Best Buy (NYSE:BBY) Trading 1% Higher – Here’s Why

Best Buy Co., Inc. (NYSE:BBY)’s share price shot up 1% during trading on Wednesday . The company traded as high as $88.27 and last traded at $87.61. 469,110 shares traded hands during trading, a decline of 85% from the average session volume of 3,074,912 shares. The stock had previously closed at $86.71.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on BBY shares. Truist Financial reduced their target price on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a report on Wednesday, November 27th. StockNews.com cut shares of Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. The Goldman Sachs Group increased their price target on Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. Barclays lifted their price target on Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. Finally, Guggenheim dropped their price objective on shares of Best Buy from $110.00 to $105.00 and set a “buy” rating for the company in a research note on Friday, November 29th. One 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. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $101.06.

Best Buy Price Performance

The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. The company has a market cap of $18.69 billion, a PE ratio of 14.98, a P/E/G ratio of 2.21 and a beta of 1.44. The company has a 50-day moving average price of $92.52 and a two-hundred day moving average price of $90.10.

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 the consensus estimate of $1.30 by ($0.04). Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The firm had revenue of $9.45 billion during the quarter, compared to analyst estimates of $9.63 billion. During the same period last year, the business earned $1.29 EPS. The firm’s revenue was down 3.2% compared to the same quarter last year. Sell-side analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The firm 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 4.32%. The ex-dividend date is Tuesday, December 17th. Best Buy’s payout ratio is 64.27%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. QRG Capital Management Inc. lifted its position in shares of Best Buy by 10.5% during the third quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock worth $3,279,000 after purchasing an additional 3,025 shares during the last quarter. Asset Management One Co. Ltd. increased its holdings in shares of Best Buy by 27.4% in the 3rd quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock valued at $9,332,000 after acquiring an additional 19,405 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its position in shares of Best Buy by 11.4% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer’s stock valued at $6,302,000 after acquiring an additional 7,663 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in Best Buy by 13.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 154,564 shares of the technology retailer’s stock worth $15,806,000 after purchasing an additional 18,171 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its stake in Best Buy by 10.9% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 99,769 shares of the technology retailer’s stock valued at $8,410,000 after purchasing an additional 9,785 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors.

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.