Best Buy (NYSE:BBY) Trading 0.1% Higher – What’s Next?

Best Buy Co., Inc. (NYSE:BBY)’s stock price rose 0.1% on Monday . The stock traded as high as $88.70 and last traded at $88.28. Approximately 712,321 shares traded hands during trading, a decline of 77% from the average daily volume of 3,064,090 shares. The stock had previously closed at $88.17.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Loop Capital lowered their price target on Best Buy from $110.00 to $100.00 and set a “buy” rating for the company in a research report on Wednesday, November 27th. StockNews.com cut shares of Best Buy from a “buy” rating to a “hold” rating in a report on Friday, November 15th. Guggenheim cut their price target on shares of Best Buy from $110.00 to $105.00 and set a “buy” rating on the stock in a report on Friday, November 29th. Truist Financial decreased their price objective on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating for the company in a report on Wednesday, November 27th. Finally, Melius Research began coverage on Best Buy in a research note on Monday, September 23rd. They set a “hold” rating and a $100.00 target price on the stock. 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 issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $101.06.

Best Buy Trading Down 0.7 %

The stock has a 50-day moving average price of $92.52 and a two-hundred day moving average price of $90.10. The stock has a market capitalization of $18.63 billion, a PE ratio of 14.83, a PEG ratio of 2.21 and a beta of 1.44. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00.

Best Buy (NYSE:BBY) last announced 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). Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm had revenue of $9.45 billion during the quarter, compared to analysts’ expectations of $9.63 billion. During the same period last year, the company earned $1.29 earnings per share. The business’s revenue for the quarter was down 3.2% on a year-over-year basis. As a group, equities analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Announces Dividend

The firm also recently declared 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 dividend on an annualized basis and a yield of 4.33%. Best Buy’s dividend payout ratio is presently 64.27%.

Hedge Funds Weigh In On Best Buy

Hedge funds have recently made changes to their positions in the business. Park Avenue Securities LLC boosted its stake in Best Buy by 1.3% in the 3rd quarter. Park Avenue Securities LLC now owns 8,281 shares of the technology retailer’s stock worth $855,000 after purchasing an additional 103 shares during the period. Greenleaf Trust boosted its position in shares of Best Buy by 1.2% during the third quarter. Greenleaf Trust now owns 9,454 shares of the technology retailer’s stock worth $977,000 after acquiring an additional 108 shares during the last quarter. SeaCrest Wealth Management LLC grew its stake in Best Buy by 4.6% during the third quarter. SeaCrest Wealth Management LLC now owns 2,675 shares of the technology retailer’s stock valued at $276,000 after acquiring an additional 118 shares in the last quarter. Tobam boosted its stake in Best Buy by 15.6% during the second quarter. Tobam now owns 895 shares of the technology retailer’s stock valued at $75,000 after buying an additional 121 shares during the last quarter. Finally, Hoxton Planning & Management LLC grew its holdings in Best Buy by 3.7% during the 3rd quarter. Hoxton Planning & Management LLC now owns 3,481 shares of the technology retailer’s stock valued at $360,000 after buying an additional 124 shares in the last quarter. 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.