Analysts Set Best Buy Co., Inc. (NYSE:BBY) Target Price at $103.35

Best Buy Co., Inc. (NYSE:BBY) has been given an average rating of “Moderate Buy” by the eighteen analysts that are presently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $103.35.

BBY has been the subject of several recent analyst reports. Barclays raised their price target on Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. Wells Fargo & Company raised their price target on Best Buy from $80.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. StockNews.com cut Best Buy from a “buy” rating to a “hold” rating in a report on Friday. JPMorgan Chase & Co. raised their price target on Best Buy from $101.00 to $111.00 and gave the company an “overweight” rating in a report on Friday, August 30th. Finally, The Goldman Sachs Group raised their price target on Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a report on Tuesday, September 3rd.

Hedge Funds Weigh In On Best Buy

Several institutional investors have recently added to or reduced their stakes in the business. QRG Capital Management Inc. grew its position in Best Buy by 10.5% during the third quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock valued at $3,279,000 after acquiring an additional 3,025 shares during the period. GAMMA Investing LLC grew its position in Best Buy by 78.7% during the second quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer’s stock valued at $172,000 after acquiring an additional 898 shares during the period. Asset Management One Co. Ltd. grew its position in Best Buy by 27.4% during the third quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock valued at $9,332,000 after acquiring an additional 19,405 shares during the period. Envestnet Portfolio Solutions Inc. grew its position in Best Buy by 11.4% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer’s stock valued at $6,302,000 after acquiring an additional 7,663 shares during the period. Finally, M&G Plc purchased a new stake in Best Buy during the first quarter valued at about $8,608,000. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Trading Up 1.2 %

BBY opened at $92.66 on Friday. Best Buy has a one year low of $62.92 and a one year high of $103.71. The company has a market cap of $19.90 billion, a P/E ratio of 15.98, a PEG ratio of 2.37 and a beta of 1.47. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01. The business’s 50-day simple moving average is $95.81 and its 200-day simple moving average is $88.00.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, topping 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 company had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. During the same period last year, the firm earned $1.22 EPS. The firm’s revenue for the quarter was down 3.1% on a year-over-year basis. As a group, equities research analysts expect that Best Buy will post 6.28 EPS for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were paid a $0.94 dividend. The ex-dividend date was Thursday, September 19th. This represents a $3.76 annualized dividend and a yield of 4.06%. Best Buy’s payout ratio is currently 64.83%.

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.