Best Buy (NYSE:BBY) Price Target Cut to $90.00 by Analysts at Loop Capital

Best Buy (NYSE:BBY) had its price objective cut by Loop Capital from $100.00 to $90.00 in a report released on Wednesday morning,Benzinga reports. They currently have a buy rating on the technology retailer’s stock.

A number of other equities analysts also recently issued reports on the company. Wedbush reiterated a “neutral” rating and issued a $90.00 price objective on shares of Best Buy in a report on Monday. DA Davidson lowered their price target on shares of Best Buy from $117.00 to $110.00 and set a “buy” rating for the company in a research report on Wednesday. Jefferies Financial Group cut their price objective on shares of Best Buy from $106.00 to $92.00 and set a “buy” rating on the stock in a report on Tuesday. JPMorgan Chase & Co. lowered their target price on shares of Best Buy from $115.00 to $110.00 and set an “overweight” rating for the company in a report on Wednesday. Finally, Piper Sandler cut their price target on Best Buy from $102.00 to $92.00 and set an “overweight” rating on the stock in a research note on Wednesday. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $93.50.

Best Buy Trading Up 0.2 %

NYSE:BBY opened at $75.36 on Wednesday. Best Buy has a 12 month low of $69.29 and a 12 month high of $103.71. 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 company has a 50-day moving average price of $85.97 and a 200-day moving average price of $90.51. The stock has a market cap of $16.11 billion, a price-to-earnings ratio of 12.88, a P/E/G ratio of 2.10 and a beta of 1.43.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.40 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business had revenue of $13.95 billion for the quarter, compared to analysts’ expectations of $13.69 billion. During the same period in the previous year, the firm posted $2.72 EPS. Equities analysts predict that Best Buy will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be issued a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.04%. The ex-dividend date of this dividend is Tuesday, March 25th. This is an increase from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s dividend payout ratio (DPR) is presently 88.99%.

Insider Activity

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

Hedge Funds Weigh In On Best Buy

A number of institutional investors and hedge funds have recently modified their holdings of BBY. Harbor Capital Advisors Inc. bought a new position in Best Buy in the third quarter valued at about $40,000. National Pension Service lifted its stake in shares of Best Buy by 18.1% in the 3rd quarter. National Pension Service now owns 397,504 shares of the technology retailer’s stock worth $41,062,000 after purchasing an additional 60,880 shares during the period. Asset Management One Co. Ltd. boosted its holdings in shares of Best Buy by 27.4% in the third quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock worth $9,332,000 after buying an additional 19,405 shares during the last quarter. QRG Capital Management Inc. grew its position in Best Buy by 10.5% during the third quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock valued at $3,279,000 after buying an additional 3,025 shares during the period. Finally, Greenwood Capital Associates LLC purchased a new stake in Best Buy during the third quarter valued at approximately $817,000. 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.