Best Buy Co., Inc. (NYSE:BBY) Given Average Recommendation of "Moderate Buy" by Brokerages

Best Buy Co., Inc. (NYSE:BBY - Get Free Report) has been given an average recommendation of "Moderate Buy" by the nineteen analysts that are currently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, seven have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among brokerages that have covered the stock in the last year is $101.06.

Several research analysts have recently issued reports on the stock. Wedbush upped their target price on shares of Best Buy from $85.00 to $95.00 and gave the company a "neutral" rating in a report on Friday, August 30th. Guggenheim decreased their price target on shares of Best Buy from $110.00 to $105.00 and set a "buy" rating for the company in a research note on Friday, November 29th. StockNews.com cut shares of Best Buy from a "buy" rating to a "hold" rating in a research note on Friday, November 15th. Barclays upped their price objective on shares of Best Buy from $81.00 to $95.00 and gave the stock an "equal weight" rating in a research report on Friday, August 30th. Finally, UBS Group cut their price objective on shares of Best Buy from $123.00 to $115.00 and set a "buy" rating for the company in a research report on Wednesday, November 27th.

Hedge Funds Weigh In On Best Buy

Several hedge funds have recently added to or reduced their stakes in BBY. Ninety One UK Ltd purchased a new position in Best Buy during the 2nd quarter valued at about $121,325,000. Thrivent Financial for Lutherans boosted its stake in shares of Best Buy by 4,337.6% during the 2nd quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer's stock worth $92,677,000 after purchasing an additional 1,074,718 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Best Buy by 55.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer's stock worth $241,347,000 after purchasing an additional 1,024,824 shares during the last quarter. AQR Capital Management LLC boosted its stake in shares of Best Buy by 55.4% during the 2nd quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer's stock worth $116,252,000 after purchasing an additional 491,781 shares during the last quarter. Finally, Raymond James & Associates boosted its stake in shares of Best Buy by 17.0% during the 2nd quarter. Raymond James & Associates now owns 3,377,763 shares of the technology retailer's stock worth $284,712,000 after purchasing an additional 490,801 shares during the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Stock Up 1.4 %

Shares of NYSE:BBY traded up $1.28 during trading hours on Wednesday, reaching $90.25. The stock had a trading volume of 1,476,597 shares, compared to its average volume of 3,064,520. Best Buy has a 1 year low of $69.29 and a 1 year high of $103.71. The firm's 50 day moving average is $93.47 and its 200-day moving average is $89.61. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The stock has a market capitalization of $19.38 billion, a price-to-earnings ratio of 15.19, a P/E/G ratio of 2.28 and a beta of 1.44.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings data on Tuesday, November 26th. The technology retailer reported $1.26 EPS for the quarter, missing analysts' consensus estimates 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 analysts' expectations of $9.63 billion. During the same period in the prior year, the company posted $1.29 earnings per share. The company's revenue for the quarter was down 3.2% on a year-over-year basis. Research analysts predict that Best Buy will post 6.18 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th will be issued a $0.94 dividend. The ex-dividend date is Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.17%. Best Buy's dividend payout ratio is presently 64.27%.

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.