Best Buy (NYSE:BBY) Given New $117.00 Price Target at JPMorgan Chase & Co.

Best Buy (NYSE:BBY) had its price objective upped by JPMorgan Chase & Co. from $111.00 to $117.00 in a research report sent to investors on Friday morning,Benzinga reports. The brokerage currently has an overweight rating on the technology retailer’s stock.

BBY has been the topic of several other reports. Barclays increased their target price on shares of Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. StockNews.com downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Loop Capital upped their price target on shares of Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Bank of America upped their price target on shares of Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a research report on Friday, August 30th. Finally, Citigroup reduced their price target on shares of Best Buy from $115.00 to $109.00 and set a “buy” rating for the company in a research report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $103.71.

Best Buy Trading Up 3.5 %

BBY stock opened at $89.56 on Friday. The company’s 50-day simple moving average is $94.72 and its 200-day simple moving average is $88.62. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. Best Buy has a 52-week low of $67.80 and a 52-week high of $103.71. The firm has a market cap of $19.23 billion, a P/E ratio of 15.44, a PEG ratio of 2.28 and a beta of 1.47.

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

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were given a dividend of $0.94 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.20%. Best Buy’s payout ratio is currently 64.83%.

Hedge Funds Weigh In On Best Buy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BBY. Ninety One UK Ltd purchased a new position in Best Buy in the 2nd quarter valued at approximately $121,325,000. Thrivent Financial for Lutherans boosted its position in Best Buy by 4,337.6% in the 2nd quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer’s stock valued at $92,677,000 after buying an additional 1,074,718 shares during the period. Bank of New York Mellon Corp boosted its position in Best Buy by 55.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock valued at $241,347,000 after buying an additional 1,024,824 shares during the period. Swedbank AB purchased a new position in Best Buy in the 1st quarter valued at approximately $43,522,000. Finally, AQR Capital Management LLC boosted its position in Best Buy by 55.4% in the 2nd quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock valued at $116,252,000 after buying an additional 491,781 shares during the period. Hedge funds and other institutional investors 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.