Best Buy (NYSE:BBY) Stock Price Up 1.6% - Here's What Happened

Best Buy Co., Inc. (NYSE:BBY - Get Free Report) shares shot up 1.6% on Monday . The stock traded as high as $91.54 and last traded at $88.98. 1,408,714 shares were traded during trading, a decline of 54% from the average session volume of 3,073,104 shares. The stock had previously closed at $87.60.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. JPMorgan Chase & Co. lifted their target price on Best Buy from $111.00 to $117.00 and gave the company an "overweight" rating in a research note on Friday, November 22nd. Bank of America boosted their price objective on Best Buy from $70.00 to $80.00 and gave the company an "underperform" rating in a research report on Friday, August 30th. Wedbush increased their target price on Best Buy from $85.00 to $95.00 and gave the stock a "neutral" rating in a research report on Friday, August 30th. Loop Capital reduced their price target on shares of Best Buy from $110.00 to $100.00 and set a "buy" rating for the company in a report on Wednesday, November 27th. Finally, Wells Fargo & Company lowered their price target on shares of Best Buy from $95.00 to $89.00 and set an "equal weight" rating for the company in a research report on Wednesday, November 27th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $101.06.

Best Buy Stock Up 1.1 %

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's fifty day simple moving average is $91.36 and its two-hundred day simple moving average is $90.59. The company has a market capitalization of $18.94 billion, a price-to-earnings ratio of 15.14, a P/E/G ratio of 2.19 and a beta of 1.44.

Best Buy (NYSE:BBY - Get Free Report) last released its 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). The business had revenue of $9.45 billion for the quarter, compared to analyst estimates of $9.63 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The firm's revenue for the quarter was down 3.2% on a year-over-year basis. During the same period in the prior year, the company earned $1.29 earnings per share. On average, sell-side analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th will be given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.24%. The ex-dividend date is Tuesday, December 17th. Best Buy's dividend payout ratio (DPR) is presently 64.27%.

Insider Activity

In related news, CFO Matthew M. Bilunas sold 69,166 shares of the firm's stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total value of $6,049,258.36. Following the completion of the transaction, the chief financial officer now owns 92,070 shares of the company's stock, valued at approximately $8,052,442.20. This trade represents a 42.90 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.59% of the stock is currently owned by company insiders.

Institutional Trading of Best Buy

A number of hedge funds have recently modified their holdings of the business. Richardson Financial Services Inc. raised its position in Best Buy by 190.9% during the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer's stock valued at $27,000 after buying an additional 210 shares during the period. Innealta Capital LLC acquired a new position in shares of Best Buy in the 2nd quarter valued at about $35,000. Harbor Capital Advisors Inc. acquired a new position in shares of Best Buy in the 3rd quarter valued at about $40,000. LRI Investments LLC lifted its position in shares of Best Buy by 632.1% in the third quarter. LRI Investments LLC now owns 388 shares of the technology retailer's stock worth $40,000 after purchasing an additional 335 shares in the last quarter. Finally, Whittier Trust Co. boosted its holdings in shares of Best Buy by 53.3% during the second quarter. Whittier Trust Co. now owns 492 shares of the technology retailer's stock worth $41,000 after purchasing an additional 171 shares during the period. 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.