Best Buy (NYSE:BBY) Stock Price Up 0.1% - Here's What Happened

Best Buy Co., Inc. (NYSE:BBY - Get Free Report) shares rose 0.1% on Thursday . The company traded as high as $91.35 and last traded at $90.60. Approximately 368,607 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 3,062,671 shares. The stock had previously closed at $90.49.

Analysts Set New Price Targets

Several research firms have weighed in on BBY. Melius Research began coverage on shares of Best Buy in a research note on Monday, September 23rd. They issued a "hold" rating and a $100.00 price target for the company. Wells Fargo & Company decreased their price target on 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. The Goldman Sachs Group upped their price target 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. JPMorgan Chase & Co. boosted their price objective on shares of Best Buy from $111.00 to $117.00 and gave the company an "overweight" rating in a research report on Friday, November 22nd. Finally, Bank of America raised their target price on Best Buy from $70.00 to $80.00 and gave the stock an "underperform" rating in a research note on Friday, August 30th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $101.06.

Best Buy Stock Performance

The firm has a market cap of $19.33 billion, a PE ratio of 15.39, a price-to-earnings-growth ratio of 2.23 and a beta of 1.44. The business has a 50 day simple moving average of $93.33 and a two-hundred day simple moving average of $89.62. 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 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.30 by ($0.04). The company had revenue of $9.45 billion during the quarter, compared to analysts' expectations of $9.63 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The company's revenue was down 3.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.29 earnings per share. As a group, equities research analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th will be paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 4.18%. The ex-dividend date is Tuesday, December 17th. Best Buy's dividend payout ratio (DPR) is presently 64.27%.

Institutional Trading of Best Buy

A number of hedge funds and other institutional investors have recently made changes to their positions in BBY. Franklin Resources Inc. grew its position in Best Buy by 36.5% during the third quarter. Franklin Resources Inc. now owns 753,471 shares of the technology retailer's stock valued at $73,016,000 after buying an additional 201,562 shares during the period. Tidal Investments LLC increased its stake in shares of Best Buy by 24.5% in the 3rd quarter. Tidal Investments LLC now owns 22,210 shares of the technology retailer's stock valued at $2,294,000 after purchasing an additional 4,370 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in Best Buy in the 3rd quarter worth about $247,000. World Investment Advisors LLC purchased a new position in Best Buy during the third quarter worth approximately $5,234,000. Finally, TCW Group Inc. boosted its position in Best Buy by 156.6% during the third quarter. TCW Group Inc. now owns 316,593 shares of the technology retailer's stock worth $32,704,000 after purchasing an additional 193,209 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

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.

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