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

Best Buy (NYSE:BBY) had its price objective increased by equities researchers at JPMorgan Chase & Co. from $111.00 to $117.00 in a report issued on Friday,Benzinga reports. The firm currently has an “overweight” rating on the technology retailer’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 31.43% from the stock’s previous close.

A number of other brokerages also recently commented on BBY. Piper Sandler reissued an “overweight” rating and issued a $114.00 price objective (up previously from $100.00) on shares of Best Buy in a research report on Friday, August 30th. Barclays lifted their price objective on shares of Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, August 30th. Citigroup decreased their price objective 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. Wells Fargo & Company lifted their target price on shares of Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. Finally, Evercore ISI lifted their target price on shares of Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a 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 stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $103.71.

Best Buy Stock Up 2.9 %

Best Buy stock traded up $2.51 during mid-day trading on Friday, reaching $89.02. The company’s stock had a trading volume of 525,776 shares, compared to its average volume of 2,985,711. The company has a market capitalization of $19.12 billion, a price-to-earnings ratio of 15.36, a price-to-earnings-growth ratio of 2.28 and a beta of 1.47. Best Buy has a 12 month low of $67.80 and a 12 month high of $103.71. The business’s 50 day simple moving average is $94.89 and its 200 day simple moving average is $88.51. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01.

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

Hedge Funds Weigh In On Best Buy

Several hedge funds and other institutional investors 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% in 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 buying an additional 241,988 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Best Buy by 2.5% during the 3rd quarter. Geode Capital Management LLC now owns 4,852,980 shares of the technology retailer’s stock valued at $499,954,000 after purchasing an additional 120,185 shares during the last quarter. Raymond James & Associates grew its holdings in shares of Best Buy by 1.8% during the 3rd quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer’s stock valued at $355,374,000 after purchasing an additional 62,452 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Best Buy by 8.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer’s stock valued at $257,569,000 after purchasing an additional 235,478 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of Best Buy by 55.7% during 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 purchasing an additional 1,024,824 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

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.