Best Buy (NYSE:BBY) Trading 2.8% Higher – Still a Buy?

Shares of Best Buy Co., Inc. (NYSE:BBYGet Free Report) shot up 2.8% during mid-day trading on Friday . The company traded as high as $91.02 and last traded at $90.68. 653,268 shares traded hands during mid-day trading, a decline of 79% from the average session volume of 3,054,876 shares. The stock had previously closed at $88.17.

Wall Street Analyst Weigh In

BBY has been the topic of a number of research reports. BNP Paribas upgraded shares of Best Buy to a “strong-buy” rating in a report on Thursday, August 29th. Barclays lifted their price objective on Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. The Goldman Sachs Group raised their target price on Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. Wedbush raised their price objective on shares of Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, August 30th. Finally, Telsey Advisory Group decreased their price objective on Best Buy from $115.00 to $110.00 and set an “outperform” rating on the stock in a research note on Tuesday. One analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $101.06.

View Our Latest Stock Analysis on BBY

Best Buy Stock Up 3.0 %

The company has a market capitalization of $19.51 billion, a PE ratio of 15.50, a P/E/G ratio of 2.34 and a beta of 1.47. The business has a 50-day moving average of $93.96 and a 200 day moving average of $89.06. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.34.

Best Buy (NYSE:BBYGet Free Report) last posted its earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. During the same period in the prior year, the company earned $1.22 EPS. The company’s quarterly revenue was down 3.1% compared to the same quarter last year. Equities research analysts predict that Best Buy Co., Inc. will post 6.19 earnings per share for the current year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th will be paid a $0.94 dividend. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.14%. Best Buy’s payout ratio is currently 64.27%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in BBY. Tidal Investments LLC boosted its holdings in shares of Best Buy by 25.3% in the first quarter. Tidal Investments LLC now owns 15,080 shares of the technology retailer’s stock valued at $1,237,000 after purchasing an additional 3,044 shares during the period. Comerica Bank increased its position in shares of Best Buy by 0.8% during the first quarter. Comerica Bank now owns 37,464 shares of the technology retailer’s stock valued at $3,073,000 after acquiring an additional 298 shares during the last quarter. iA Global Asset Management Inc. raised its holdings in Best Buy by 761.4% in the first quarter. iA Global Asset Management Inc. now owns 5,246 shares of the technology retailer’s stock valued at $430,000 after acquiring an additional 4,637 shares in the last quarter. Virtu Financial LLC purchased a new position in shares of Best Buy during the first quarter worth approximately $994,000. Finally, PGGM Investments acquired a new stake in shares of Best Buy in the 1st quarter valued at approximately $174,000. 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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