Best Buy (NYSE:BBY) Stock Price Up 1.9% – Time to Buy?

Shares of Best Buy Co., Inc. (NYSE:BBY) were up 1.9% on Wednesday . The stock traded as high as $89.44 and last traded at $89.11. Approximately 499,212 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 3,075,656 shares. The stock had previously closed at $87.48.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on BBY shares. BNP Paribas raised Best Buy to a “strong-buy” rating in a report on Thursday, August 29th. StockNews.com downgraded Best Buy from a “buy” rating to a “hold” rating in a report on Friday, November 15th. Piper Sandler reissued an “overweight” rating and issued a $114.00 price objective (up from $100.00) on shares of Best Buy in a report on Friday, August 30th. Guggenheim decreased their price objective on Best Buy from $110.00 to $105.00 and set a “buy” rating for the company in a report on Friday, November 29th. Finally, The Goldman Sachs Group increased their price objective on Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a report on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Best Buy has an average rating of “Moderate Buy” and an average price target of $101.06.

Best Buy Stock Performance

The stock has a market cap of $18.70 billion, a PE ratio of 14.95, a PEG ratio of 2.19 and a beta of 1.44. The stock has a fifty day simple moving average of $91.14 and a two-hundred day simple moving average of $90.61. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share 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 analysts’ expectations of $9.63 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm’s revenue was down 3.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.29 EPS. Equities analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS 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. Shareholders of record on Tuesday, December 17th will be given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.30%. The ex-dividend date is Tuesday, December 17th. Best Buy’s payout ratio is 64.27%.

Insider Buying and Selling at Best Buy

In related news, CFO Matthew M. Bilunas sold 69,166 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the sale, the chief financial officer now directly owns 92,070 shares of the company’s stock, valued at approximately $8,052,442.20. This represents a 42.90 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.59% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Best Buy

Several institutional investors and hedge funds have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. raised its position in shares of Best Buy by 4.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,164,953 shares of the technology retailer’s stock valued at $636,840,000 after acquiring an additional 241,988 shares in the last quarter. Geode Capital Management LLC increased its position in Best Buy by 2.5% in the third quarter. Geode Capital Management LLC now owns 4,852,980 shares of the technology retailer’s stock worth $499,954,000 after buying an additional 120,185 shares during the period. Raymond James & Associates increased its position in Best Buy by 1.8% in the third quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer’s stock worth $355,374,000 after buying an additional 62,452 shares during the period. Dimensional Fund Advisors LP increased its position in Best Buy by 8.3% in the second quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer’s stock worth $257,569,000 after buying an additional 235,478 shares during the period. Finally, Bank of New York Mellon Corp increased its position in Best Buy by 55.7% in 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 during the period. 80.96% of the stock is owned by institutional investors and hedge funds.

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.