Best Buy (NYSE:BBY) Trading Up 2.8% – Here’s Why

Best Buy Co., Inc. (NYSE:BBY)’s stock price traded 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 changed 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 Analysts Forecast Growth

A number of research analysts have recently commented on the company. DA Davidson reaffirmed a “buy” rating and set a $117.00 price target on shares of Best Buy in a research report on Tuesday, October 15th. Melius Research assumed coverage on shares of Best Buy in a research report on Monday, September 23rd. They set a “hold” rating and a $100.00 target price for the company. BNP Paribas raised shares of Best Buy to a “strong-buy” rating in a research report on Thursday, August 29th. StockNews.com cut shares of Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. Finally, Wedbush lifted their price objective on shares of Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, August 30th. One equities research 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’s stock. According to MarketBeat, Best Buy has a consensus rating of “Moderate Buy” and an average price target of $101.06.

Best Buy Stock Up 3.0 %

The company has a quick ratio of 0.34, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The firm has a market cap 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 stock has a 50-day simple moving average of $93.96 and a two-hundred day simple moving average of $89.06.

Best Buy (NYSE:BBY) last issued its quarterly 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 net margin of 3.01% and a return on equity of 45.93%. The business had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.23 billion. During the same period last year, the business earned $1.22 earnings per share. The business’s quarterly revenue was down 3.1% on a year-over-year basis. Analysts expect that Best Buy Co., Inc. will post 6.19 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 given a dividend of $0.94 per share. The ex-dividend date is Tuesday, December 17th. This represents a $3.76 annualized dividend and a yield of 4.14%. Best Buy’s payout ratio is 64.27%.

Institutional Investors Weigh In On Best Buy

Several institutional investors have recently bought and sold shares of the stock. QRG Capital Management Inc. boosted its stake 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 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% in the second quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer’s stock valued at $172,000 after acquiring an additional 898 shares during the period. Asset Management One Co. Ltd. raised its stake 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 valued at $9,332,000 after acquiring an additional 19,405 shares during the last quarter. Envestnet Portfolio Solutions Inc. grew its stake in shares of Best Buy by 11.4% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer’s stock worth $6,302,000 after purchasing an additional 7,663 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in Best Buy by 13.3% during 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 purchasing an additional 18,171 shares during the period. 80.96% of the stock is currently owned by hedge funds and other 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.