Best Buy (NYSE:BBY) Price Target Lowered to $75.00 at Bank of America

Best Buy (NYSE:BBY) had its price objective trimmed by Bank of America from $80.00 to $75.00 in a research note issued to investors on Wednesday morning,Benzinga reports. The brokerage currently has an underperform rating on the technology retailer’s stock.

Other analysts have also issued research reports about the company. Loop Capital reaffirmed a “buy” rating and set a $100.00 price objective on shares of Best Buy in a research report on Wednesday, December 18th. Truist Financial cut their price target on Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a report on Wednesday, November 27th. Jefferies Financial Group decreased their price objective on Best Buy from $106.00 to $92.00 and set a “buy” rating for the company in a research note on Tuesday. Guggenheim cut their target price on shares of Best Buy from $110.00 to $105.00 and set a “buy” rating on the stock in a research note on Friday, November 29th. Finally, Wedbush reiterated a “neutral” rating and issued a $90.00 price target on shares of Best Buy in a research note on Monday. One research analyst has rated the stock with a sell rating, nine have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $93.50.

Best Buy Trading Up 0.2 %

BBY stock opened at $75.36 on Wednesday. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The business’s 50-day moving average is $85.97 and its 200 day moving average is $90.51. The stock has a market cap of $16.11 billion, a price-to-earnings ratio of 12.88, a PEG ratio of 2.10 and a beta of 1.43. Best Buy has a 12-month low of $69.29 and a 12-month high of $103.71.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, topping analysts’ consensus estimates of $2.40 by $0.18. The company had revenue of $13.95 billion for the quarter, compared to analysts’ expectations of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same period in the prior year, the firm earned $2.72 earnings per share. On average, sell-side analysts anticipate that Best Buy will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th will be paid a $0.95 dividend. The ex-dividend date is Tuesday, March 25th. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 dividend on an annualized basis and a yield of 5.04%. Best Buy’s payout ratio is currently 88.99%.

Insider Activity

In related news, CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total value of $6,049,258.36. Following the transaction, the chief financial officer now owns 92,070 shares in the company, valued at $8,052,442.20. The trade was a 42.90 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 0.59% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Rakuten Securities Inc. raised its stake in shares of Best Buy by 971.9% during the fourth quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock worth $29,000 after purchasing an additional 311 shares during the last quarter. Vermillion Wealth Management Inc. acquired a new position in Best Buy in the 4th quarter valued at $31,000. Golden State Wealth Management LLC purchased a new position in Best Buy during the 4th quarter worth $32,000. Atlas Capital Advisors Inc. lifted its stake in shares of Best Buy by 186.9% in the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer’s stock worth $32,000 after acquiring an additional 243 shares during the period. Finally, Ancora Advisors LLC boosted its holdings in shares of Best Buy by 18,700.0% in the fourth quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer’s stock valued at $32,000 after acquiring an additional 374 shares in the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

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.