Best Buy (NYSE:BBY) Trading 1.2% Higher – What’s Next?

Best Buy Co., Inc. (NYSE:BBY)’s share price was up 1.2% on Wednesday . The stock traded as high as $89.86 and last traded at $89.58. Approximately 986,052 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 3,051,501 shares. The stock had previously closed at $88.48.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on BBY shares. Telsey Advisory Group cut their price target on shares of Best Buy from $115.00 to $110.00 and set an “outperform” rating on the stock in a report on Tuesday. Loop Capital dropped their price target on shares of Best Buy from $110.00 to $100.00 and set a “buy” rating for the company in a research note on Wednesday. Evercore ISI raised their price target on Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a research report on Friday, August 30th. Wedbush upped their price target on shares of Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, August 30th. Finally, BNP Paribas raised shares of Best Buy to a “strong-buy” rating in a research note on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Best Buy has an average rating of “Moderate Buy” and a consensus target price of $100.82.

Best Buy Stock Up 0.1 %

The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The firm has a 50 day moving average of $94.38 and a 200 day moving average of $89.07. The firm has a market cap of $19.01 billion, a price-to-earnings ratio of 15.31, a PEG ratio of 2.44 and a beta of 1.47.

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

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were issued a dividend of $0.94 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.25%. Best Buy’s dividend payout ratio is currently 64.83%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Richardson Financial Services Inc. increased its holdings in shares of Best Buy by 190.9% during the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after acquiring an additional 210 shares in the last quarter. Innealta Capital LLC purchased a new position in Best Buy during the second quarter valued at $35,000. Harbor Capital Advisors Inc. bought a new stake in Best Buy during the 3rd quarter worth approximately $40,000. LRI Investments LLC boosted its holdings in Best Buy by 632.1% in the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock worth $40,000 after buying an additional 335 shares during the period. Finally, Whittier Trust Co. raised its holdings in Best Buy by 53.3% during the second quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock valued at $41,000 after acquiring an additional 171 shares during the period. Institutional investors own 80.96% of the company’s stock.

Best Buy Company Profile

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.