Best Buy (NYSE:BBY) Stock Price Up 0.6% - Should You Buy?

Best Buy Co., Inc. (NYSE:BBY - Get Free Report)'s stock price was up 0.6% during trading on Thursday . The company traded as high as $87.80 and last traded at $87.56. Approximately 511,368 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 3,074,410 shares. The stock had previously closed at $87.07.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. JPMorgan Chase & Co. increased their price target on Best Buy from $111.00 to $117.00 and gave the company an "overweight" rating in a research note on Friday, November 22nd. The Goldman Sachs Group raised their target price 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. Wells Fargo & Company decreased their price target on shares of Best Buy from $95.00 to $89.00 and set an "equal weight" rating on the stock in a research note on Wednesday, November 27th. Evercore ISI increased their price target on shares of Best Buy from $90.00 to $94.00 and gave the company an "in-line" rating in a report on Friday, August 30th. Finally, Loop Capital reduced their price objective on Best Buy from $110.00 to $100.00 and set a "buy" rating on the stock in a research note on Wednesday, November 27th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $101.06.

Best Buy Stock Performance

The firm has a 50 day moving average of $91.98 and a 200-day moving average of $90.19. The company has a market cap of $18.98 billion, a P/E ratio of 14.97, a PEG ratio of 2.21 and a beta of 1.44. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.26 EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts' expectations of $9.63 billion. During the same quarter in the prior year, the business posted $1.29 EPS. The business's quarterly revenue was down 3.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th will be issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 4.25%. The ex-dividend date is Tuesday, December 17th. Best Buy's payout ratio is 64.27%.

Institutional Trading of Best Buy

Hedge funds have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. raised its stake in shares of Best Buy by 4.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,164,953 shares of the technology retailer's stock worth $636,840,000 after acquiring an additional 241,988 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Best Buy by 2.5% during the 3rd quarter. Geode Capital Management LLC now owns 4,852,980 shares of the technology retailer's stock valued at $499,954,000 after purchasing an additional 120,185 shares during the last quarter. Raymond James & Associates grew its stake in Best Buy by 1.8% during the 3rd quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer's stock worth $355,374,000 after buying an additional 62,452 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in 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 buying an additional 235,478 shares during the last quarter. Finally, Bank of New York Mellon Corp raised 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 buying an additional 1,024,824 shares during the last quarter. Hedge funds and other institutional investors 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.