Best Buy (NYSE:BBY) Stock Price Down 3.8% – What’s Next?

Best Buy Co., Inc. (NYSE:BBY) shares were down 3.8% during mid-day trading on Monday . The stock traded as low as $89.09 and last traded at $89.14. Approximately 795,175 shares were traded during trading, a decline of 73% from the average daily volume of 2,978,911 shares. The stock had previously closed at $92.66.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Loop Capital boosted their target price on shares of Best Buy from $100.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, August 30th. JPMorgan Chase & Co. increased their price objective on shares of Best Buy from $101.00 to $111.00 and gave the stock an “overweight” rating in a research note on Friday, August 30th. Bank of America lifted their target price 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 Best Buy in a research report on Monday, September 23rd. They set a “hold” rating and a $100.00 price target on the stock. Finally, Truist Financial boosted their price objective on Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a research report on Friday, August 30th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Best Buy has a consensus rating of “Moderate Buy” and a consensus price target of $103.35.

Best Buy Stock Performance

The stock’s 50 day moving average is $95.70 and its two-hundred day moving average is $88.33. The firm has a market capitalization of $19.11 billion, a P/E ratio of 15.98, a P/E/G ratio of 2.43 and a beta of 1.47. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. The company had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The firm’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.22 EPS. As a group, equities analysts anticipate that Best Buy Co., Inc. will post 6.28 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were paid a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 4.22%. The ex-dividend date was Thursday, September 19th. Best Buy’s payout ratio is presently 64.83%.

Hedge Funds Weigh In On Best Buy

Several institutional investors and hedge funds have recently made changes to their positions in the company. Acadian Asset Management LLC grew its stake in Best Buy by 7,829.2% in the first quarter. Acadian Asset Management LLC now owns 21,488 shares of the technology retailer’s stock valued at $1,762,000 after acquiring an additional 21,217 shares during the period. Arjuna Capital grew its position in shares of Best Buy by 5.4% in the 1st quarter. Arjuna Capital now owns 22,439 shares of the technology retailer’s stock valued at $1,841,000 after purchasing an additional 1,144 shares during the period. Shell Asset Management Co. increased its stake in Best Buy by 26.8% during the 1st quarter. Shell Asset Management Co. now owns 45,867 shares of the technology retailer’s stock worth $3,762,000 after purchasing an additional 9,695 shares in the last quarter. LGT Group Foundation raised its holdings in Best Buy by 47.8% during the 1st quarter. LGT Group Foundation now owns 6,030 shares of the technology retailer’s stock worth $495,000 after buying an additional 1,950 shares during the period. Finally, Stonebridge Capital Advisors LLC acquired a new position in shares of Best Buy in the first quarter valued at approximately $255,000. Institutional investors and hedge funds 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.