Best Buy (NYSE:BBY) Trading 0.8% Higher – Still a Buy?

Best Buy Co., Inc. (NYSE:BBY) shares shot up 0.8% during trading on Monday . The stock traded as high as $90.83 and last traded at $90.75. 702,754 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 3,052,174 shares. The stock had previously closed at $90.00.

Analyst Ratings Changes

A number of research firms recently weighed in on BBY. Telsey Advisory Group dropped their price target on Best Buy from $115.00 to $110.00 and set an “outperform” rating for the company in a report on Tuesday, November 26th. Melius Research initiated coverage on Best Buy in a research note on Monday, September 23rd. They issued a “hold” rating and a $100.00 target price for the company. Evercore ISI upped their price target on shares of Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a research report on Friday, August 30th. BNP Paribas upgraded shares of Best Buy to a “strong-buy” rating in a research report on Thursday, August 29th. Finally, Barclays upped their target price on shares of Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Best Buy presently has an average rating of “Moderate Buy” and a consensus target price of $101.06.

Best Buy Stock Performance

The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The stock has a market cap of $18.91 billion, a P/E ratio of 15.21, a PEG ratio of 2.28 and a beta of 1.44. The stock has a fifty day simple moving average of $93.47 and a 200-day simple moving average of $89.61.

Best Buy (NYSE:BBY) last issued its quarterly earnings data 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 firm 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% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.29 EPS. Equities analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th will be issued a dividend of $0.94 per share. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $3.76 annualized dividend and a yield of 4.27%. Best Buy’s dividend payout ratio is presently 64.27%.

Institutional Investors Weigh In On Best Buy

Large investors have recently modified their holdings of the business. QRG Capital Management Inc. grew its position in shares of Best Buy by 10.5% in the 3rd quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock valued at $3,279,000 after purchasing an additional 3,025 shares during the period. GAMMA Investing LLC increased its position in shares of Best Buy by 78.7% during the second quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer’s stock worth $172,000 after acquiring an additional 898 shares in the last quarter. Asset Management One Co. Ltd. increased its position in shares of Best Buy by 27.4% during the third quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock worth $9,332,000 after acquiring an additional 19,405 shares in the last quarter. Envestnet Portfolio Solutions Inc. raised its holdings in shares of Best Buy by 11.4% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer’s stock worth $6,302,000 after acquiring an additional 7,663 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in Best Buy by 13.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 154,564 shares of the technology retailer’s stock valued at $15,806,000 after acquiring an additional 18,171 shares in the last quarter. 80.96% of the stock is currently owned by 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.