Best Buy (NYSE:BBY) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

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

Several other brokerages have also recently commented on BBY. StockNews.com cut Best Buy from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Wedbush lifted their price objective on Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, August 30th. Melius Research assumed coverage on Best Buy in a report on Monday, September 23rd. They set a “hold” rating and a $100.00 target price on the stock. Piper Sandler restated an “overweight” rating and set a $114.00 target price (up from $100.00) on shares of Best Buy in a report on Friday, August 30th. Finally, BNP Paribas upgraded Best Buy to a “strong-buy” rating in a report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $103.71.

Best Buy Stock Up 3.5 %

Shares of BBY stock opened at $89.54 on Friday. Best Buy has a 1 year low of $67.80 and a 1 year high of $103.71. The stock has a market cap of $19.23 billion, a PE ratio of 15.44, a price-to-earnings-growth ratio of 2.26 and a beta of 1.47. The business’s fifty day moving average is $94.72 and its 200-day moving average is $88.84. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.18. The business had revenue of $9.29 billion during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period last year, the company posted $1.22 EPS. Equities analysts expect that Best Buy will post 6.28 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were given a dividend of $0.94 per share. 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 64.83%.

Institutional Trading of Best Buy

Large investors have recently made changes to their positions in the company. Richardson Financial Services Inc. increased its position in shares of Best Buy by 190.9% in the 2nd 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 in the last quarter. Innealta Capital LLC acquired a new position in Best Buy in the 2nd quarter worth $35,000. Harbor Capital Advisors Inc. acquired a new position in Best Buy in the 3rd quarter worth $40,000. LRI Investments LLC boosted its stake 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 purchasing an additional 335 shares during the period. Finally, Whittier Trust Co. boosted its stake in Best Buy by 53.3% in the 2nd quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock worth $41,000 after purchasing 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.