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

by · The Markets Daily

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

BBY has been the topic of several other reports. Bank of America raised their price objective on Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a report on Friday, August 30th. Wells Fargo & Company boosted their price target on shares of Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. Loop Capital lifted their target price on shares of Best Buy from $100.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, August 30th. JPMorgan Chase & Co. upped their price target on shares of Best Buy from $101.00 to $111.00 and gave the stock an “overweight” rating in a research report on Friday, August 30th. Finally, Telsey Advisory Group lifted their price objective on Best Buy from $95.00 to $115.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Best Buy has an average rating of “Moderate Buy” and a consensus price target of $103.71.

Read Our Latest Stock Analysis on BBY

Best Buy Trading Up 2.1 %

Shares of NYSE:BBY opened at $92.82 on Friday. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. Best Buy has a 12-month low of $62.30 and a 12-month high of $103.71. The business has a 50 day moving average of $96.90 and a two-hundred day moving average of $87.32. The company has a market capitalization of $19.93 billion, a PE ratio of 16.00, a PEG ratio of 2.37 and a beta of 1.48.

Best Buy (NYSE:BBY – Get Free Report) last released its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, beating the consensus estimate of $1.16 by $0.18. The company had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The firm’s revenue was down 3.1% on a year-over-year basis. During the same quarter last year, the business earned $1.22 earnings per share. As a group, analysts forecast that Best Buy will post 6.28 EPS for the current year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.05%. The ex-dividend date was Thursday, September 19th. Best Buy’s dividend payout ratio (DPR) is currently 64.83%.

Institutional Trading of Best Buy

A number of large investors have recently modified their holdings of the stock. Richardson Financial Services Inc. grew its stake in Best Buy by 190.9% during the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after purchasing an additional 210 shares in the last quarter. Palisade Asset Management LLC purchased a new stake in shares of Best Buy during the first quarter worth approximately $27,000. PrairieView Partners LLC raised its holdings in Best Buy by 67.1% in the first quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock valued at $31,000 after acquiring an additional 151 shares in the last quarter. Harbor Capital Advisors Inc. purchased a new position in Best Buy in the third quarter worth approximately $40,000. Finally, Innealta Capital LLC purchased a new stake in shares of Best Buy in the 2nd quarter valued at approximately $35,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

About Best Buy

(Get Free Report)

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.

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