Brokerages Set Best Buy Co., Inc. (NYSE:BBY) Price Target at $101.06

Best Buy Co., Inc. (NYSE:BBY) has earned a consensus rating of “Moderate Buy” from the nineteen research firms that are currently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, seven have given a hold recommendation, ten have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $101.06.

BBY has been the subject of a number of research analyst reports. Melius Research initiated coverage on Best Buy in a report on Monday, September 23rd. They set a “hold” rating and a $100.00 price target for the company. Truist Financial reduced their price target on Best Buy from $107.00 to $95.00 and set a “hold” rating for the company in a report on Wednesday, November 27th. DA Davidson reiterated a “buy” rating and set a $117.00 price target on shares of Best Buy in a report on Tuesday, October 15th. JPMorgan Chase & Co. boosted their price objective on Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a report on Friday, November 22nd. Finally, The Goldman Sachs Group boosted their price objective on Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd.

Best Buy Price Performance

NYSE:BBY opened at $88.17 on Wednesday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The stock’s 50-day simple moving average is $93.12 and its 200 day simple moving average is $89.62. The company has a market cap of $18.93 billion, a P/E ratio of 15.07, a P/E/G ratio of 2.23 and a beta of 1.44. Best Buy has a 52-week low of $69.29 and a 52-week high of $103.71.

Best Buy (NYSE:BBY) last released its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.04). The company had revenue of $9.45 billion during the quarter, compared to analyst estimates of $9.63 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. Best Buy’s revenue was down 3.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.29 EPS. As a group, sell-side analysts forecast that Best Buy will post 6.18 EPS for the current fiscal year.

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th will be given a dividend of $0.94 per share. The ex-dividend date is Tuesday, December 17th. This represents a $3.76 annualized dividend and a yield of 4.26%. Best Buy’s dividend payout ratio is currently 64.27%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. raised its position in Best Buy by 4.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,164,953 shares of the technology retailer’s stock valued at $636,840,000 after purchasing an additional 241,988 shares in the last quarter. Geode Capital Management LLC raised its position in Best Buy by 2.5% during the third quarter. Geode Capital Management LLC now owns 4,852,980 shares of the technology retailer’s stock valued at $499,954,000 after purchasing an additional 120,185 shares in the last quarter. Raymond James & Associates raised its position in Best Buy by 1.8% during the third quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer’s stock valued at $355,374,000 after purchasing an additional 62,452 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Best Buy by 8.3% during the second quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer’s stock valued at $257,569,000 after purchasing an additional 235,478 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of Best Buy by 55.7% during the second 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 in 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.