Best Buy (NYSE:BBY) Raised to Buy at StockNews.com

StockNews.com upgraded shares of Best Buy (NYSE:BBY - Free Report) from a hold rating to a buy rating in a research report report published on Friday morning.

Other analysts have also recently issued research reports about the stock. Piper Sandler reaffirmed an "overweight" rating and set a $114.00 price objective (up previously from $100.00) on shares of Best Buy in a research note on Friday, August 30th. Wedbush increased their price target on shares of Best Buy from $85.00 to $95.00 and gave the company a "neutral" rating in a research note on Friday, August 30th. JPMorgan Chase & Co. increased their price target on shares of Best Buy from $101.00 to $111.00 and gave the company an "overweight" rating in a research note on Friday, August 30th. Melius Research started 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. Finally, Loop Capital increased their price target on shares of Best Buy from $100.00 to $110.00 and gave the company a "buy" rating in a research note on Friday, August 30th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Best Buy has a consensus rating of "Moderate Buy" and a consensus target price of $103.71.

Best Buy Price Performance

NYSE BBY traded up $0.49 during trading hours on Friday, hitting $90.92. 1,975,517 shares of the company's stock traded hands, compared to its average volume of 2,992,247. Best Buy has a 52-week low of $62.30 and a 52-week high of $103.71. The company has a market capitalization of $19.52 billion, a PE ratio of 15.68, a PEG ratio of 2.37 and a beta of 1.46. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34. The firm's 50-day moving average is $96.82 and its 200-day moving average is $87.04.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The company had revenue of $9.29 billion during the quarter, compared to analysts' expectations of $9.23 billion. During the same quarter in the prior year, the company earned $1.22 EPS. Best Buy's revenue was down 3.1% compared to the same quarter last year. Equities analysts forecast that Best Buy will post 6.28 EPS for the current fiscal year.

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.14%. The ex-dividend date of this dividend was Thursday, September 19th. Best Buy's dividend payout ratio is presently 64.83%.

Institutional Investors Weigh In On Best Buy

A number of large investors have recently modified their holdings of BBY. Richardson Financial Services Inc. grew its position in shares of Best Buy by 190.9% in the 2nd 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 last quarter. Palisade Asset Management LLC purchased a new position in shares of Best Buy in the 1st quarter valued at $27,000. PrairieView Partners LLC grew its position in shares of Best Buy by 67.1% in the 1st quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer's stock valued at $31,000 after buying an additional 151 shares during the last quarter. Harbor Capital Advisors Inc. purchased a new position in shares of Best Buy in the 3rd quarter valued at $40,000. Finally, Innealta Capital LLC purchased a new position in shares of Best Buy in the 2nd quarter valued at $35,000. 80.96% of the stock is owned by hedge funds and other institutional investors.

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.