Best Buy (NYSE:BBY) Trading 0.1% Higher – Time to Buy?

Best Buy Co., Inc. (NYSE:BBY)’s share price shot up 0.1% during trading on Monday . The stock traded as high as $88.70 and last traded at $88.28. 712,321 shares were traded during mid-day trading, a decline of 77% from the average session volume of 3,064,090 shares. The stock had previously closed at $88.17.

Wall Street Analyst Weigh In

BBY has been the subject of several recent research reports. DA Davidson reissued a “buy” rating and set a $117.00 target price on shares of Best Buy in a research note on Tuesday, October 15th. JPMorgan Chase & Co. boosted their target price on shares of Best Buy from $111.00 to $117.00 and gave the company an “overweight” rating in a research note on Friday, November 22nd. UBS Group reduced their price objective on Best Buy from $123.00 to $115.00 and set a “buy” rating for the company in a research note on Wednesday, November 27th. Bank of America lifted their target price on shares of Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a research note on Friday, August 30th. Finally, Loop Capital lowered their price target on Best Buy from $110.00 to $100.00 and set a “buy” rating for the company in a research note on Wednesday, November 27th. 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 stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $101.06.

Best Buy Stock Performance

The firm has a market capitalization of $18.83 billion, a price-to-earnings ratio of 15.09, a price-to-earnings-growth ratio of 2.21 and a beta of 1.44. The firm’s 50-day moving average price is $92.84 and its two-hundred day moving average price is $89.97. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share for the quarter, missing the consensus estimate of $1.30 by ($0.04). The company had revenue of $9.45 billion during the quarter, compared to the consensus estimate of $9.63 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The company’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.29 earnings per share. Sell-side analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th will be given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.29%. The ex-dividend date of this dividend is Tuesday, December 17th. Best Buy’s dividend payout ratio (DPR) is currently 64.27%.

Hedge Funds Weigh In On Best Buy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BBY. Richardson Financial Services Inc. raised its holdings in shares of Best Buy by 190.9% in the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after buying an additional 210 shares during the last quarter. Harbor Capital Advisors Inc. acquired a new stake in Best Buy in the 3rd quarter valued at about $40,000. LRI Investments LLC raised its stake in shares of Best Buy by 632.1% in the third quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock worth $40,000 after acquiring an additional 335 shares during the last quarter. Innealta Capital LLC acquired a new position in shares of Best Buy during the second quarter worth approximately $35,000. Finally, Brooklyn Investment Group bought a new stake in shares of Best Buy during the third quarter valued at approximately $44,000. 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.