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

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

BBY has been the subject of several recent research reports. Bank of America boosted their price target on Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a research note on Friday, August 30th. Melius Research started coverage on shares of Best Buy in a research note on Monday, September 23rd. They issued a “hold” rating and a $100.00 price objective for the company. Evercore ISI upped their price target on Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a research note on Friday, August 30th. StockNews.com lowered Best Buy from a “buy” rating to a “hold” rating in a report on Friday, November 15th. Finally, Citigroup dropped their price target on shares of Best Buy from $109.00 to $101.00 and set a “buy” rating on the stock in a research report on Wednesday, November 27th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in BBY. Richardson Financial Services Inc. raised its position in shares of Best Buy by 190.9% during the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after acquiring an additional 210 shares during the last quarter. Harbor Capital Advisors Inc. bought a new stake in Best Buy during the 3rd quarter worth about $40,000. LRI Investments LLC raised its holdings in Best Buy by 632.1% during 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 last quarter. Innealta Capital LLC acquired a new position in Best Buy during the 2nd quarter valued at about $35,000. Finally, Brooklyn Investment Group bought a new position in shares of Best Buy in the 3rd quarter valued at about $44,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Trading Down 1.8 %

NYSE:BBY opened at $88.17 on Wednesday. The stock’s 50-day moving average is $92.84 and its two-hundred day moving average is $89.97. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. The stock has a market cap of $18.93 billion, a PE ratio of 15.07, a price-to-earnings-growth ratio of 2.27 and a beta of 1.44. Best Buy has a fifty-two week low of $69.29 and a fifty-two 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). Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The company had revenue of $9.45 billion during the quarter, compared to analysts’ expectations of $9.63 billion. During the same quarter in the previous year, the company earned $1.29 EPS. The firm’s quarterly revenue was down 3.2% compared to the same quarter last year. As a group, equities research analysts forecast that Best Buy will post 6.18 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th will be paid a $0.94 dividend. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.26%. Best Buy’s dividend payout ratio (DPR) is presently 64.27%.

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.