Best Buy Co., Inc. (NYSE:BBY) Receives $103.35 Consensus Price Target from Analysts

Best Buy Co., Inc. (NYSE:BBY - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the eighteen analysts that are covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $103.35.

A number of research analysts recently weighed in on the company. Barclays upped their price objective on Best Buy from $81.00 to $95.00 and gave the stock an "equal weight" rating in a report on Friday, August 30th. StockNews.com raised shares of Best Buy from a "hold" rating to a "buy" rating in a research note on Friday, November 1st. Bank of America raised their price objective on shares of Best Buy from $70.00 to $80.00 and gave the company an "underperform" rating in a research note on Friday, August 30th. The Goldman Sachs Group upped their target price on shares of Best Buy from $95.00 to $116.00 and gave the stock a "buy" rating in a research report on Tuesday, September 3rd. Finally, Telsey Advisory Group lifted their price target on shares of Best Buy from $95.00 to $115.00 and gave the company an "outperform" rating in a research report on Friday, August 30th.

Institutional Trading of Best Buy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BBY. Raymond James & Associates grew its stake in Best Buy by 1.8% in the 3rd quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer's stock worth $355,374,000 after acquiring an additional 62,452 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Best Buy by 8.3% in the second quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer's stock valued at $257,569,000 after purchasing an additional 235,478 shares during the period. Bank of New York Mellon Corp increased its stake 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 purchasing an additional 1,024,824 shares during the last quarter. Ninety One UK Ltd acquired a new position in Best Buy in the second quarter valued at $121,325,000. Finally, AQR Capital Management LLC lifted its position in Best Buy by 55.4% during the second quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer's stock worth $116,252,000 after buying an additional 491,781 shares during the period. Hedge funds and other institutional investors own 80.96% of the company's stock.

Best Buy Stock Performance

NYSE:BBY traded down $0.91 during midday trading on Friday, reaching $89.20. The stock had a trading volume of 2,631,707 shares, compared to its average volume of 2,348,488. The stock has a market cap of $19.15 billion, a P/E ratio of 15.38, a P/E/G ratio of 2.34 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 has a 12-month low of $62.30 and a 12-month high of $103.71. The firm has a fifty day simple moving average of $96.59 and a two-hundred day simple moving average of $87.56.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.16 by $0.18. The business had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The business's revenue was down 3.1% compared to the same quarter last year. During the same period in the previous year, the business posted $1.22 earnings per share. On average, equities analysts expect that Best Buy will post 6.28 EPS for the current year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were given a $0.94 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $3.76 annualized dividend and a dividend yield of 4.22%. Best Buy's dividend payout ratio is currently 64.83%.

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.