Best Buy (NYSE:BBY) Price Target Raised to $117.00

Best Buy (NYSE:BBY) had its target price lifted by JPMorgan Chase & Co. from $111.00 to $117.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an overweight rating on the technology retailer’s stock.

Other research analysts also recently issued reports about the company. Evercore ISI boosted their price target on Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a report on Friday, August 30th. Bank of America upped their target price on Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a research note on Friday, August 30th. DA Davidson reaffirmed a “buy” rating and set a $117.00 target price on shares of Best Buy in a research note on Tuesday, October 15th. Citigroup reduced their target price 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. Finally, Loop Capital upped their target price on Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. 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 assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $103.71.

Best Buy Price Performance

Shares of NYSE BBY opened at $89.54 on Friday. The business’s 50 day moving average price is $94.72 and its 200 day moving average price is $88.84. The firm has a market cap of $19.23 billion, a P/E ratio of 15.44, a P/E/G ratio of 2.26 and a beta of 1.47. Best Buy has a 52 week low of $67.80 and a 52 week high of $103.71. 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 (NYSE:BBY) last issued its earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $9.23 billion. During the same quarter in the prior year, the firm earned $1.22 earnings per share. Best Buy’s revenue for the quarter was down 3.1% on a year-over-year basis. On average, sell-side analysts expect that Best Buy will post 6.28 earnings per share for the current year.

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were paid a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 4.20%. The ex-dividend date was Thursday, September 19th. Best Buy’s payout ratio is presently 64.83%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Richardson Financial Services Inc. increased 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 purchasing an additional 210 shares during the period. Innealta Capital LLC acquired a new position in Best Buy in the second quarter valued at $35,000. Harbor Capital Advisors Inc. acquired a new position in Best Buy in the third quarter valued at $40,000. LRI Investments LLC increased its stake in Best Buy by 632.1% during 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. Finally, Whittier Trust Co. increased its stake in Best Buy by 53.3% during the second quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock worth $41,000 after acquiring an additional 171 shares during the last quarter. Institutional investors and hedge funds 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.