Best Buy (NYSE:BBY) Cut to Hold at StockNews.com

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

Several other research firms have also issued reports on BBY. JPMorgan Chase & Co. lifted their price objective on Best Buy from $101.00 to $111.00 and gave the company an “overweight” rating in a research note on Friday, August 30th. Citigroup dropped their price target on Best Buy from $115.00 to $109.00 and set a “buy” rating for the company in a research note on Friday, November 8th. Bank of America raised their price objective on Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a report on Friday, August 30th. BNP Paribas raised Best Buy to a “strong-buy” rating in a research note on Thursday, August 29th. Finally, Truist Financial lifted their price target on shares of Best Buy from $86.00 to $107.00 and gave the stock a “hold” rating in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Best Buy currently has an average rating of “Moderate Buy” and a consensus target price of $103.35.

Best Buy Price Performance

Best Buy stock opened at $92.66 on Friday. The firm has a market capitalization of $19.90 billion, a P/E ratio of 15.98, a PEG ratio of 2.43 and a beta of 1.47. Best Buy has a one year low of $62.92 and a one year high of $103.71. 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 business has a fifty day moving average price of $95.70 and a 200-day moving average price of $88.33.

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

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 4.06%. The ex-dividend date of this dividend was Thursday, September 19th. Best Buy’s dividend payout ratio (DPR) is presently 64.83%.

Institutional Trading of Best Buy

A number of hedge funds have recently made changes to their positions in BBY. Richardson Financial Services Inc. boosted its stake in Best Buy by 190.9% during the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after purchasing an additional 210 shares during the last quarter. Innealta Capital LLC bought a new stake in Best Buy in the 2nd quarter worth about $35,000. Harbor Capital Advisors Inc. purchased a new position in Best Buy in the 3rd quarter worth about $40,000. LRI Investments LLC lifted its stake 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 acquiring an additional 335 shares during the period. Finally, Whittier Trust Co. lifted its stake in Best Buy by 53.3% during the 2nd 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. 80.96% of the stock is owned by institutional investors.

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.