Best Buy (NYSE:BBY) Trading 0.9% Higher – What’s Next?

Best Buy Co., Inc. (NYSE:BBY) shares traded up 0.9% on Thursday . The company traded as high as $87.58 and last traded at $87.58. 554,090 shares were traded during mid-day trading, a decline of 81% from the average session volume of 2,984,466 shares. The stock had previously closed at $86.77.

Analyst Ratings Changes

A number of equities analysts have commented on BBY shares. Wedbush boosted their price target on shares of Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, August 30th. Melius Research initiated coverage on Best Buy in a research note on Monday, September 23rd. They set a “hold” rating and a $100.00 price target for the company. DA Davidson reiterated a “buy” rating and set a $117.00 price objective on shares of Best Buy in a research report on Tuesday, October 15th. JPMorgan Chase & Co. boosted their target price on Best Buy from $101.00 to $111.00 and gave the stock an “overweight” rating in a research report on Friday, August 30th. Finally, Evercore ISI increased their price target on shares of Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a research report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $103.35.

Best Buy Trading Up 0.1 %

The stock’s 50 day moving average is $95.11 and its 200-day moving average is $88.53. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34. The company has a market capitalization of $18.66 billion, a P/E ratio of 15.10, a P/E/G ratio of 2.28 and a beta of 1.47.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.18. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The firm had revenue of $9.29 billion during the quarter, compared to analyst estimates of $9.23 billion. During the same quarter in the prior year, the company earned $1.22 EPS. The business’s revenue was down 3.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were given a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 4.33%. The ex-dividend date of this dividend was Thursday, September 19th. Best Buy’s dividend payout ratio is currently 64.83%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. TCW Group Inc. increased its position in Best Buy by 156.6% during the 3rd quarter. TCW Group Inc. now owns 316,593 shares of the technology retailer’s stock valued at $32,704,000 after buying an additional 193,209 shares in the last quarter. Toronto Dominion Bank increased its position in Best Buy by 82.2% during the 3rd quarter. Toronto Dominion Bank now owns 102,292 shares of the technology retailer’s stock valued at $10,567,000 after buying an additional 46,152 shares in the last quarter. Coldstream Capital Management Inc. bought a new position in Best Buy during the 3rd quarter valued at approximately $367,000. Geode Capital Management LLC increased its position in Best Buy by 2.5% during the 3rd quarter. Geode Capital Management LLC now owns 4,852,980 shares of the technology retailer’s stock valued at $499,954,000 after buying an additional 120,185 shares in the last quarter. Finally, LRI Investments LLC increased its position in Best Buy by 632.1% during the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock valued at $40,000 after buying an additional 335 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.