Bank of New York Mellon Corp boosted 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 acquiring an additional 1,024,824 shares during the last quarter. Swedbank AB bought a new stake in Best Buy during the 1st quarter worth about $43,522,000. Finally, AQR Capital Management LLC boosted its stake in shares of Best Buy by 55.4% in the 2nd quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock valued at $116,252,000 after purchasing an additional 491,781 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors.

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.