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

StockNews.com upgraded shares of Best Buy (NYSE:BBY) from a hold rating to a buy rating in a research note published on Friday morning.

Other equities research analysts also recently issued reports about the company. Wells Fargo & Company increased their price target on Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. Evercore ISI boosted their price target on shares of Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a research note on Friday, August 30th. Truist Financial raised their price objective on shares of Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a research report on Friday, August 30th. Piper Sandler reiterated an “overweight” rating and set a $114.00 target price (up previously from $100.00) on shares of Best Buy in a research report on Friday, August 30th. Finally, The Goldman Sachs Group raised their price target on Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a report on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $103.71.

Best Buy Stock Up 2.1 %

Shares of NYSE BBY opened at $92.82 on Friday. The business has a 50-day moving average price of $96.90 and a 200 day moving average price of $87.32. The stock has a market cap of $19.93 billion, a PE ratio of 16.00, a price-to-earnings-growth ratio of 2.37 and a beta of 1.48. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. Best Buy has a 52-week low of $62.30 and a 52-week high of $103.71.

Best Buy (NYSE:BBY) last issued its quarterly earnings data 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. The company had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. Best Buy’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same period last year, the firm posted $1.22 EPS. Equities research analysts forecast that Best Buy 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. Investors of record on Thursday, September 19th were paid a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 4.05%. The ex-dividend date was Thursday, September 19th. Best Buy’s payout ratio is 64.83%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Ninety One UK Ltd acquired a new stake in shares of Best Buy in the second quarter worth approximately $121,325,000. Thrivent Financial for Lutherans grew its stake in shares of Best Buy by 4,337.6% during the 2nd quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer’s stock valued at $92,677,000 after buying an additional 1,074,718 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Best Buy by 55.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock worth $241,347,000 after buying an additional 1,024,824 shares during the last quarter. Swedbank AB purchased a new position in shares of Best Buy in the 1st quarter worth $43,522,000. Finally, AQR Capital Management LLC boosted its holdings in Best Buy by 55.4% in the second quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock valued at $116,252,000 after acquiring an additional 491,781 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

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.